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High Court of Karnataka Dismisses Petitions Challenging Validity of Proviso to Section 115JB(6) of Income Tax Act in SEZ Cases. The court held that the proviso inserted by Finance Act, 2011 is not ultra vires the SEZ Act and is valid and enforceable.

The case involves a batch of writ petitions filed by companies operating in Special Economic Zones (SEZs) challenging the constitutional validity of t...

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Supreme Court Dismisses Appeals of Beneficiaries of Wakf Estate in Wealth Tax Matter, Upholding Assessment as 'Asset'. Right to Receive Income Share from Wakf-alal-aulad is Property Assessable Under Section 2(e) of Wealth Tax Act, 1957.

The Supreme Court of India heard appeals by the beneficiaries of a wakf-alal-aulad against the inclusion of their right to receive a share of the net ...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Block Assessment Case — Unexplained Investment of Rs. 1,50,000 Not Assessable as Undisclosed Income. The court held that the assessee had satisfactorily explained the source of investment and the addition was based on mere suspicion.

The Revenue filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, Bangalore, dated 3...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Fresh Material. Reopening Based on Change of Opinion on Already Disclosed Loan Transactions is Invalid.

The petitioner, Jainam Investments, a partnership firm engaged in trading of shares and securities, filed its income tax return for Assessment Year 20...