Search Results for "Income-tax Act 1961"

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Reopening Based on Mere Change of Opinion Without New Tangible Material is Invalid.

The petitioner, Everest Kanto Cylinder Ltd., a public limited company, filed its return of income for Assessment Year 2016-17 on 30 November 2015. The...

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Bombay High Court Upholds Penalty for Concealment of Income in Income Tax Reference. Minimum penalty under Section 271(1)(c) of the Income Tax Act, 1961 sustained for suppression of net profit of Rs.9,11,521/-.

The case pertains to an Income Tax Reference under Section 256(1) of the Income Tax Act, 1961, arising from proceedings for the Assessment Year 1987-8...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case — No Substantial Question of Law Arises. Deduction under Section 48(1) and Section 54EC of Income Tax Act, 1961 upheld as payments to sisters and nieces were for clearing overriding title and investment in REC bonds was within time.

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Case — No Substantial Question of Law Arises. Deduction under Section 48(1) and Section 54EC of Income Tax Act, 1961 Allowed as Payments to Sisters and Nieces Were Cost of Acquisition and Investment in REC Bonds Was Valid.

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (ITA...

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Bombay High Court Quashes Special Audit Order Under Section 142(2A) of Income Tax Act for Lack of Application of Mind. Assessing Officer Failed to Record Satisfaction Regarding Nature and Complexity of Accounts, and Did Not Consider Assessee's Reply, Violating Principles of Natural Justice.

The petitioner, Hiranandani Foundation, a trust registered under Section 12A of the Income Tax Act, 1961, runs educational and medical institutions wi...

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Bombay High Court Quashes Reopening Notice in Income Tax Case Due to Lack of Failure to Disclose Material Facts. Reassessment Beyond Four Years Invalid Without Proof of Non-Disclosure Under Section 147 of Income Tax Act, 1961.

The petitioner, 3i Infotech Limited, challenged a notice dated 18 March 2009 issued by the Assistant Commissioner of Income Tax seeking to reopen the ...