Search Results for "Section 147 Income Tax Act"

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Bombay High Court Quashes Reassessment Notice and Order in Income Tax Case Due to Lack of Fresh Material and Change of Opinion. Guarantee Fee Reversal Issue Already Examined in Original Assessment and Pending Before Tribunal, Reassessment Barred by Third Proviso to Section 147 of Income-tax Act, 1961.

The petitioner, Tata Communications Limited, filed its return of income for Assessment Year 2014-15 on 24 November 2014, which was revised twice in Ma...

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"Supreme Court Clarifies Legislative Competence on Alcohol Regulation: Potable vs Industrial Alcohol" "A landmark judgment addressing the scope of State and Union powers on regulating alcohol under the Indian Constitution."

The Supreme Court of India revisited the legislative competence concerning the regulation of alcohol under the Constitution. The court examined whethe...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Failure to Disclose Material Facts. Reassessment Beyond Four Years Invalid as Original Assessment Was Scrutiny Assessment and No Failure to Disclose Was Shown.

The petitioner, an individual assessee, filed his income tax return for assessment year 2013-14 on 27 September 2013, declaring taxable income of Rs.7...

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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...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Fresh Material. Transfer of Shares as Gift During Internal Restructuring Not Constituting Income Escape Assessment When Full Disclosure Made During Scrutiny.

The petitioner, Asian Satellite Broadcast Pvt. Ltd., a private limited company engaged in trading, investment, and finance, filed its return of income...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Upholds ITAT Order on Disallowance of Interest and Depreciation. Assessee's claim for deduction under Section 80-IA allowed as substantial question of law not raised.

The case involves two cross appeals: ITA No.884/2007 filed by the Revenue (Commissioner of Income Tax and Income Tax Officer) and ITA No.60/2015 filed...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Reasons to Believe Income Escaped Assessment. Reassessment Based on Change of Opinion Regarding Cost of Acquisition Under Section 55(2)(b)(ii) is Invalid.

The petitioner, J.B. Amin & Brothers (HUF), owned land at Aurangpura, Aurangabad, purchased by late Balubhai Amin for Rs.1,80,000. After his death in ...