Search Results for "Income Tax Reassessment"

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Search Results for "Income Tax Reassessment"

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High Court

High Court of Karnataka Dismisses Revenue's Appeal in Capital Gains Tax Case — Conversion of Partnership Firm to Company Not a Transfer Under Section 2(47) of Income Tax Act. The court held that conversion of a partnership firm into a private company under the Karnataka Compulsory Conversion of Partnership Firms into Companies Act, 2014 does not constitute a 'transfer' for capital gains tax purposes.

3 Sep 2025

The Revenue filed an appeal under Section 260A of the Income Tax Act, 1961 against an order of the Income Tax Appellate Tribunal (ITAT) dated 15.10.20...

High Court

Bombay High Court Allows Writ Petition Challenging Reassessment Notice Issued to Dead Person Under Section 148 of Income Tax Act, 1961 — Notice and Reassessment Order Void Ab Initio. Legal Heir's Participation Under Protest Does Not Cure Jurisdictional Defect.

13 Jul 2023

The petitioner, Shri Devendra S/o Vasudeo Jambhulkar, is the son and legal heir of late Vasudeo Damduji Jambhulkar, who was an income tax assessee wit...

High Court

Bombay High Court Quashes Reassessment Notices Issued Beyond Time Limit Under Section 149 of Income Tax Act, 1961 — Notices Issued After Expiry of Six Years from End of Relevant Assessment Year Without Satisfying Conditions for Extended Period Held Invalid. The court held that the condition of income escaping assessment of Rs. 1 lakh or more for notice beyond six years was not satisfied, and the reasons recorded lacked tangible material.

8 Mar 2023

The judgment concerns five writ petitions filed by Jetair Pvt. Ltd. challenging notices dated 11 March 2021 issued under Section 148 of the Income Tax...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Upholds ITAT Order on Addition of Interest Income. The Court held that interest income from fixed deposits made out of borrowed funds is assessable under 'Income from Other Sources' and not 'Business Income', and that the Assessing Officer cannot reopen assessment under Section 147 without fresh tangible material.

23 Jul 2018

The case involves two cross-appeals under Section 260-A of the Income Tax Act, 1961, arising from the same order of the Income Tax Appellate Tribunal ...

High Court

Bombay High Court Allows Petitioner in Income Tax Reassessment Case — Mushroom Farming Income Held Agricultural. Reassessment Notice Under Section 148 of Income Tax Act, 1961 Quashed as Based on Change of Opinion.

11 Apr 2018

The petitioner, Zuari Foods and Farms Pvt. Ltd., a private limited company engaged in mushroom farming, filed its income tax return for assessment yea...

High Court

High Court of Karnataka Allows Appeal in Income Tax Case Due to Non-Application of Mind by ITAT — Reassessment Based on Revised Return Under Immunity Scheme Held Invalid Without Proper Examination of Section 143(1) Acceptance. The court held that the Assessing Officer must have independent reasons to believe income escaped assessment, and the revised return under the Immunity Scheme could not be the sole basis for reopening under Section 147 of the Income Tax Act, 1961.

20 Apr 2015

The case pertains to an appeal filed by the assessee, Sri K Nagesh, against the order of the Income Tax Appellate Tribunal (ITAT), Bangalore, dated 29...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Reopening Case — Notice Based on Mere Change of Opinion Invalid. Reopening of assessment under Section 148 of the Income Tax Act, 1961 within four years held bad in law when based on change of opinion regarding deduction under Section 36(1)(viii).

9 Jul 2012

The appeal was filed by the Commissioner of Income Tax-3, Mumbai (revenue) under Section 260A of the Income Tax Act, 1961 against the order dated 27/8...

High Court

Bombay High Court Allows Writ Petition Challenging Settlement Commission's Power to Levy Interest Under Section 234B When No Interest Was Charged in Original Assessment. Interest under Section 234B(4) can only be increased or reduced if it was initially chargeable under the original assessment order.

2 Jul 2010

The petitioner, Akbar Travels of India Pvt. Ltd., an IATA approved travel agent and money changer, filed returns for Assessment Years 2002-03 to 2006-...

High Court

Bombay High Court Quashes Reassessment Notices Under Section 148 of Income Tax Act, 1961 for Lack of Reason to Believe — Amount Received on Retirement from Partnership Firm Held to be Capital Receipt Not Chargeable to Tax.

22 Feb 2010

The petitioners, Prashant S. Joshi and Dattaram Shridhar Bhosale, were partners in a real estate development partnership firm. They retired from the p...

High Court

Bombay High Court at Goa Dismisses Tax Appeals in Reassessment Cases Under Section 147 of Income Tax Act, 1961. No Substantial Question of Law Found as Tribunal's Findings Were Based on Appreciation of Evidence.

30 Nov -0001

The judgment pertains to multiple tax appeals filed by individual assessees against the Commissioner of Income Tax, Goa. The appellants, including Sha...

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