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High Court Quashes Income Tax Assessment Order for Violation of Natural Justice and Mandatory Procedures under Section 144B of the Income Tax Act, 1961. Court Emphasizes Adherence to Faceless Assessment Procedures and Audi Alteram Partem Principle in Tax Reassessment Cases

Reassessment Beyond 4 Years: Reassessment under Section 147 of the IT Act cannot be initiated beyond the 4-year period unless there is evidence of fai...

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Reassessment Notice Under Section 148 of the Income-tax Act, 1961 — Bombay High Court Quashes Reassessment Proceedings

Jurisdictional Error — Absence of Fresh Tangible Material — Change of Opinion — Issue Pending Before Tribunal — Reassessment Proceedings Held ...

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Supreme Court of India — Appeal Dismissed — No Ownership or Leasehold Rights Conferred — Remedy for Recovery of Possession or Unearned Income Kept Open

Lease Agreement Not Executed — No Transfer of Leasehold Rights — Auction Sale on 'As Is' Basis — Rights Under Lease Agreement Limited — Liquid...

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Supreme Court Dismisses Transfer Petition in Cheque Dishonour Case, Upholds Jurisdiction Under Section 142 of the Negotiable Instruments Act, 1881

Bank’s Right to Choose Jurisdiction for Cheque Dishonour Cases Upheld – Transfer Denied Under Section 406 of the Code of Criminal Procedure, 1973 ...

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Income Tax Act, 1961 — Section 260A — Bombay High Court Dismissed Appeals by Refrigerated Distributors Pvt Ltd Challenging Additions on Bogus Purchases — No Substantial Question of Law Involved

Assessment Years 2007-08 to 2012-13 — Appellant Assessee Failed to Prove Purchases — Tribunal’s Reduction of Addition from 25% to 10% of Gross P...

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Bombay High Court held that the entire amount of unverified purchases should be disallowed under Section 69C of the Income Tax Act, 1961, rejecting partial disallowance made by appellate authorities.

Income Tax Act, 1961 – Section 69C – Bogus Purchases – Profit Rate Determination – Full Disallowance – Validity of Tribunal’s Decision ...

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Dishonour of Cheques — Security Deposit — Refund Conditional Upon Vacant Possession — Conviction Under Section 138 of the Negotiable Instruments Act, 1881 Set Aside

The refund of security deposit was contingent on the respondent handing over vacant possession of the flat. The appellant was entitled to deduct unpa...

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Bombay High Court – Income Tax – Remission of Matter to Dispute Resolution Panel (DRP) – Costs Imposed on Petitioner. Failure to inform the Assessing Officer of pending objections before the Dispute Resolution Panel led to the setting aside of the assessment order with costs imposed.

The Court exercised its discretion in setting aside the assessment order due to the Petitioner’s procedural lapse, emphasizing that such indulgence ...