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Bombay High Court Upholds Constitution of Special Bench by ITAT President on CBDT Request in Income Tax Appeal. Power under Section 255(3) of Income Tax Act is Administrative and Not Subject to Prior Hearing or Natural Justice.

The petitioner, M/s Jagati Publications Ltd., a public limited company publishing a Telugu newspaper, filed a writ petition in the Bombay High Court c...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Disallowance of Interest Case. Tribunal's finding that assessee had sufficient interest-free funds for investments upheld, and S.A. Builders precedent on business purpose for advances to sister concerns applied.

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

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Bombay High Court Stays Coercive Recovery Against Mutual Fund in Income Tax Dispute on Trust's Status. Trust Assessed as Association of Persons Cannot Prima Facie Bind Beneficiary Due to Legal Precedent and Hasty Recovery Action Foreclosed Remedies Under Section 177(3) of Income Tax Act, 1961.

The dispute arose from an assessment order for Assessment Year 2009-2010 passed against India Corporate Loan Securitisation Trust, 2008 Series 14, con...

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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 at Goa Quashes Reopening Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material and Change of Opinion. Assessment Reopening After Four Years Invalid Without Failure to Disclose True and Full Facts.

The petitioner, M/s. Anand Developers, a partnership firm, challenged a notice dated 29 March 2019 issued under Section 148 of the Income Tax Act, 196...

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Bombay High Court Quashes Section 179 Order Against Former Director for Tax Dues of Company — No Evidence of Neglect or Misfeasance. Director Who Resigned Before Relevant Assessment Year Cannot Be Held Liable for Company's Tax Default Under Section 179 of Income Tax Act, 1961.

The petitioner, Dinesh T. Tailor, was appointed as an Additional director of Yazad Investment & Finance Private Limited on 2 January 1987. He signed a...

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Bombay High Court Quashes Reassessment Order in MVAT Case Due to Limitation and Lack of Natural Justice. Inter-State Stock Transfer Not a Sale Under MVAT Act, 2002; Reassessment Beyond 4-Year Limitation Period Invalid.

The petitioner, M/s. United Spirits Limited, a company engaged in the manufacture and sale of alcoholic beverages, filed a writ petition challenging a...