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Bombay High Court Upholds Reopening of Assessment Under Section 147(a) for Income Tax on Minimum Guarantee Receipts from Film Sale. Assessee's Failure to Disclose Full Consideration for Sale of Movie 'Charas' Justifies Reassessment Despite Partial Acceptance of Addition.

The case involves an income tax reference at the instance of the assessee, who sold a movie titled 'Charas' to M/s. Prakash Pictures on a minimum guar...

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High Court Dismisses RTI Petition Seeking GST Returns of Third Parties — Information Held Confidential Under Section 8(1)(j) of RTI Act, 2005. Disclosure of commercial tax returns of six firms denied as personal information not related to any public activity.

The petitioner, Adarsh S/o Gautam Pimpare, filed a writ petition before the High Court of Judicature at Bombay, Bench at Aurangabad, challenging order...

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Supreme Court Dismisses Assessee in Income Tax Appeal Over TDS Disallowance. Disallowance of Rs. 57,11,625 upheld under Section 40(a)(ia) of Income Tax Act, 1961 as assessee failed to deduct tax at source on payments exceeding Rs. 20,000 per goods receipt to truck operators under Section 194C.

The dispute arose from an income tax assessment for the year 2005-2006 involving Shree Choudhary Transport Company, a partnership firm engaged in tran...

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Bombay High Court Dismisses Husband's Challenge to Interim Maintenance Order — Income Tax Returns Not Conclusive for Maintenance. Court Holds That Net Taxable Income Is Not the Sole Basis for Determining Maintenance Under Matrimonial Law.

The petitioner husband challenged the Family Court's order granting interim maintenance of Rs.20,000 to his wife and Rs.10,000 each to their two sons....

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Bombay High Court Rules on Personal Effects Exclusion Under Section 2(14) Income Tax Act in Vintage Car Capital Gains Appeal. Intimate Connection with Person Required; Mere Capability of Personal Use Does Not Make Asset Personal Effects.

Background — The appeal arose from an income tax assessment for assessment year 1992-1993 concerning the sale of a vintage car. The assessee, a sala...

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Supreme Court Clarifies Deduction of Broken Period Interest for Banks Treating Securities as Stock-in-TradeDeduction Allowed as Revenue Expenditure for Banks Holding Securities as Stock-in-Trade

The Supreme Court addressed the treatment of broken period interest for tax purposes. The issue centered on whether broken period interest could be de...

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Compounding of Offences – Definition of First Offence – Discretion of Tax Authorities.

Income Tax Act, 1961 – Section 276CC – Compounding of Offences – Discretionary Relief – Interpretation of Guidelines – Supreme Court’s Rev...