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Bombay High Court Dismisses Assessee's Appeal in Income Tax Case Regarding Trust Status. Tribunal's Finding that Private Specific Trust Constituted Association of Persons Upheld, Resulting in Disallowance of Interest Paid to Beneficiaries under Section 40(ba) of the Income Tax Act, 1961.

The appeal arose from an assessment order under the Income Tax Act, 1961 for the assessment year 2001-2002 concerning the status of a Private Specific...

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Bombay High Court Allows Petition Challenging Reopening of Assessment Under Section 148 of Income Tax Act, 1961 for Assessment Year 1990-91. Reassessment Based on Change of Opinion Without Fresh Material is Invalid and Section 45(4) Does Not Apply to Distribution of Assets on Retirement of Partner.

The petitioner, a partnership firm, challenged a notice under Section 148 of the Income Tax Act, 1961 dated 21st July 2003 seeking to reopen the asses...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Exemption Case — Tribunal's Remand Order Upheld. Commissioner's Rejection of Registration Under Section 12AA of Income Tax Act, 1961 Set Aside for Non-Application of Mind.

The Revenue, Commissioner of Income Tax (Exemptions), Davanagere, filed an appeal under Section 260A of the Income Tax Act, 1961, against the order of...

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Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Reassessment Based on Change of Opinion on Deduction Under Section 10AA of Income Tax Act, 1961 is Invalid.

The petitioner, Oracle Financial Services Software Limited, is a company engaged in providing information technology solutions to banks and financial ...

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High Court of Bombay at Goa Allows Tax Appeal in Income Tax Deduction Case — Rear Courtyard Not Part of Built-Up Area for Section 80-IB(10) Computation. The court held that the Tribunal cannot inquire into matters beyond the lis between the parties.

The appellant, M/s. Commonwealth Developers, a partnership firm, filed its return of income for the assessment year 2006-07 declaring a total income o...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Block Assessment Case — Tribunal's Finding of No Jurisdiction Upheld. Assessment under Section 158BD of Income Tax Act, 1961 Requires Satisfaction Recorded by Assessing Officer and Warrant of Authorization in Name of Assessee.

The case involves an appeal by the Commissioner of Income Tax-I against an order of the Income Tax Appellate Tribunal. The respondent, Shri Gopinath M...

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Bombay High Court Allows Assessee's Claim for Capital Gains Treatment in Partnership Dissolution Case. Gains from Sale of Land Held as Co-owned Personal Asset Not Business Income Under Income Tax Act, 1961.

The case involved an income tax reference under Section 256 of the Income Tax Act, 1961, for the assessment year 1988-89. The assessee, an individual ...

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Supreme Court Dismisses Assessee's Appeal in Income Tax Case — Revised Return Barred by Limitation Under Section 139(5) of Income Tax Act, 1961. Assessing Officer Cannot Entertain Claim Made After Expiry of Time for Filing Revised Return.

The appellant-assessee, M/s. Shriram Investments, filed a return of income on 19 November 1989 for the assessment year 1989-90 under the Income Tax Ac...