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Bombay High Court Hears Writ Petition Challenging Validity of Reopening Notice Under Section 148 of Income Tax Act for Assessment Year 2015-16. The Reopening Based on Alleged Escaped Income from Capital Reduction Transaction Is Contested on Grounds of Full Disclosure During Original Assessment.

The petitioner, an investment holding company incorporated in Singapore and under creditors' voluntary liquidation, held shares in Lehman Brothers Cap...

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Bombay High Court Quashes Reassessment Order in Capital Gains Tax Case — Transfer of Shares of Foreign Company Not Taxable in India. Shares of a Bermuda company transferred outside India do not constitute transfer of a capital asset situated in India under Section 2(14) of the Income Tax Act, 1961.

The petitioner, Techpac Holdings Ltd., a company incorporated in Bermuda, challenged an assessment order dated 25th March 2013 passed by the Deputy Co...

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INCOME TAX APPEAL NO. 499 OF 2012

The appeal before the High Court arose out of an order passed by the Income Tax Appellate Tribunal (ITAT) dismissing the assessee's appeal and upholdi...

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Bombay High Court Allows Revenue's Appeal in Rental Income Classification Case. Rental income from leasing unsold units of a commercial complex constructed by a real estate developer is assessable as business income, not income from house property.

The case involves multiple appeals filed by the Commissioner of Income Tax against the common order of the Income Tax Appellate Tribunal (ITAT) which ...

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Supreme Court Allows Revenue Appeal in Income Tax Matter, Holding Bonus Shares Converted into Stock-in-Trade are Taxable as Business Profits. Bonus Shares Initially Received as Capital Held Converted by Assessee Dealer into Stock-in-Trade, Making Sale Proceeds Taxable Under Income-tax Act, 1922.

The dispute concerned the tax treatment of sale proceeds of bonus shares received by a dealer in shares and securities. The assessee, a firm dealing i...

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High Court of Bombay at Goa Dismisses Revenue's Appeal in Income Tax Case — Disallowance Under Section 14A and Capital Expenditure on Bridge Construction. Tribunal's findings that no expenditure was incurred for earning dividend income and that bridge contribution was revenue expenditure upheld.

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal, Panaji Bench, which had partly a...

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Bombay High Court Allows Revenue Expenditure Claim for Floor Height Raising in Warehouse to Prevent Flood Damage. Expenditure incurred to protect business and retain major customer is revenue expenditure under Section 37(1) of Income Tax Act, 1961.

The appellant, Jetha Properties Private Limited, was a warehouse keeper operating a warehouse in an area prone to severe water logging during monsoon....