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Search Results for "reopening after four years"

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High Court

Gujarat High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Assessment Year 2015-16 Due to Lack of Live Link and Absence of Allegation of Failure to Disclose Material Facts. Notice Issued Beyond Four Years Without Proper Satisfaction That Income Escaped Assessment Due to Assessee's Failure to Disclose Material Facts.

26 Feb 2026

The petitioner, Jaini Tradelink Pvt. Ltd., a company engaged in wholesale and retail trade and acting as a commission agent, filed its return of incom...

Supreme Court

Supreme Court Upholds Validity of Section 29A of the Insolvency and Bankruptcy Code, 2016, Disqualifying Related Parties of Corporate Debtors from Submitting Resolution Plans. The Court holds that the disqualification under Section 29A(c) applies to persons acting jointly or in concert with a disqualified person, and that the provision is not retrospective in operation.

3 Oct 2024

The Supreme Court of India delivered a landmark judgment on the interpretation and validity of Section 29A of the Insolvency and Bankruptcy Code, 2016...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Reopening Based on Mere Change of Opinion Without New Tangible Material is Invalid.

29 Jan 2024

The petitioner, Everest Kanto Cylinder Ltd., a public limited company, filed its return of income for Assessment Year 2016-17 on 30 November 2015. The...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Reasons and Non-Application of Mind. The court held that the Assessing Officer failed to provide recorded reasons to the assessee and did not apply his mind to the fact that the transaction was already disclosed and examined during the original assessment under Section 143(3).

5 Sep 2023

The petitioner, Ashraf Chitalwala, an individual resident of India, filed his original return of income for Assessment Year 2015-16 on 27th September ...

High Court

Bombay High Court Quashes Reopening of Assessment Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Reassessment based on same facts as original assessment without new tangible material is invalid.

27 Jun 2023

The petitioner, Shashikiran Janardhan Shetty, challenged a notice under Section 148 of the Income Tax Act, 1961, dated 1 July 2014, seeking to reopen ...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Housing Society — No Failure to Disclose Material Facts. Deduction Under Section 80P(2)(d) for Interest Income from Cooperative Banks Allowed as Assessee Had Disclosed All Relevant Details During Original Scrutiny Assessment.

15 Feb 2023

The Petitioner, Tahnee Heights CHS Ltd., a housing society registered under the Maharashtra Cooperative Societies Act, filed its return of income for ...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Reopening Based on Change of Opinion Not Permissible. The court held that the Assessing Officer cannot reopen an assessment on the same material already examined in the original assessment under Section 143(3) of the Income Tax Act, 1961.

10 Feb 2023

The petitioner, Bharat Amratlal Shah, challenged a notice dated 31 March 2021 issued under Section 148 read with Section 147 of the Income Tax Act, 19...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Mere Change of Opinion Not Sufficient to Reopen Assessment After Four Years. The court held that where the original assessment was completed under Section 143(3) after due inquiry, reopening beyond four years requires failure to disclose material facts, which was not established.

18 Jul 2011

The petitioner, Nihilent Technologies Private Limited, a private limited company engaged in software development, challenged a notice dated 29 March 2...

High Court

Bombay High Court Quashes Reopening of Assessment Under Section 147 of Income Tax Act, 1961 for Lack of Failure to Disclose Material Facts. Assessee's claim for deduction under Section 80HHC for export of trading goods was based on full disclosure in return and audit report, and reopening beyond four years without fresh tangible material was invalid.

25 Jun 2010

The petitioner, Prashant Projects Limited, challenged the reopening of its assessment for assessment year 2002-2003 under Section 147 of the Income Ta...

High Court

Bombay High Court Allows Petition Challenging Reopening of Assessment in Income Tax Case Due to Lack of Fresh Material. Notice under Section 148 issued beyond four years quashed as there was no failure to disclose material facts and the reasons constituted a change of opinion.

4 Mar 2010

The petitioner, Anil Radhakrishna Wani, a solicitor and advocate, was a partner of Little & Company and retired on 30 September 2002. Upon retirement,...

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