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Search Results for "reopening of assessment"

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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 Quashes Reopening Notice in Income Tax Case Due to Lack of Failure to Disclose Material Facts. Reassessment Beyond Four Years Invalid Without Proof of Non-Disclosure Under Section 147 of Income Tax Act, 1961.

14 Jun 2010

The petitioner, 3i Infotech Limited, challenged a notice dated 18 March 2009 issued by the Assistant Commissioner of Income Tax seeking to reopen the ...

High Court

Bombay High Court Quashes Reopening Notice in Income Tax Case for Lack of Full and True Disclosure — Reassessment Beyond Four Years Invalid Without Failure to Disclose Material Facts. The court held that the proviso to Section 147 of the Income Tax Act, 1961 requires a failure to disclose fully and truly all material facts for reopening beyond four years, and mere change of opinion is insufficient.

18 Jun 2010

The petitioner, M/s. Hindustan Petroleum Corporation Limited, a public sector oil company, filed a writ petition challenging a notice dated 23 March 2...

High Court

Bombay High Court Allows Writ Petition Challenging Reopening of Assessment Under Sections 147/148 of Income Tax Act, 1961 — Reopening Based on Change of Opinion on Rule 8 Loss Set-Off Held Invalid. The court held that Rule 8 of Income Tax Rules, 1962 applies to both income and loss, and loss from plantation division is a business loss allowable under Rule 8.

1 Apr 2010

The petitioner, Hindustan Unilever Limited, filed its return of income for assessment year 2004-2005 on 29 October 2004, showing net profit before tax...

High Court

Bombay High Court Quashes Reopening of Assessment for UK Insurance Company in Income Tax Case — Lack of Fresh Material and Change of Opinion. Reopening under Section 147 of Income Tax Act, 1961 based on mere change of opinion without new tangible material is invalid.

29 Apr 2010

The petitioner, The Prudential Assurance Company Ltd., a UK-incorporated insurance company registered as a sub-account of a Foreign Institutional Inve...

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 Mere Change of Opinion on Allowability of Deduction and Depreciation Rate is Invalid.

8 Mar 2010

The petitioner, Aventis Pharma Ltd., challenged a notice dated 16th March 2009 issued under Section 148 of the Income Tax Act, 1961, seeking to reopen...

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,...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Assessment Year 2013-14 — Reopening Based on Same Issues Already Examined in Section 263 Proceedings Held Invalid as Change of Opinion. The Court held that reopening of assessment under Section 147 is not permissible when the same issues were already examined in revision proceedings under Section 263 and no fresh material exists.

20 Feb 2025

The petitioner, Dilip Gangaram Patil, is engaged in real estate business and filed his return of income for assessment year 2013-14 on 27 September 20...

High Court

Bombay High Court Quashes Reopening of Assessments for Life Insurance Company Due to Change of Opinion and Lack of Full Disclosure. Reassessment notices under Section 147 of Income Tax Act, 1961 for AY 2002-03, 2003-04, and 2004-05 held invalid as the Assessing Officer had already examined the method of computation under Section 44 of Insurance Act, 1938 during original assessment.

8 Mar 2010

The petitioner, ICICI Prudential Life Insurance Company Limited, is a life insurance company registered under the Insurance Act, 1938. It filed its re...

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 Scrutiny. The court held that reopening based on same material considered during scrutiny assessment is invalid as it amounts to a change of opinion.

4 Mar 2010

The petitioner, Rallis India Limited, filed its return of income for assessment year 2004-2005 declaring a loss of Rs.52.87 crores, which included a d...

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