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Bombay High Court Quashes Reassessment Notice in Income Tax Case for Lack of Failure to Disclose Material Facts — Reassessment Initiated Beyond Four Years Invalid Without Proof of Non-Disclosure Under Section 147 Proviso of Income Tax Act, 1961

The petitioner, Hindoostan Mills Limited, filed a writ petition under Article 226 of the Constitution challenging a notice dated 30th March 2021 issue...

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Bombay High Court Allows Writ Petition by Mutual Fund Against Sales Tax Reassessment Orders — Holds Mutual Fund Not a Dealer Under MVAT Act, 2002. Reassessment Proceedings Initiated Beyond Limitation Period and Without Proper Sanction Are Invalid.

The petitioner, Axis Mutual Fund, filed a writ petition under Article 226 of the Constitution of India challenging several orders passed by the sales ...

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Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material — Full Disclosure of Waiver of Interest in Original Assessment Precludes Reassessment After Four Years.

The Petitioner, Lok Housing and Construction Limited, challenged a notice dated 29 March 2011 issued under Section 148 of the Income Tax Act, 1961, se...

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"Supreme Court's Landmark Decision on Valuation Under Central Excise Act, 1944: Bharat Petroleum vs. Commissioner of Central Excise" "Defining Transaction Value in the Sale of Petroleum Products Between Public Sector Undertakings Under the Central Excise Act."

The judgment clarifies the determination of "transaction value" under Section 4(1) of the Central Excise Act for sales made between public sector oil ...

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Supreme Court Dismisses Revenue's Appeal in Central Excise Valuation Case Due to Incorrect Adoption of Highest Price. Valuation Must Be Based on Most Conservative Price Under Rule 6(b)(i) of Central Excise Rules, 1994, as Per Precedents on Normal Wholesale Cash Price.

The Supreme Court of India heard an appeal filed by the revenue against an order of the Customs Excise & Service Tax Appellate Tribunal (CESTAT) dated...