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

The petitioner, Zuari Foods and Farms Pvt. Ltd., filed its return of income for Assessment Year 2011-12 declaring nil income after claiming exemption ...

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Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material. Reassessment based on change of opinion without new tangible material is invalid.

The petitioner, an individual assessee, filed his income tax return for Assessment Year 2010-11 on 30 March 2011 declaring income of ₹1.70 Crore and...

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Bombay High Court Quashes Reopening Notice Under Section 148 Income Tax Act for Mere Change of Opinion. Assessment Completed Under Section 143(3) Cannot Be Reopened Without Fresh Tangible Material.

The petitioner, Sanand Properties Pvt. Ltd., filed a return for Assessment Year 2008-09 declaring income of Rs.20.33 lakhs, later revised to Rs.19.14 ...

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Bombay High Court Quashes Reopening Notice Under Section 148 for Lack of Fresh Material. Reassessment Based on Mere Change of Opinion on Exemption Under Section 10(38) of Income Tax Act, 1961 is Invalid.

The Petitioner, General Insurance Corporation of India, a public sector general insurance company, filed a return of income for Assessment Year 2006-0...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Reopening Case. ITAT's Decision Invalidating Reopening Under Section 147 of Income Tax Act, 1961 Upheld Due to Lack of Reasonable Belief.

The case involves an appeal by the Commissioner of Income Tax against an order of the Income Tax Appellate Tribunal (ITAT) which held that the reopeni...