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High Court Quashes Reassessment Notice Under Income-tax Act as Time-Barred -- Reassessment for Assessment Year 2015-16 Held Invalid Due to Limitation Under Sections 148, 149, 153A, and 153C

The High Court of Gujarat allowed a writ petition challenging a reassessment notice under Section 148 of the Income-tax Act, 1961 for Assessment Year ...

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Supreme Court Upholds Revenue Authorities' Search and Seizure Under Section 132 of Income-tax Act, 1961. Bona Fide Exercise of Power Not Vitiated by Mere Irregularities or Error in Seizing Some Irrelevant Documents.

The case arose from search and seizure operations conducted under Section 132 of the Income-tax Act, 1961 at the premises of M/s. Seth Brothers, who c...

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High Court of Karnataka Adjudicates TDS Obligations of Turf Clubs on Stake Money Payments to Horse Owners under Income Tax Act. Interpretation of Section 194B and CBDT Circulars Central to Dispute over Characterization of Stake Money as Winnings.

The case involved writ petitions filed by Bangalore Turf Club Limited, Mysore Race Club Limited, Karnataka Race Horse Owners Association, and an indiv...

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Supreme Court Grants Leave to Appeal Against High Court Order Upholding CLB's Condonation of Delay in Share Transmission Registration. Core Issue Revolves Around Interpretation of Section 58(3) of Companies Act, 2013 and the CLB's Inherent Powers to Apply Limitation Act Provisions.

The dispute centered on the condonation of a 249-day delay in filing an appeal under Section 58(3) of the Companies Act, 2013 before the Company Law B...

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Bombay High Court Delivers Oral Judgment on Sanction of Scheme of Arrangement Amid BIFR Pendency. Maintainability Under Sections 391 and 394 of Companies Act, 1956 Against Overriding Effect of Sick Industrial Companies (Special Provisions) Act, 1985 Considered.

The petitioner, Ashok Organics Industries Ltd., incorporated in 1973, filed a petition under Sections 391 and 394 of the Companies Act, 1956, seeking ...

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Compounding of Offences – Definition of First Offence – Discretion of Tax Authorities.

Income Tax Act, 1961 – Section 276CC – Compounding of Offences – Discretionary Relief – Interpretation of Guidelines – Supreme Court’s Rev...

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Bombay High Court Quashes Reassessment Notices and Orders Under Section 153 of Income Tax Act, 1961 for Lack of Valid Sanction and Non-Application of Mind. Reassessment proceedings initiated without proper approval under Section 151(2) and based on borrowed satisfaction are invalid.

The petitioner, Ashok Commercial Enterprises, filed nine writ petitions challenging reassessment notices dated 19th July 2021 and 14th July 2021 issue...