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Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Full and True Disclosure — Share Premium Valuation Dispute Not a Failure to Disclose Material Facts.

The petitioner, The Suminter Organic and Fair Trade Cotton Ginning Mill Pvt. Ltd., challenged a notice under Section 148 of the Income Tax Act, 1961, ...

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Supreme Court Allows Secured Creditor's Appeal in Customs Duty Priority Dispute Over Wound-Up Company's Hypothecated Goods. Held that customs authorities do not have priority over secured creditors under Section 529A of Companies Act, 1956 for sale of warehoused goods under Customs Act, 1962.

The appeal by Industrial Development Bank of India (IDBI) challenged the judgment of the Andhra Pradesh High Court which held that customs authorities...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case for Lack of Fresh Material — Reopening Based on Investigation Report Already Considered During Scrutiny Assessment is Invalid Under Section 147/148 of Income Tax Act, 1961.

The petitioner, D.K. Realty India Private Limited, challenged a notice dated 30 March 2021 issued under section 148 of the Income Tax Act, 1961 seekin...

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Bombay High Court Allows CSR Expenditure Deduction Under Section 37(1) of Income Tax Act, 1961 — CSR Expenditure Held to Be Incurred Wholly and Exclusively for Business Purposes. Reassessment Notice Under Section 148 Quashed as Based on Change of Opinion.

The petitioner, Voltas Limited, a company engaged in air conditioning and refrigeration business, filed its return of income for Assessment Year 2015-...

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Bombay High Court Allows Union of India's Petition Against Interest Demand on Differential Customs Duty for Goods Imported Prior to Introduction of Section 28AA of Customs Act, 1962. The Court held that interest under Section 28AA cannot be levied retrospectively for imports completed in 1986-1987.

The Union of India, through the Controller of Stores, Central Railway, filed a writ petition challenging an order-in-original dated 5 July 2006 and su...

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High Court of Bombay at Nagpur Upholds Transfer of Income Tax Cases from Wardha to Jodhpur Under Section 127 of Income Tax Act, 1961 — Transfer Order Valid Despite Alleged Violation of Natural Justice as Assessees Were Given Opportunity of Hearing and Reasons Recorded.

The judgment pertains to two writ petitions filed by assessees challenging the transfer of their income tax cases from Wardha, Maharashtra to Jodhpur,...