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Bombay High Court Quashes Reassessment Order in Income Tax Case Due to Non-Application of Mind and Lack of Independent Satisfaction. Notice under Section 148 of Income Tax Act, 1961 held invalid as Assessing Officer failed to form independent belief based on tangible material.

The petitioner, Devkant Synthetics India Pvt. Ltd., a company engaged in trading of shares and securities, filed its return of income for assessment y...

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Bombay High Court Quashes Reassessment Notices for Lack of Reasonable Belief of Income Escapement — Section 148 Income Tax Act, 1961. Reopening of assessments based on mere change of opinion without tangible material is invalid.

The petitioner, Amar Hotchand Nagpal, a finance and estate broker, challenged three notices dated 23rd September 1997 issued under Section 148 of the ...

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Bombay High Court Dismisses Revenue's Appeal in Transfer Pricing and Inventory Valuation Case. Management fees paid to associated enterprise held allowable as services rendered and benefit derived; provision for obsolete inventory allowed following Rotork Controls.

The appeal was filed by the Pr. Commissioner of Income Tax, Pune under Section 260A of the Income Tax Act, 1961 against the order dated 14th June, 201...

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Bombay High Court Dismisses Revenue Appeal in Income Tax Case — Conditions Under Section 94(7) Are Cumulative. The court held that all three conditions in clauses (a), (b) and (c) of Section 94(7) of the Income Tax Act, 1961 must be satisfied for the loss to be ignored.

The case involves an appeal by the Revenue under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (ITA...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — ERAF Receipt Not Income of Assessee. Amount Received from Exchange Risk Administration Fund Treated as Advance/Liability Converted to Equity, Not Taxable Income Under Income Tax Act, 1961.

The Revenue filed two appeals under Section 260A of the Income Tax Act, 1961, challenging the order of the Income Tax Appellate Tribunal (ITAT) dated ...

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Bombay High Court Considers GST Liability on Royalty Payments to Court Receiver in Commercial Property Dispute. The Court Examines Whether Payments to a Court Receiver Under Order XL CPC Constitute Taxable Supply Under the CGST Act, 2017 and Whether GST Should be Discharged via Reverse Charge Mechanism.

The Bombay High Court, in a Court Receiver's Report arising from a commercial suit for recovery of possession of three shops used as a restaurant, exa...