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Bombay High Court Dismisses Revenue Appeal on Technical Know-how Fees and Duty Free Advance Licence Issues. Technical know-how fees paid under non-exclusive licence for limited period held revenue expenditure; Duty Free Advance Licence not real income under Section 28(iv) of Income Tax Act, 1961.

The appeal by the Revenue challenged the order of the Income Tax Appellate Tribunal regarding assessment year 1999-2000. The assessee, M/s Essel Propa...

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Bombay High Court Allows Petitioner in Income Tax Reopening Case — Notice Under Section 148 Quashed as Beyond Four Years Without Failure to Disclose. Reopening of Assessment Based on Change of Opinion Held Invalid Under Section 147 of Income Tax Act, 1961.

The petitioner, Multiscreen Media Private Limited, a company engaged in providing audiovisual television software, films, events, and related activiti...

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Bombay High Court Quashes Reassessment Notice Under Section 148 Income Tax Act for Lack of Fresh Material. Provision for Diminution in Value of Assets Already Disclosed and Considered in Original Assessment Cannot Form Basis for Reopening After Four Years.

The petitioner, IOT Infrastructure & Energy Services Ltd., challenged a notice under Section 148 of the Income Tax Act, 1961, seeking to reopen its as...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Change of Opinion. Reopening of Assessment Under Section 148 of Income Tax Act, 1961 Based on Mere Change of Opinion Without New Material is Invalid.

The petitioner, M/s. Rabo India Finance Limited, a non-banking financial company, challenged a notice dated 28.3.2011 issued under Section 148 of the ...

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Bombay High Court Allows Second Appeal in Partition Suit, Restores Trial Court's Dismissal. Plaintiffs Failed to Prove Suit Lands Were Joint Family Property Under Hindu Law.

The case involves a partition suit filed by the descendants of Nama and Maruti against the legal heirs of Tukaram, claiming that 24 agricultural lands...

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Bombay High Court Upholds Deduction Under Section 80P for Co-operative Bank's Interest Income from Advance Rent. Interest on advance rent paid for business premises is closely connected to banking business and eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961.

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