Search Results for "failure to disclose"

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Search Results for "failure to disclose"

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Supreme Court

Supreme Court Upholds Reassessment Notice Against NDTV in Income Tax Case Due to Failure to Disclose Material Facts. The Court held that the revenue had valid reason to believe that income had escaped assessment based on findings of sham transactions with subsidiaries under Section 147 of the Income Tax Act, 1961.

3 Apr 2020

The appellant, New Delhi Television Limited (NDTV), an Indian company, filed a return for assessment year 2008-09 declaring a loss. The return was pro...

High Court

Bombay High Court Allows Writ Petition Quashing Reopening Notice Under Section 148 Income Tax Act for Assessment Year 2000-01 — Reassessment Based on Change of Opinion Invalid. The court held that the Assessing Officer cannot reopen an assessment beyond four years on the same material already considered during the original assessment under section 143(3) of the Income Tax Act, 1961.

5 Jan 2015

The petitioner, United Shippers Limited, challenged a notice dated 15 March 2007 issued under section 148 of the Income Tax Act, 1961 by the Assistant...

High Court

Bombay High Court Quashes Reassessment Notice for Lack of Reasonable Belief of Income Escaping Assessment — Section 148 Notice Based on Change of Opinion Invalid. Reopening Beyond Four Years Requires Failure to Disclose Material Facts, Which Was Not Established.

16 Oct 2012

The petitioner, Fiat India Automobiles Limited, challenged a notice dated 30 March 2012 issued by the Assistant Commissioner of Income Tax under Secti...

High Court

Bombay High Court Sets Aside Arbitral Award Due to Arbitrator Disqualification in Multi-State Cooperative Dispute. Failure to Disclose Bias and Withdrawal from Similar Matters Constitutes Grounds for Setting Aside Under Section 34 of Arbitration and Conciliation Act, 1996.

11 Jun 2012

The petitioner, The Saraswat Cooperative Bank Ltd., filed an Arbitration Petition under Section 34 of the Arbitration and Conciliation Act, 1996, chal...

High Court

Bombay High Court Quashes Reassessment Notice for Stock Exchange in Income Tax Case — Reopening Beyond Four Years Invalid Without Failure to Disclose. Double Deduction Ground Already Decided in Assessee's Favour for Earlier Year.

27 Mar 2012

The Bombay High Court allowed a writ petition filed by Bombay Stock Exchange Limited challenging a notice under Section 148 of the Income Tax Act, 196...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Failure to Disclose — Reassessment Beyond Four Years Invalid Without Allegation of Non-Disclosure

24 Jan 2012

The petitioner, DIL Ltd., challenged a notice dated 8 March 2011 issued under Section 148 of the Income Tax Act, 1961, seeking to reopen the assessmen...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Fresh Material Beyond Four Years. Reassessment Cannot Be Based Solely on Subsequent Year's Assessment Order Without Allegation of Failure to Disclose Material Facts.

24 Jan 2012

The Petitioner, Sitara Diamond Pvt. Ltd., filed a writ petition under Article 226 of the Constitution challenging a notice dated 20 June 2011 issued u...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act for Lack of Full and True Disclosure — Reopening Beyond Four Years Invalid Without Allegation of Failure to Disclose Material Facts. The court held that a notice under Section 148 issued after four years from the end of the assessment year is invalid if the reasons do not allege that the assessee failed to disclose fully and truly all material facts necessary for assessment.

14 Nov 2005

The petitioner, Mangalore Refinery & Petrochemicals Limited, a public limited company engaged in running a petroleum refinery at Mangalore, filed a wr...

High Court

Bombay High Court Quashes Reopening Notices Under Section 148 of Income Tax Act for Lack of Reasonable Belief of Income Escaping Assessment. Reassessment Initiated Beyond Four Years Without Fresh Material or Failure to Disclose by Assessee is Invalid.

28 Oct 2005

The judgment concerns two writ petitions filed by M/s German Remedies Ltd., a public limited company engaged in manufacturing pharmaceutical products,...

High Court

Bombay High Court Dismisses Writ Petition Challenging Reassessment Notices Under Income Tax Act — Reassessment Valid as Income Escaped Assessment Due to Failure to Disclose Nature of Deposits. The court held that reassessment under Section 147 of the Income Tax Act, 1961 was justified as the petitioner failed to disclose that non-refundable deposits and funds were trading receipts, and the subsequent Supreme Court decision did not change the law but clarified it.

5 Jul 2005

The petitioner, Shri Chhatrapati Sahakari Sakhar Karkhana Ltd., a cooperative sugar factory, had its income tax assessments for the years 1972-73 to 1...

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