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Supreme Court Upholds Assessment of Hindu Deities as Individuals under Income-tax Act. Hindu Idol is Juristic Entity and "Individual" in Section 3 Includes Artificial Juridical Persons.

The case arose from income-tax assessment proceedings concerning the income from properties of two Hindu deities. The Income-tax Officer had initially...

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High Court of Karnataka Decides Revenue's Wealth Tax Appeals Involving Definition of 'Assets'. The Appeals Challenge ITAT Orders Regarding Assessment Years 1999-2000 to 2004-05 under Section 2(ea) of Wealth Tax Act, 1957.

The High Court of Karnataka heard a batch of Wealth Tax Appeals filed by the Revenue under Section 27-A of the Wealth Tax Act, 1957, against the order...

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High Court of Bombay at Goa Quashes Reassessment Notice for Lack of Valid Reason to Believe in Income Tax Case. Failure to Disclose Material Facts Not Established as Petitioner Had Made Full Disclosure Under Income Disclosure Scheme, 2016.

The petitioner, Prabhakar Nerulkar, an individual engaged in real estate business, filed a writ petition challenging a reassessment notice under Secti...

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Supreme Court Upholds Revenue in Income Tax Reassessment Case on Limitation and Computation Grounds. Reassessment under Sections 147 and 148 of Income Tax Act, 1961 Held Valid as Assessee Failed to Disclose Material Facts, and Notice Served on Partnership Firm Was Proper Despite Section 282(2) Argument.

The dispute arose from reassessment proceedings under the Income Tax Act, 1961, involving a partnership firm engaged in publishing newspapers and peri...

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Supreme Court Dismisses Assessee's Appeal Against Inclusion of Interest Credits as Taxable Income Under Section 4(1)(a) of Income-tax Act, 1922. Mercantile System Credit Entries for Interest from Own Shop in Native State Treated as Income Received in British India.

The assessee, ordinarily resident in British India, carried on business at Khurja and Aligarh in India and at Chistian in the Indian State of Bahawalp...

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Bombay High Court Quashes Reassessment Notices Under Section 148 of Income-Tax Act, 1961 for Lack of Reasonable Belief of Income Escaping Assessment. Notices Issued Beyond Four Years Without Fresh Material Held Invalid.

The petitioner, Sea Sagar Construction Co., a partnership firm, filed three writ petitions challenging notices dated 19 January 2012 issued under Sect...

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Bombay High Court Quashes Reassessment Notice in Income Tax Case Due to Lack of Failure to Disclose Material Facts. Reassessment Beyond Four Years Invalid as Original Assessment Was Scrutiny Assessment and No Failure to Disclose Was Shown.

The petitioner, an individual assessee, filed his income tax return for assessment year 2013-14 on 27 September 2013, declaring taxable income of Rs.7...