Search Results for "revenue disclosure"

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Search Results for "revenue disclosure"

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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 Quashes Reopening of Assessment in Income Tax Case — No Failure to Disclose Material Facts. Reopening under Section 147 of Income Tax Act, 1961 Held Invalid as Assessee Had Made Full Disclosure in Return and Notes.

10 Feb 2012

The petitioner, NYK Line (India) Ltd., a wholly owned subsidiary of a non-resident shipping line, filed its return of income for Assessment Year 2006-...

High Court

Bombay High Court Quashes Reopening of Assessment Under Section 148 of Income Tax Act, 1961 for Lack of Full and True Disclosure. Container Detention Charges Collected as Agent Held Not Income of Assessee Due to Agency Relationship and RBI Circular.

10 Feb 2012

The petitioner, NYK Line (India) Ltd., a wholly owned subsidiary of a non-resident shipping line, acted as its agent under an agency agreement dated 1...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Full and True Disclosure — Petitioner Had Disclosed All Material Facts in Return of Income. The court held that the reopening was based on a change of opinion and was invalid as the Assessing Officer did not form a reasonable belief of escapement of income.

7 Aug 2023

The petitioner, Astec LifeSciences Ltd., is engaged in the business of manufacturing and trading of agrochemicals and pharmaceutical intermediates. Wi...

High Court

High Court of Bombay Adjudicates Challenge to Reopening of Assessment under Section 148 of Income Tax Act. Assessee Contends Full Disclosure and Argues Against Grounds of Under-assessment, While Revenue Defends Notice Based on Tangible Material and Absence of Previous Query.

10 Jan 2013

The case involved a writ petition filed by the Export Credit Guarantee Corporation of India Ltd. challenging a notice dated 24 March 2011 issued by th...

High Court

Bombay High Court Allows Writ Petition Challenging CBDT Circular Denying Adjustment of TDS Against Tax Payable Under Voluntary Disclosure Scheme. Circular No. 755 dated 25-07-1997 Held Ultra Vires as It Imposed Restriction Not Found in Finance Act, 1997 or Income Tax Act, 1961.

10 Mar 2017

The petitioner, Earnest Business Services Pvt. Ltd., a company incorporated under the Companies Act, 1956, and its director, filed a writ petition und...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Reassessment Case — Reassessment Notice Issued Within Four Years Held Invalid Due to Full Disclosure. Tribunal's Finding of Full and True Disclosure by Assessee During Original Assessment Proceedings Upheld Under Section 148 of Income Tax Act, 1961.

8 Aug 2012

The appeal was filed by the Commissioner of Income Tax-3 (revenue) under Section 260A of the Income Tax Act, 1961 against the order dated 22/9/2009 of...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Reassessment Case — Tribunal's Finding of Full Disclosure Upheld. Reopening Beyond Four Years Invalid as Assessee Disclosed All Material Facts in Return.

29 Jul 2022

The appeal was filed by the Principal Commissioner of Income Tax-28 under section 260A of the Income Tax Act, 1961, challenging the order of the Incom...

High Court

Bombay High Court Hears Writ Petition Challenging Validity of Reopening Notice Under Section 148 of Income Tax Act for Assessment Year 2015-16. The Reopening Based on Alleged Escaped Income from Capital Reduction Transaction Is Contested on Grounds of Full Disclosure During Original Assessment.

8 Mar 2023

The petitioner, an investment holding company incorporated in Singapore and under creditors' voluntary liquidation, held shares in Lehman Brothers Cap...

High Court

Bombay High Court Allows Writ Petitions Challenging Rejection of Declaration under Income Declaration Scheme, 2016. The court quashed reassessment and prosecution notices under Section 276CC of Income Tax Act, 1961, holding that valid declaration under the Scheme grants immunity.

8 Mar 2019

The petitioners, Umesh D. Ganore and Mangesh D. Ganore, filed two writ petitions challenging the decision of the Revenue Authority in not accepting th...

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