Bombay High Court quashes Income Tax Department’s search and seizure on Balkrushna Buty, citing lack of reason to believe mandated by Section 132 of IT Act.
Bombay High Court dismisses revenue’s appeal, affirming no Section 14A disallowance if no exempt income is received or receivable, citing the Delhi High Court’s Cheminvest Ltd. ruling upheld by the Supreme Court.
Bombay High Court upholds ITAT ruling, stating Section 14A disallowance and Section 115JB adjustment for exempt income are not applicable if no exempt income is earned.
Bombay High Court overturns income tax reassessment notice for NuPower Renewables, citing no new information and prior scrutiny of share capital.
Bombay High Court dismisses Revenue’s appeal against Agfa India, ruling reassessment invalid as Assessing Officer acted under dictation, lacking independent reason to believe income escaped assessment. Highlights judicial precedents on AO’s discretion.
Bombay High Court held that since issue already examined during the course of assessment proceedings, re-opening of assessment on same issue amounts to change of opinion. Thus, re-opening based on change of opinion is not sustainable.
Bombay High Court held that reopening of the assessment would be permissible without there being any new or additional material available to the Assessing Office. Accordingly, reassessment notice is set aside and writ petition is allowed.
The Bombay High Court has fixed accountability by directing interest recovery from an erring officer for delayed income tax refunds, emphasizing timely compliance.
Bombay High Court held that notice issued under section 148 of the Income Tax Act beyond the time period specified under section 149(1) of the Income Tax Act is non-complaint and invalid. Accordingly, order passed thereon is liable to be quashed.
Bombay High Court dismisses revenue appeal, upholding tribunal finding that seized document alone insufficient to prove ₹33 lakh cash for land.
