Gujarat High Court quashes Income Tax reassessment notice against Deepak Natvarlal Pankhiyani HUF, citing lack of fresh evidence supporting income escapement from stock trading.
PCIT Vs Farmson Pharmaceuticals Gujarat Pvt Ltd (Gujarat High Court): Reassessment cannot be solely based on a reevaluation of existing facts without new, substantive material indicating income escapement.
Read the full judgment of Commissioner of Customs Vs Baburam Harichand by Gujarat High Court. Industrial betel nuts and supari are deemed the same, justifying special duty refund.
Assessee was engaged in diamond manufacturing, trading, and windmill power generation, had claimed deductions under sections 35DD and 80IA(4)(iv) during scrutiny assessment. Despite furnishing all details, AO issued a notice for reassessment, alleging income escapement related to the deduction under section 80IA.
Section 54 deduction was allowable on cash transactions involving residential property as it was ensured that genuine investments in residential properties were duly recognized for tax exemptions.
Gujarat High Court dismisses Revenue’s appeal as unsigned excel sheet lacks corroboration in S. 153C Income Tax Act proceedings. Read full judgment here.
Gujarat High Court allows income tax deduction for payment clearing mortgage, dismissing Revenue’s appeal under section 263. Full text of judgment explained.
Read the detailed analysis of the Gujarat High Court judgment in the case of Torrent Power Ltd. vs State of Gujarat & Ors, addressing key legal issues in electricity billing.
When consideration is set forth in instrument executed by State Government, Central Government, a local authority or a Housing Board etc. such valuation shall be deemed to be true market value of property, which is subject matter of instrument.
Gujarat High Court ruled on N H Kapadia Education Trust vs ACIT, addressing the corpus donation eligibility for exemption under Section 11(1)(d) of the Income Tax Act.
