Bombay High Court Set Aside Reassessment Proceedings Alleging Escapement Of Income On Transfer Of Leasehold Rights
1 year ago

Bombay High Court Set Aside Reassessment Proceedings Alleging Escapement Of Income On Transfer Of Leasehold Rights

Live Law  

The Bombay High Court has quashed the reassessment proceedings alleging escapement of income on transfer of leasehold rights.The bench of Justice K.R. The Bombay High Court has quashed the reassessment proceedings alleging escapement of income on transfer of leasehold rights. The petitioner filed its return of income for the Assessment Year 2018-19 on October 30, 2018, showing Rs. 43 crore as consideration for the transfer of lease hold rights that was also shown or taken as an application of income in the form of new school buildings under Section 11 of the Income Tax Act, 1961.

Tax Rights Bombay High Court Assessment Income Tax Transfer Income Crore Petitioner Reassessment Proceedings Leasehold Rights Hold Rights  transfer  assessment  petitioner  crore  43  reassessment  tax  leasehold  high  201819  set  proceedings  escapement  court  rights  income  rs

History of this topic

High Court Rules on Income From Leasing of Property, Sets a Precedent for Tax Law
2 months ago

High Court Rules on Income From Leasing of Property, Sets a Precedent for Tax Law

Live Law  

The Bombay High Court has ruled that assessee's income from leasing properties should be considered as income from profits and gains of business, not income from house property. The court found that the assessee's business is primarily focused on the letting out of properties, and that the income being taxed is derived from the rental income received from these properties.

Direct Tax Cases Weekly Round-Up: 5 To 11 May 2024
7 months, 1 week ago

Direct Tax Cases Weekly Round-Up: 5 To 11 May 2024

Live Law  

Supreme Court Case Name- All India Bank Officers' Confederation Vs The Regional Manager, Central Bank Of India & Others Citation : 2024 LiveLaw 352 A Division bench of the Supreme Court comprising of Justice Sanjiv Khanna and Justice Dipankar Datta while deciding a Civil Appeal in the case of All India Bank Officers' Confederation Vs The Regional Manager, Central Bank …

Bombay High Court Weekly Roundup: February 26 To March 3, 2024
9 months, 2 weeks ago

Bombay High Court Weekly Roundup: February 26 To March 3, 2024

Live Law  

Nominal Index Grand Paradi Co-operative Housing Society Ltd. & Ors. 2024 LiveLaw 119 Reports/Judgments Bombay High Court Declines Application For Increasing Valuation Of Suit, Says Pecuniary Jurisdiction Lies With City Civil Court Case Title: Grand Paradi Co-operative Housing Society Ltd. & Ors. Person Seeking Letters Of Administration Must Personally Serve Notice At Last Known Address Of Legal Heir With Unknown …

Change Of Opinion Does Not Constitute Justification To Believe Income Chargeable To Tax Has Escaped Assessment: Bombay High Court
11 months ago

Change Of Opinion Does Not Constitute Justification To Believe Income Chargeable To Tax Has Escaped Assessment: Bombay High Court

Live Law  

The Bombay High Court has held that a change of opinion does not constitute justification and/or reasons to believe that income chargeable to tax has escaped assessment.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that once a query is raised during the assessment proceedings and the assessee has replied to it, it follows that the …

Dept.’s Personal Opinion Not Tangible Material For Reopening Assessment: Calcutta High Court Quashes Reassessment
1 year ago

Dept.’s Personal Opinion Not Tangible Material For Reopening Assessment: Calcutta High Court Quashes Reassessment

Live Law  

The Calcutta High Court has quashed the reassessment order on the grounds that the department’s personal opinion is not tangible material for reopening the assessment.The bench of Chief Justice T. S. Sivagnanam and Justice Hiranmay Bhattacharyya has observed that unless glaring omissions are demonstrated or conditions precedent for exercise of the power to reopen assessment are not. The Calcutta High …

Re-Opening Is Not Permissible As It Falls Within The Purview Of A ‘Change Of Opinion’: Bombay High Court
1 year, 1 month ago

Re-Opening Is Not Permissible As It Falls Within The Purview Of A ‘Change Of Opinion’: Bombay High Court

Live Law  

The Bombay High Court has held that re-opening is not permissible as it clearly falls within the purview of a ‘change of opinion’ which is impermissible in law.The bench of Justice K. R. Shriram and Justice Neela Gokhale have observed that the basis on which the AO issued notice alleging that there was "information" that suggests escapement of income was …

Absence Of Material: Bombay High Court Quashes Reassessment Proceedings
1 year, 10 months ago

Absence Of Material: Bombay High Court Quashes Reassessment Proceedings

Live Law  

The Bombay High Court has quashed the reassessment proceedings as the issue of "large loans and advances" was not only raised during the scrutiny assessment but also responded to by the assessee.The division bench of Justice Dhiraj Singh Thakur and Justice Kamal Khata has observed that between the date of the order of assessment, which is sought to be reopened, …

No Reason For AO To Believe Income Chargeable To Tax Escaped Assessment: Bombay High Court
1 year, 10 months ago

No Reason For AO To Believe Income Chargeable To Tax Escaped Assessment: Bombay High Court

Live Law  

The Bombay High Court has held that the development agreement permitted construction on the land only as a licensee, which did not have the effect of transmitting possession in favor of the licensee as per Section 53A of the Transfer of Property Act.The division bench of Justice Dhiraj Singh Thakur and Justice Kamal Khata has observed that there was neither …

Tax Cases Weekly Round-Up: 18 December to 24 December 2022
1 year, 11 months ago

Tax Cases Weekly Round-Up: 18 December to 24 December 2022

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Supreme Court Small Tax Effect: Monetary Limit To Prefer An Appeal Before The Supreme Court Is Rs. Bombay High Court Case Title: The Principal Commissioner of Income Tax Versus M/s. Bombay High Court Case Title: M/s Bhatewara Associates Versus Union Of India The Bombay High Court has condoned a year-long delay in filing the Income Tax Return over "genuine hardships." …

Stamp Duty Refund Also Applicable To All Development Agreements Signed Between Sep, 2020- March 2021 - Bombay High Court
2 years, 7 months ago

Stamp Duty Refund Also Applicable To All Development Agreements Signed Between Sep, 2020- March 2021 - Bombay High Court

Live Law  

All Development Agreements signed between September 1, 2020 and March 31, 2021 would qualify for 1.5-2% refund of stamp duty as per the scheme announced by the Maharashtra Government during the Covid-19 pandemic in the year 2020, the Bombay High Court ruled. In a landmark judgement last week, the HC held that the stamp duty payable on a Development Agreement …

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