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Articles for Reassessment, search results for bombay

Direct Tax Weekly Round-Up: 4 To 10 August 2024
5 months ago

Direct Tax Weekly Round-Up: 4 To 10 August 2024

Live Law  

Delhi High Court Amendment In Section 153C Income Tax Act Can't Be Interpreted For Revival Of Already Time Barred Proceedings: Delhi High Court Case Title: PCIT Versus Karina Airlines International Ltd. Reopening Based On Entirely New Material Deprives Taxpayer's Right To Object To Re-Assessment: Delhi High Court Case Title: Banyan Real Estate Fund Mauritius Verses Assistant Commissioner Of Income Tax …

Tax Court Income Tax Title Income Held High
JAO Cease To Have Jurisdiction To Issue Reassessment Notice Outside Faceless Assessment: Bombay High Court
5 months, 3 weeks ago

JAO Cease To Have Jurisdiction To Issue Reassessment Notice Outside Faceless Assessment: Bombay High Court

Live Law  

The Bombay High Court has held that the Jurisdictional Assessing Officer would cease to have jurisdiction to issue any notice under Section 148A and to take further actions under Section 148A and Section 148 of the Act, outside the faceless assessment.The bench of Justice G. S. Kulkarni and Justice Somasekhar Sundaresan has observed that the JAO did not have the …

Jurisdiction Tax Bombay High Court Income Act 148 Section 148
Reassessment Notice Not Complying Section 148 Pre-Conditions Is Beyond Jurisdictional: Bombay High Court
5 months, 4 weeks ago

Reassessment Notice Not Complying Section 148 Pre-Conditions Is Beyond Jurisdictional: Bombay High Court

Live Law  

The Bombay High Court at Goa has held that the reassessment notice issued without complying with the pre-conditions mentioned in Section 148 of the Income Tax Act was beyond jurisdiction.The bench of Justice M. S. Karnik and Justice Valmiki Menezes has observed that the substantive rights of the original petitioner were governed by the provisions of the Portuguese Civil Code. …

Goa Tax Bombay High Court Sale Income Department Original
Bombay High Court Quashes Reassessment Notices Issued Merely On Basis Of Information Received From Directorate General Of GST
7 months, 3 weeks ago

Bombay High Court Quashes Reassessment Notices Issued Merely On Basis Of Information Received From Directorate General Of GST

Live Law  

The Bombay High Court has quashed the reassessment notices issued merely on the basis of information received from the Directorate General of GST.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that the AO is only referring to the information received from the Directorate General of GST. The Bombay High Court has quashed the reassessment notices …

Received Gst Bombay Petitioner Directorate General Issued Merely
No Change In Opening And Closing Stock Of NCDs; Bombay High Court Quashes Reassessment Notice
7 months, 3 weeks ago

No Change In Opening And Closing Stock Of NCDs; Bombay High Court Quashes Reassessment Notice

Live Law  

The Bombay High Court has quashed the reassessment notices as there was no change in the opening and closing stock of the non-convertible debts.The Bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that the reopening of assessment by the notice was merely on the basis of a change of opinion of the AO. The Bombay High …

Opinion Change Tax Assessment Income Notice Opening
Bombay High Court Quashes Reassessment Notices Issued Against Godrej For Beyond Limitation Period
10 months, 1 week ago

Bombay High Court Quashes Reassessment Notices Issued Against Godrej For Beyond Limitation Period

Live Law  

The Bombay High Court has quashed the reassessment notices issued against Godrej because the notice was issued beyond the limitation period.The bench of Justice K. R. Shriram and Justice Neela Gokhale has observed that the validity of a notice must be judged on the basis of the law existing as on the date on which the notice is issued under …

Limitation Period Notice Fifth Issued Bombay Godrej
Bombay High Court Set Aside Reassessment Proceedings Alleging Escapement Of Income On Transfer Of Leasehold Rights
1 year, 1 month 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 …

Tax Rights Bombay High Court Assessment Income Tax Transfer Income
Bombay High Court Quashes Reassessment Proceedings Against Non-Existent Entity Despite Active PAN
1 year, 1 month ago

Bombay High Court Quashes Reassessment Proceedings Against Non-Existent Entity Despite Active PAN

Live Law  

The Bombay High Court has quashed the reassessment proceedings against non-existent entities despite an active PAN.“PAN was not deactivated, which would not help the revenue because there could be cases relating to various years when the company was in existence, and it is possible those PAN numbers are picked up for scrutiny or for the issuance of a refund. The …

Pan Bombay Reassessment Notices
Bombay High Court Quashes Reassessment Against Knight Riders Sports
1 year, 3 months ago

Bombay High Court Quashes Reassessment Against Knight Riders Sports

Live Law  

The Bombay High Court has quashed the reassessment against Knight Riders Sport and held that a change of opinion does not constitute justification to believe income chargeable to tax escaped assessment.The bench of Justice K. R. Shriram and Justice Kamal Khata has observed that there is a change of opinion because once a query has been raised during the assessment …

Opinion Change Assessment Order Notice Tds Bombay
Bombay High Court Quashes Re-Assessment Order Based On Change Of Opinion Without Any Tangible New Information
1 year, 3 months ago

Bombay High Court Quashes Re-Assessment Order Based On Change Of Opinion Without Any Tangible New Information

Live Law  

The Bombay High Court has quashed the reassessment order based on a change of opinion without surfacing any tangible new information.The bench of Justice K. R. Shriram and Justice N. K. Gokhale has observed that the petitioner has fully and truly disclosed all material facts necessary for the purpose of assessment. The Bombay High Court has quashed the reassessment order …

Assessment Order Bombay Petitioner Section 148
No Failure On Citibank To Disclose Income: Bombay High Court Quashes Reassessment
1 year, 6 months ago

No Failure On Citibank To Disclose Income: Bombay High Court Quashes Reassessment

Live Law  

The Bombay High Court has held that where the notice has been issued after the expiration of four years, the onus is on the Assessing Officer to show that income chargeable to tax has escaped assessment by reason of the failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment for …

Assessment Bombay High Petitioner Citibank Its Assessment Kvss
Active PAN In Name Of Amalgamating Company, Would Not Justify Reassessment Proceedings Against It: Bombay High Court
1 year, 10 months ago

Active PAN In Name Of Amalgamating Company, Would Not Justify Reassessment Proceedings Against It: Bombay High Court

Live Law  

The Bombay High Court has reiterated that once the revenue department is aware about the amalgamation and had knowledge regarding the non-existence of the amalgamating entity, an assessment order passed against such amalgamating entity would be void and not merely a procedural defect. Challenging the Section 148 notice and the reassessment order, the petitioner, CLSA India Pvt Ltd, filed a …

Court Bombay High Court Reassessment Assessment Income Tax Order Income
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, …

Court Assessment Proceedings Material Bombay High Reassessment Proceedings
Reassessment Notice after 4 Years should have the Sanction Of PCIT: Bombay High Court
1 year, 11 months ago

Reassessment Notice after 4 Years should have the Sanction Of PCIT: Bombay High Court

Live Law  

The Bombay High Court ruled that issuing a reassessment notice after four years is subject to the approval of the Principal Chief Commissioner of Income-tax.The division bench of Justice Dhiraj Singh Thakur and Justice Kamal Khata has ruled that the approval for the issuance of a notice under Section 148 ought not to have been obtained from the Additional Commissioner …

Tax Bombay High Court Income Tax Income Notice Commissioner Approval
Nothing New Happened Between The Date Of Reassessment Order And The Date Of Forming The Opinion By AO: Bombay High Court Quashes Reassessment Order
1 year, 11 months ago

Nothing New Happened Between The Date Of Reassessment Order And The Date Of Forming The Opinion By AO: Bombay High Court Quashes Reassessment Order

Live Law  

The Bombay High Court has quashed the Reassessment Order and held that between the date of the order of assessment sought to be reopened and the date of the formation of an opinion by the Assessing Officer, nothing new has happened. There was no new information received, nor was there any mention of new material on file.The division bench of …

Opinion Bombay High Court Order Date Reassessment Order Quashes Reassessment
Failure To Disclose All Material Facts Is Essential To Issue Reassessment Notice: Bombay High Court
2 years ago

Failure To Disclose All Material Facts Is Essential To Issue Reassessment Notice: Bombay High Court

Live Law  

The Bombay High Court at Goa has held that failure to disclose fully and truly all material facts is an essential jurisdictional parameter that must be fulfilled before any notice can be issued for reopening the assessment proceedings after the expiration of four years from the end of the relevant assessment year.The division bench of Justice M.S. The Bombay High …

Failure Bombay High Court Facts Material Facts Material Four Years Fully
Reassessment Notice Issued Against A Dead Person Would Be Invalid: Bombay High Court
2 years, 3 months ago

Reassessment Notice Issued Against A Dead Person Would Be Invalid: Bombay High Court

Live Law  

The Bombay High Court has held that a reassessment notice against a dead person would be invalid unless the legal representatives submit to the jurisdiction of the Assessing Officer without raising any objection.The division bench of Justice Dhiraj Singh Thakur and Justice Valmiki Sa Menezes has observed that where the legal representatives do not waive their right to a notice …

Legal Bombay High Court Notice Officer Section 148 Reassessment Notice
Only PCIT Can Sanction Reassessment Notice After Expiry Of 4 Years, Not ACIT: Bombay High Court
2 years, 8 months ago

Only PCIT Can Sanction Reassessment Notice After Expiry Of 4 Years, Not ACIT: Bombay High Court

Live Law  

The Bombay High Court bench of Justice N.R. Shriram has held that after four years of expiry from the end of the relevant assessment year, only the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner can accord the approval to the reassessment notice and not the Additional Commissioner of Income Tax. The petitioner/assessee has challenged the reassessment …

Income Tax Income Notice Act Commissioner Four Years Principal
Relief To HDFC Bank: Bombay High Court Quashes Reassessment Notice As Jurisdictional Condition Not Satisfied
2 years, 10 months ago

Relief To HDFC Bank: Bombay High Court Quashes Reassessment Notice As Jurisdictional Condition Not Satisfied

Live Law  

In a major relief to the HDFC Bank, the Bombay High Court has quashed the reassessment notice as the jurisdictional condition for invoking the power under section 147 of the Income Tax Act was not satisfied. The division bench of Justice N.J.Jamadar and Justice K.R.Shriram has observed that once, it is held that the jurisdictional condition for invoking the power …

Assessment Income Notice Act Hdfc Bank Petitioner Jurisdictional Condition
Class X Students Seek Quashing Of Annual Results Declared By National Institute Of Open Schooling & Re-Assessment In Petition Before Bombay HC [Read Petition]
4 years, 4 months ago

Class X Students Seek Quashing Of Annual Results Declared By National Institute Of Open Schooling & Re-Assessment In Petition Before Bombay HC [Read Petition]

Live Law  

A petition has been filed before the Bombay High Court on behalf of a total of twenty students in the tenth standard who seek re-assessment of results for March-April public examination 2020 as the National Institute of Open Schooling cancelled the tenth standard examinations and decided to assess theory paper scores on the basis of marks secured in practical exams …

Results Students Assessment Nios National Institute Open Schooling Scheme Petitioners