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Section 80P(2)(d) Deduction Available On Interest Earned From Investments Made In A Co-Operative Bank: Madras High Court Quashes Reassessment

The Madras High Court, while quashing the reassessment proceedings, held that Section 80P of the Income Tax Act is not available on interest earned from investments made in a cooperative bank.The bench of Justice Krishnan Ramasamy relied on a division bench decision in the case of Salem Agricultural Producers Co-operative Marketing Society, in which it was held that the co-operative. …

In The Absence Of A Full And True Disclosure, Reassessment Is Not Barred By Limitation: Madras High Court

The Madras High Court has held that the criminal investigation wing is separate and distinct from the assessment wing and that disclosure made before one wing will not exonerate the assessee from the requirement of making a "full and true disclosure" before the assessing officer in an assessment.The single bench of Justice Anitha Sumanth has observed that in the absence …

Madras High Court

Madras High Court Half Yearly Digest: January to June 2022 [Citation 1- 276]

NOMINAL INDEX M/s.The Kancheepuram Reading Room and Tennis Club, Represented by its Secretary v. The Director-General of Police & Ors, 2022 LiveLaw 1 The University of Madras, Rep. By its Registrar v. Dr. S. Bhaskaran & Ors., 2022 LiveLaw 2 Payel Biswas v. The Commissioner of Police, Trichy City & Ors., 2022 LiveLaw 3 All India Anna Dravida Munnetra Kazhagam …

Reopening of IT Assessment By Officer Having No Jurisdiction: Madras High Court Invalidates Proceedings

The Madras High Court invalidated the reassessment procedures on the basis that the reopening of the income tax assessment was conducted by an officer without jurisdiction. After a period of five years, the assessee received a notice dated March 28, 2018 issued by the ACIT Mumbai under Section 148 purportedly to re-assess the income tax return submitted by her for …

Madras High Court Weekly Round-Up: February 7, 2022 To February 13, 2022

A weekly round-up of important cases from Madras High Court and its subordinate courts. Leena Manimekalai Passport Impounding Case: Madras High Court Declines Leave To Susi Ganesan For Filing Appeal Against Single Bench Order Case Title: Susi Ganesan v. Leena Manimekalai & Anr. Order VI Rule 17 For Amendment Of Pleadings Do Not Apply To Section 34 Petitions Under Arbitration …

Taxation Relaxation Act Doesn't Sanction Applying Repealed Provisions : Madras HC Sets Aside Reassessment Notices U/S 148 Of Old Income Tax Act

The Madras High Court has recently set aside a number of reassessment notices issued under the 1961 Income Tax Act by iterating that the Taxation Relaxation Act, 2020 only extends the period of limitation and not the application of repealed provisions in light of the amended provisions effective from 1st April, 2021.The first bench of Acting Chief Justice Munishwar Nath …