Income Tax Act 1961 Archive

Supreme Court: Reassessment based on borrowed satisfaction and without new tangible material amounts to a mere change of opinion and is therefore invalid.

Direct Tax/ Income Tax, Income Tax Act 1961 0
135
Deputy Commissioner of Income Tax v. Rakesh Ramamlal Shah Background: The Assessee (Rakesh Ramanlal Shah) filed his return of income for the A.Y. 2014-15 on 26.07.2014, declaring a total income of Rs. 39,61,071/-. The case was selected for scrutiny, and the Assessing Officer (AO) conducted an examination under Section 143(3) of the Income Tax …
Continue  →

Gujarat HC:Denial of adjournment and ignoring stay orders led the High Court to quash assessment and penalty orders for violation of natural justice and systemic administrative failure

Direct Tax/ Income Tax, Income Tax Act 1961 0
23
SHREE SARKHEJ KELAVANI MANDAL V. ADDITIONAL/JOINT/DY. ASSISTANT COMMISSIONER OF INCOME TAX/INCOME TAX OFFICER & ANR. Background: The Petitioner filed its return of income for the A.Y. 2018-19 om 30.03.2019 declaring Nil Income, claiming exemption under section 11 & 12 of the Income Tax Act. The Petitioner submitted an audit report in Form No. 10 but …
Continue  →

Delhi HC: Reassessment was quashed as time-barred due to absence of escaped income in the form of an asset and full disclosure by the assessee

Direct Tax/ Income Tax, Income Tax Act 1961 0
38
Delhi HC: RATNAGIRI GAS AND POWER PVT. LTD. V. ASSISTANT COMMISSIONER OF INCOME TAX Background: The Petitioner. Ratnagiri Gas and Power Pvt. Ltd. filed a Petition challenging a reassessment notice issued under Section 148 of the Income Tax Act, 1961 for the A.Y. 2013-14. Essentially, the Petitioner was aggrieved by the initiation of reassessment …
Continue  →