Sanctioning Authority should be PCCIT for Issuing Reopening Notice after Expiry of 3 Years: Bombay HC [Read Order]
The Bombay High Court held that the sanctioning authority should be the Principal Chief Commissioner of Income Tax ( PCCIT ) for issuing reopening...
![Mere fact that Order is not Acceptable to dept is not a Ground for not Following It: Bombay HC quashes Order under Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Bombay-High-Court-Income-Tax-Bombay-HC-Quashes-Order-Quashing-Order-TAXSCAN.jpg "Mere fact that Order is not Acceptable to dept is not a Ground for not Following It: Bombay HC quashes Order under Income Tax Act [Read Order]")
Mere Variance in Allowable Deductions not Ground to Believe Assessee Furnished Inaccurate Particulars of Income: Delhi HC [Read Order]
In a recent decision, the Delhi High Court observed that mere variance in allowable deductions not ground to believe assessee furnished inaccurate particulars of income. Assessee-respondent, a...
![Mere Variance in Allowable Deductions not Ground to Believe Assessee Furnished Inaccurate Particulars of Income: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Delhi-High-Court-Income-Tax-Delhi-High-Court-tax-deductions-taxscan.jpg "Mere Variance in Allowable Deductions not Ground to Believe Assessee Furnished Inaccurate Particulars of Income: Delhi HC [Read Order]")
Relief to Castrol India: Bombay HC quashes Reassessment Proceedings Initiated on change of Opinion [Read Order]
In a major relief to Castrol India, the Bombay High Court quashed re-assessment proceedings initiated on change of opinion. The petitioner assailed notice issued under Section 148 of the Income...
Interest paid on borrowed Funds for Investment in Shares hit by Section 14A of Income Tax Act if Dividend received on Shares not part of total Income: Bombay HC [Read Order]
In a recent ruling the Bombay High Court held that the interest paid on borrowed funds for investment in shares hit by Section 14A of the Income Tax Act, 1961 if the dividend received on shares not...
![Interest paid on borrowed Funds for Investment in Shares hit by Section 14A of Income Tax Act if Dividend received on Shares not part of total Income: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Bombay-High-Court-Income-Tax-Interest-on-Borrowed-Funds-Investment-in-Shares-taxscan.jpg "Interest paid on borrowed Funds for Investment in Shares hit by Section 14A of Income Tax Act if Dividend received on Shares not part of total Income: Bombay HC [Read Order]")
Actual Agricultural Operation not necessary condition to qualify as Agricultural Land: Bombay HC directs to pass Fresh Assessment Order under Income Tax Act [Read Order]
The Bombay High Court recently ruled that actual agricultural operation is not necessary condition to qualify as agricultural land and directed to pass fresh assessment order. The Assessing...
![Actual Agricultural Operation not necessary condition to qualify as Agricultural Land: Bombay HC directs to pass Fresh Assessment Order under Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Bombay-High-Court-Income-Tax-Assessment-Order-Agricultural-land-assessment-taxscan.jpg "Actual Agricultural Operation not necessary condition to qualify as Agricultural Land: Bombay HC directs to pass Fresh Assessment Order under Income Tax Act [Read Order]")
![Relief to Godrej: Bombay HC quashes Time-Barred Income Tax Reassessment Notice [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/Income-Tax-Bombay-High-Court-Income-Tax-Reassessment-Notice-Godrej-taxscan.jpg "Relief to Godrej: Bombay HC quashes Time-Barred Income Tax Reassessment Notice [Read Order]")
TDS Deductible on Storage Charges: Bombay HC Rules Storage Tanks not Classifiable as Land or Building [Read Order]
The Bombay High Court ruled that storage tanks not classifiable as land or building and that TDS is deductible on storage charges. Assessee used to pay storage charges. Therefore, assessee had...
Share Premium as Capital Account Transactions for Issuance of Shares not Taxable Income: Bombay HC [Read Order]
In a recent ruling, the Bombay High Court has clarified that the share premium received through the issuance of shares is categorized as a capital account transaction and does not attract taxation as...
![Share Premium as Capital Account Transactions for Issuance of Shares not Taxable Income: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/Bombay-High-Court-Share-premium-taxation-Capital-account-transactions-Issuance-of-shares-capital-receipts-taxscan.jpg "Share Premium as Capital Account Transactions for Issuance of Shares not Taxable Income: Bombay HC [Read Order]")