Supreme Court sets aside reassessment orders in Mangalam Publications case LEGAL ISSUE: Whether reassessment under Section 147 of the Income Tax Act, 1961 is valid when the original assessment was completed under Section 143(3) and the reassessment is based on a change of opinion. CASE TYPE: Income Tax Case Name: M/s Mangalam Publications, Kottayam vs. […]
Supreme Court Clarifies Assessment Scope Under Section 153A of Income Tax Act Date of the Judgment: 24 April 2023 Citation: (2023) INSC 379 Judges: M.R. Shah, J. and Sudhanshu Dhulia, J. Can tax authorities reassess income for previous years based on materials found during a search, even if those years’ assessments were already completed? The
Supreme Court Clarifies Assessment Scope Under Section 153A of Income Tax Act: Abhisar Buildwell P. Ltd. vs. PCIT (2023) LEGAL ISSUE: Scope of assessment under Section 153A of the Income Tax Act, 1961, specifically whether the Assessing Officer’s (AO) jurisdiction is limited to incriminating material found during a search. CASE TYPE: Income Tax Law, Search
Supreme Court Upholds Reassessment Notice: M.R. Shah Logistics Case (2022) LEGAL ISSUE: Whether a reassessment notice under Section 147 of the Income Tax Act, 1961 can be issued based on tangible material indicating income has escaped assessment, even if the assessee claims the income was declared under the Income Declaration Scheme (IDS) by another entity.
Supreme Court Upholds Reassessment Notice: M.R. Shah Logistics Case (2022) Read Post »
Supreme Court Remands Income Tax Case: Proper Framing of Questions of Law Required (2019) LEGAL ISSUE: The core legal issue revolves around the High Court’s procedure in dealing with appeals under Section 260A of the Income Tax Act, 1961, specifically regarding the framing of substantial questions of law. CASE TYPE: Income Tax Appeal Case Name:
Supreme Court Quashes Reassessment Notice for Income Tax: TechSpan India Pvt. Ltd. (2018) LEGAL ISSUE: Whether the reopening of a completed assessment under Section 147 of the Income Tax Act, 1961 is justified based on a mere change of opinion by the Assessing Officer. CASE TYPE: Income Tax Case Name: Income Tax Officer Ward No.
Supreme Court on Taxability of Interest on Share Application Money: Commissioner of Income Tax vs. Shree Rama Multi Tech Ltd (2018) LEGAL ISSUE: Whether interest earned on share application money is taxable income. CASE TYPE: Income Tax. Case Name: The Commissioner of Income Tax-IV, Ahmedabad vs. M/s. Shree Rama Multi Tech Ltd. [Judgment Date]: 24
