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Tata Sons wins case against Income Tax Department's attempt to reopen assessmen…
Tata Sons, the holding company of the Tata Group, had filed a writ petition challenging the Income Tax Department's notice to reopen its assessment for the assessment year 2005-06. The Bombay High Court allowed the petition and quashed the reassessm…
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Court quashes reassessment proceedings, citing lack of new evidence and change …
The case involves an appeal filed by the assessee against a reassessment order under Section 148 of the Income Tax Act for the assessment year 2009-10. The assessee challenged the maintainability of the reassessment proceedings on two grounds: (1) t…
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Court quashes tax reassessment notice, rules it was based on a mere change of o…
The petitioner, a real estate company, challenged a notice issued by the Income Tax Department under Section 148 of the Income Tax Act for reassessing its income for the Assessment Year 2017-18. The court found that the reassessment notice was based…
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Court quashes income tax reassessment notice due to lack of valid 'information'…
The Bombay High Court allowed a writ petition filed by a real estate company challenging the reassessment proceedings initiated by the Income Tax Department for the Assessment Year 2015-16. The court held that the reassessment was based on an intern…
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Court quashes tax reassessment order, rules it was based on mere 'change of opi…
This case involves a dispute between an individual taxpayer and the Income Tax Department. The taxpayer had filed their income tax return for the assessment year 2018-19, which was selected for limited scrutiny regarding investments in immovable pro…
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Trustee can file winding up petition in India despite contract conferring juris…
This case involved a dispute between a trustee (appellant) representing foreign bondholders and an Indian company (respondent) that defaulted on interest payments for convertible bonds issued to those bondholders. The key issue was whether the trust…
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Court rules no deemed dividend for shareholder with debenture account balance e…
The case involves an assessee who was a shareholder of more than 10% in M/s. Star Synthetics Pvt. Ltd. The Assessing Officer treated certain amounts received by the assessee from the company as deemed dividend under Section 2(22)(e) of the Income Ta…
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Tax Deduction at Source: DTAA Prevails Over Domestic Law, Rules ITAT in Favor o…
The Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeals, ruling that the provisions of the Double Taxation Avoidance Agreement (DTAA) override the domestic law, including Section 206AA of the Income Tax Act, 1961. The case involved …
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Anticipatory bail granted to man accused in Rs 700 cr forex remittance scam due…
The Delhi High Court granted anticipatory bail to Amit Aggarwal, accused in a Rs 700 crore forex remittance scam case being probed by the Enforcement Directorate (ED). The court found no evidence of 'proceeds of crime' being generated from the alleg…
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Computer Sciences Corporation India wins tax dispute over withholding tax rates…
The case involves Computer Sciences Corporation India Pvt. Ltd. (the assessee), which made payments for technical services to its US parent company. The dispute centered around the applicable withholding tax rate – whether it should be as per the In…
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Court upholds ITAT order allowing tax deduction at DTAA rate despite lack of PA…
This case deals with the issue of whether the provisions of Section 206AA of the Income Tax Act, which mandates a higher tax deduction rate for non-residents without a Permanent Account Number (PAN), can override the beneficial tax rates provided un…
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Court upholds primacy of India-Singapore tax treaty over domestic law, quashes …
The petitioner, an Indian company, challenged Section 206AA of the Income Tax Act which mandated a 20% tax deduction at source (TDS) on royalty payments made to non-residents without a Permanent Account Number (PAN). The court held that the India-Si…
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Court upholds primacy of India-Singapore tax treaty over domestic law, quashes …
Income Tax,Jul. 11, 2020The petitioner, an Indian company, challenged Section 206AA of the Income Tax Act which mandated a 20% tax deduction at source (TDS) on royalty payments made to non-residents without a Permanent Account Number (PAN). The court held that the India-Singapore Double Taxation Avoidance Agreement (DTAA) capped the TDS rate at 10% for royalties, overriding the domestic law provision. The court quashed the impugned section as violative of the DTAA and con…
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Tax deduction on payments to non-residents governed by DTAA rates, not Section …
Income Tax,Mar. 14, 2024The case involves an Indian company (the assessee) that made payments to non-resident entities for royalty and technical services. The assessee deducted tax at source (TDS) on these payments at the rates prescribed in the relevant Double Taxation Avoidance Agreements (DTAAs) between India and the countries of the non-resident recipients. The tax department (Revenue) contended that since some of the non-resident recipients did not furnish their Perm…
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Assessee wins on capital gains tax dispute over NIIT share sale, court rejects …
Income Tax,Jul. 21, 2020This case involves an individual assessee, Arjun Malhotra, who sold 1,00,000 shares of NIIT to a company Glad Investment Pvt Ltd (GIPL) in 1997-98. The assessee claimed the sale consideration was Rs. 5 crores and claimed exemption under Section 54F. The Revenue disputed the sale date, consideration amount, and Section 54F exemption eligibility. After a long legal battle, the Delhi High Court ruled in favor of the assessee on the capital gains tax i…
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Insider trading charges against Biocon executive quashed, but penalty upheld fo…
Customs & Excise,Mar. 13, 2024The case involves an appeal filed by a Biocon executive against the order of the Securities and Exchange Board of India (SEBI) restraining him from accessing the securities market and associating with listed companies for three months, and imposing a penalty of Rs. 2 lacs for alleged insider trading violations. The executive was accused of trading in Biocon shares while in possession of unpublished price-sensitive information (UPSI) related to a co…
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Court rules agricultural lands not capital assets despite conversion, upholds t…
Income Tax,Mar. 16, 2023The Income Tax Appellate Tribunal (ITAT) had ruled that certain lands owned by the assessees, although converted for non-agricultural purposes, were still considered agricultural lands and hence exempt from capital gains tax on their sale. The Revenue Department challenged this decision in the High Court of Karnataka. The High Court upheld the ITAT's ruling, holding that the lands retained their agricultural character despite conversion, as the ass…
Court rejects assessee's claim of agricultural land exemption for Rs. 2.5 crore…
The case involves an assessee who sold an immovable property in Devanahalli, Bangalore for Rs. 2.5 crores and claimed it as an agricultural land exempt from capital gains tax. The Income Tax Department disputed this claim, and the matter went through multiple rounds of litigation. The Income Tax Appellate Tribunal (ITAT) ultimately ruled against the assessee, holding that the property could not be considered agricultural land and was liable for cap…
Income Tax,Jun. 04, 2021-
Agricultural land sale exempt from capital gains tax as it was situated beyond …
Income Tax,Aug. 25, 2020This case involved a Hindu Undivided Family (HUF) that sold agricultural land and claimed exemption from capital gains tax under Section 2(14)(iii) of the Income Tax Act. The dispute centered on whether the land was situated beyond 8 km from the municipal limits, which would make it eligible for the exemption. The Income Tax Department challenged the exemption, but the Madras High Court upheld the Tribunal's order in favor of the assessee, acceptin…
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Senior citizen's sale of agricultural land beyond 8km from municipality exempte…
Income Tax,Jun. 23, 2021This case involves an appeal filed by an assessee (taxpayer) against the order of the Commissioner of Income Tax (Appeals) regarding the assessment year 2013-14. The key issue was whether the land sold by the assessee, an agricultural land located beyond 8 km from the nearest municipality, should be considered a capital asset under Section 2(14) of the Income Tax Act, 1961, and therefore subject to capital gains tax. The Income Tax Appellate Tribun…
Court upholds agricultural land exemption for land sale in Juchandra village de…
Income Tax,Oct. 07, 2020The case involves an income tax dispute over the sale of land by an assessee in Juchandra village. The revenue department argued that the land should be treated as a capital asset and subject to tax, as Juchandra village became part of the Vasai-Virar Municipal Corporation in 2009. However, the Income Tax Appellate Tribunal ruled in favor of the assessee, stating that the land qualified as agricultural land and was exempt from tax. The revenue depa…
Court quashes tax officer's order on reopening assessment, remands for fresh co…
This case involves a writ petition filed by an individual assessee challenging the reopening of assessment for AY 2015-16 under Section 148 of the Income Tax Act. The assessee had filed objections against the reasons for reopening, but the Assessing Officer dismissed the objections without properly examining them. The High Court quashed the order dismissing objections and remanded the matter for fresh consideration by the Assessing Officer.
Income Tax,Mar. 31, 2021-
Income Tax , Mar. 16. 2024Court quashes tax reassessment notice for lack of proper information disclosure…
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Income Tax , Mar. 11. 2024Court rules land sold for housing was agricultural at time of sale, exempting c…
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Income Tax , Mar. 11. 2024Supreme Court upholds Parliament's power to tax capital gains from urban agricu…
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Income Tax , Jul. 08. 2021Non-resident Indian wins tax case, court allows exemption on capital gains from…
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Income Tax , Oct. 08. 2020Trust's claim for tax refund on compensation for acquired non-agricultural land…
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