Year: 2020

Archive for 2020


Hemjay Construction Co. Pvt. Ltd. Through Deenaben Yogeshbhai Shah v. ITO (2019)419 ITR 39 /311 CTR 413/ 183 DTR 113(Guj.)(HC)

S. 147 : Reassessment-Report of Investigation wing of Income-Tax Department-AO analysing report and forming belief that income had escaped assessment-Reassessment notice is valid. [S.148, Art. 226]

Diebold Systems Private Limited v. ITO (OSD) (2019) 419 ITR 333 (Mad.)(HC)

S. 147 : Reassessment–Based on facts of later assessment year– Tangible material-Reassessment is held to be valid-Income derived from installation and maintenance of Atm Machines—Not entitled to deduction u/s. 80IA. [S. 80IA, 143(1), 143(3), 148]

J.P. Iscon Ltd. v. Dy. CIT (2019) 267 Taxman 481 / 111 taxmann.com 260 (Guj.)(HC) Editorial: SLP is granted to the assessee, J.P. Iscon Ltd. v. Dy. CIT (2019) 267 Taxman 480 (SC)

S. 147 : Reassessment-Capital gains–Cash sales-Failure to disclose material facts – Notice of reassessment is held to be valid. [S. 45, 48 148, Art.226 ]

Swadesh Trading Co. v. DCIT (2019) 182 DTR 81 / 310 CTR 810 (Karn.)(HC) Swadesh Trading Co. v. D CIT (2019) 182 ITR 85 / 310 CTR 814 (Karn.)(HC)

S. 147 : Reassessment-Notice-Non disposal of assesses objections-Direction u/s 144A-Assessment without disposing the objection is held to be bad in law-AO is directed to pass the reasoned order after considering the objection. [ S. 144A, 148, Art. 226]

PCIT v. Lalit Bagai (2019) 267 Taxman 443 /(2020) 188 DTR 144 (Delhi)(HC)

S. 147 : Reassessment-After the expiry of four years-Amounts not deductible-Deduction at source–Objection by audit party– Reassessment at the instance of the Audit officer is held to be bad in law. [S. 40)(a)(ia), 148]

Bhavik Bharatbhai Padia v. ITO (2019)419 ITR 149 (Guj.)(HC)

S. 147 : Reassessment-After the expiry of four years-No duty to disclose investments-Notice for failure to disclose investments is held to be not valid.[S. 148, Art. 226]

Firstsource Solutions Ltd. v. Dy.CIT (2019) 176 DTR 151 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Without there being any element of lack of true and full disclosure on the part of the assessee-Reassessment notice is held to be bad in law. [S. 115-O, 148]

Kisan Sahkari Chini Mills Ltd. v. CIT (2019) 267 Taxman 384 / 111 taxmann.com 384 (All.)(HC) Editorial: SLP is granted to the assessee, Kisan Sahkari Chini Mills Ltd. v. CIT (2019) 267 Taxman 383 (SC)

S. 145A : Method of accounting – Valuation – Excise duty though not paid is liable to be included in valuation of closing stock. [S. 145A(b)]

PCIT v. Swananda Properties (P.) Ltd. (2019) 267 Taxman 429 (Bom.)(HC)

S. 145 : Method of accounting–Suppression of sales-Revenue was not able to show any defect in assessee’s records or in books of account maintained by assessee-Rejection of books of account is held to be not justified-Deletion of addition on account of suppression of addition is held to be justified. [S. 43CA, 50C, 145(3)]

PCIT v. Panchsheel Colonizers (P.) Ltd. (2019) 267 Taxman 571/ 111 taxmann.com 459 (Raj) (HC) Editorial : SLP is granted to the revenue, PCIT v. Panchsheel Colonizers (P.) Ltd. (2019) 267 Taxman 570 (SC)

S. 145 : Method of accounting–Real estate developer-Project completion method-Addition on the basis of percentage completion method is held to be not justified. [AS-7]