Category: Tax Laws

Archive for the ‘Tax Laws’ Category

PCIT v. Govind Gopal Goyal (2020) 423 ITR 106 (Guj)(HC)

S.148: Reassessment —Notice – Pendency of assessment – Issue of notice for reassessment is not permissible [ S. 124(3), 142(1), 143(3), 147 ]

Tropex Promotion and Trading Ltd. v CIT (2020)423 ITR 510 (Delhi)(HC)

S.147: Reassessment —Share capital- Notice issued based on disallowances made in for subsequent year — No information available for specific assessment year – Notice is held to be invalid [ S.68 , 147(b) , 148 ]

Sumeru Soft P. Ltd. v. ITO (2020) 423 ITR 518/195 DTR 267 (Mad)(HC)

S.147: Reassessment —Capital gains- Joint venture agreement with developer-Handing over possession of property and accepting refundable deposit — Matter Remanded to Assessing Officer. [ 2(47)(v), 45, 147, 148 , Transfer of Property Act 1882 , S.53A ]

PCIT v. Zee Media Corporation Ltd. (2020) 423 ITR 304 (Bom)(HC)

S.147: Reassessment —Change of opinion- No new tangible material-Reassessment is held to be bad in law . [ S.148 ]

Rajasthan State Industrial Development And Investment Corporation Ltd. v ACIT (2020)423 ITR 625 (Raj)(HC)

S.145: Method of valuation – Stock-In-Trade — Valuation —Encroached and litigated land — Cannot be valued at nil value — Remitting the matter to the Assessing Officer is held to be proper

CIT v. Ashok Leyland Finance Ltd. (2020)423 ITR 394 (Mad)(HC)

S.145: Method of Accounting —Business of giving vehicles on hire purchase basis —Changing method of accounting to sum of digits but submitting returns on emi basis — Method is held to be proper

PCIT v .Andrew Telecommunications P. Ltd. (2020) 423 ITR 503 (Bom) (HC)

S. 144C : Reference to dispute resolution panel –Draft assessment order- Natural justice – Appellate Tribunal – Admission of additional evidence is held to be justified on question of law – When the Tribunal set aside the proceedings on the ground of violation of the principles of natural justice, the first exercise was void and without jurisdiction- Nothing remained on the record, including the draft assessment order-Issuance of a draft assessment order was necessary- Proceedings were to be started afresh on remand-.Non-issuance of the draft assessment order thus vitiated the final assessment order. [ S.92C, 254(1) ]

IDS Infotech Ltd. v. PCIT (2020)423 ITR 82/ 275 Taxman 358 (P&H) (HC)

S. 127 : Power to transfer cases – Survey – Purpose of transfer for co-ordinated investigation of connected cases — Possibility Of Involvement Of Scam having international ramifications —Transfer order is held to be valid. [S.133A Art .226 ]

PCIT v. Shapoorji Pallonji and Co. Ltd. (2020)423 ITR 220/ 273 Taxman 167 (Bom)(HC)/Editorial : SLP of Revenue dismissed , PCIT v. Shapoorji Pallonji and Co. Ltd. (2022) 288 Taxman 661 (SC)

S.115JB: Book profit – Fluctuations In Foreign Exchange Rates-Exempt income- Deletion of addition is held to be justified . [ S.14A ]

CIT v. Royal Sundaram Alliance Insurance Co. Ltd. (2020)423 ITR 122 (Mad)(HC)

S. 115JB : Book profit – Insurance company – Provision is not applicable – Solatium fund – Estimation done according to directions given by Government of India as per decision taken by general Insurance Company — Not liable to taxation . [ S. 4, 37(1)