Category: Tax Laws

Archive for the ‘Tax Laws’ Category


Noorani Properties (P.) Ltd. v .CIT (2022)449 ITR 460 / 216 DTR 296/ 328 CTR 702 (Karn)(HC) Verde Developers (P) Ltd v .CIT (2022)449 ITR 460 / 216 DTR 296/ 328 CTR 702 (Karn)(HC) Triad Resorts and Hotels (P) Ltd v .CIT (2022)449 ITR 460 / 216 DTR 296/ 328 CTR 702 (Karn)(HC)

Wealth-Tax Act, 1957

S. 2(ea):Assets — Urban land — Agreement for sale of land to developers in December 2000 — Possession was given to buyers —Buyers conveying the land to third person in August 2007 – Value of land not assessable in hands of assessee. [ S. 2(n) 3, 16(3), 17 ]

PCWT v. Valuable Properties Pvt Ltd ( 2022) 220 ITR 298 / (2023) 331 CTR 81 ( Bom)( HC )

Wealth-Tax Act , 1957

S. 2(ea):Asset -Stock in trade – Urban land – Net wealth – Special Township and Tourism Project – Stock in trade – Not liable to wealth -tax – The aggregate value of debt owed by Respondent in respect of assets owned by Respondent have to be reduced from the aggregate value of asset belonging to Respondent. [S. 2(e)(a)(v), 2(m), Bombay Tenancy and Agricultural Lands Act, 1948, S. 63-IA(1) ]

National Construction Company v. The Designated Committee under Sabka Vishwas Legacy Disputes Resolution Scheme, 2019( 2022) 326 CTR 799/ 213 DTR 423 ( Bom)( HC)

Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 – Chapter V of the Finance Act, 2019- Amnesty Scheme .

Clause 126: Verification by designated committee – Failure to deposit the tax with in stipulated time – Rejection of application is held to be justified [ Clause, 127, 129, Art . 226 ]

Rajasthan Udyog and Tools Private Limited v. ACIT (Bom.)(HC)(UR)

S. 147 : Reassessment-Wrong recording of reasons-Recorded reasons refers sale of property-Non application of mind-Notice and order was quashed and set aside. [S. 148, Art. 226]

CIT v. Alcon Resort Holding Ltd. (2022) 448 ITR 127 (Bom.)(HC)

Expenditure tax Act, 1987.

S. 21 : Revision-Notice-Notice can be issued only by Commissioner-Notice issued by Assistant Commissioner-Not Valid-Principles of natural justice-Principle of waiver cannot be invoked so as to confer jurisdiction.

Sadhana R. Jain v. CBDT (2022) 449 ITR 155/ 287 Taxman 562 /218 DTR 214 / 328 CTR 872 (SC) Editorial : Order of High Court set aside , Sadhana R.Jain v CBDT ( 2019) 174 DTR 385/ 307 CTR 207 / 103 taxmann.com 70 (Bom) (HC)

Income Declaration Scheme of 2016,
S. 195 : Power to remove difficulties-Not depositing the first instalment with in time-Board refusing to condonation of delay-Concession and excess indulgence would have demotivating effect on honest taxpayers making regular and prompt tax deposit-Dismissal of application is held to be not justified. [S. 184, ITA, S. 119,(2),(Art.14]

Jayant Nanda v. UOI (2022) 287 Taxman 201 /113 CCH 352 (Delhi)( HC)

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
S.10(1): Assessment – No summons are pending – Permitted to travel to UAE and Thailand, with a direction that he shall return to India on or before 6-4-2022, subject to furnishing of security as specified and subject to furnishing a full itinerary of his stay at UAE and Thailand, along with a functional phone number [ Art , 226 ]

PCIT v. Asish Kumar Ghosh (2022) 444 ITR 398/ 214 DTR 257/326 CTR 841 (Cal)(HC)

Direct Taxes Vivad Se Vishwas Act, 2020.

S. 2(1)(a): Appellant – Declaration processed and Form 3 issued To Assessee -Rejection of declaration -Not valid —State cannot claim benefit of its own mistake. [S. 4 , Art , 226 ]

Azad Rahim v. ITO (2022) 444 ITR 557 (Ker)(HC)

Gift-tax Act, 1958

S. 15: Assessment – Asset gifted – Valuation — Question of fact .[ S. 15(2)]

ITO v. Sarojini Ramaswamy (Deceased) (2022)441 ITR 674 / 210 DTR 161/ 325 Taxman 47 (Mad) (HC)

Wealth-Tax Act , 1957

S. 17 : Reassessment — Tangible material-Assessment cannot be reopened for redetermination of value based on subsequent sale of property — Reassessment unsustainable- Existence of alternative remedy — Not bar to writ. Art , 226 ]