Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Banas Finance Ltd. v. ACIT (2024) 298 Taxman 395 (Bom.)(HC)

S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Penny stock-Fictitious loss-Cash credits-Notice and order is quashed.[S. 148, 148A(b), 148A(d), Art. 226]

Kalpita Arun Lanjekar v. ITO (2024) 298 Taxman 626 (Bom.)(HC)

S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-House wife-Property purchased by husband-Joint holder-Reassessment notice and order disposing the objection is quashed. [S.69B, 148, 148(A)(b), 148A(d), Art. 226]

Vijay Steel Traders v. ACIT (2024) 298 Taxman 758 (Bom.)(HC)

S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Cash credits-Accommodation entries-Order is quashed and set aside-Directed to pass a speaking order. [S. 68, 143(1), 148A(b), 148A(d), Art. 226

Sree Narayana Guru Memorial Educational and Cultural Trust v. ACIT (2024) 298 Taxman 483 (Ker.)(HC)

S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Corpus donation-Revenue audit objection-Reopening is justified-Writ petition is dismissed. [S. 11, 143(3) 148, 148A(b), 148A(d), Art. 226]

Venkataramachettiar Manoharan v. ITO (2024) 298 Taxman 19 / 465 ITR 755 (Mad.)(HC)

S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Capital gains-Full value of consideration-Stamp valuation-Directed to file proper reply.[S. 148, 148A(b), 148A(d), Art. 226]

Mira Bhavin Mehta v. ITO (2024) 298 Taxman 460 / 464 ITR 778 (Bom.)(HC)

S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Capital gains-Change of opinion-Reassessment notice and order disposing the objection is quashed.[S. 148, 148A(b), 148A(d), Art. 226]

MFE Formwork Technology SDN. BHD v. Dy.CIT(2024) 298 Taxman 790 /464 ITR 645 (Bom)(HC)

S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Profit attribution-Revision order is set aside by the Tribunal-Change of opinion-Notice and order disposing the objection is quashed-DTAA-India-Malaysia. [S.143(3), 148, 148A(b), 148A(d), 263,art. 5, Art. 226]

Saroj Chandna v. ITO (2024) 298 Taxman 647 (SC) Editorial : Saroj Chandna v. ITO (2022) 448 ITR 28 / 218 DTR 41/ 328 CTR 804/ (2023) 291 Taxman 233 (Delhi)(HC)

S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Issuing third notice and furnishing specific details of transaction which was subject matter of earlier notice-Failure to explain or substantiate genuineness of transaction in reply-Notice and order for issuance of reassessment notice is held to be valid by the High Court-SLP dismissed as not pressed. [S. 147, 148, 148A(d), Art. 136]

Amol Ramrao Dahale v. Pr. CCIT (2024) 298 Taxman 467 (Bom.)(HC)

S. 148 : Reassessment-Notice-Limitation-Time limit to issue a notice under section 148 had already expired on 1-4-2021 and thus, reopening of assessment for assessment year 2013-14 after 31-3-2021 was invalid, without jurisdiction and barred by limitation. [S. 149, Art. 226]

Francisco Xavier Pacheco v. State of Goa (2024) 298 Taxman 660 /339 CTR 572 (Bom.)(HC)

S. 148 : Reassessment-Notice-Seized documents, computers, hard disks etc.-Not taken serious measures to release the documents seized-Writ petition is dismissed. [S. 147, Art. 226]