Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Sanofi India Ltd v. Dy.CIT (2024) 298 Taxman 232 (Bom)(HC)

S. 147 : Reassessment-After the expiry of four years-Transfer pricing-Purchase-Import of raw materials-No failure to disclose material facts-Change of opinion-Reassessment notice and order disposing the objection is quashed.[S.92C, 148, Art. 226]

Sahana Dwellers (P.) Ltd. v. NFAC (2024) 298 Taxman 670 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Revision order-Pendency of proceedings-Sanction is bad in law-Reassessment order is quashed.[S. 143(3), 151, 151, Art. 226]

Feng Shui Realtors (P.) Ltd. v. ITO (2024) 298 Taxman 7 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Cash credits-Shell companies-Bogus purchases-No failure to disclose material facts-Reassessment notice and order disposing the objection is quashed.[S. 68, 143(3), 148, Art. 226]

BIC Cello (India) (P.) Ltd. v. ACIT (2024) 298 Taxman 617 (Bom.)(HC)

S.147: Reassessment-After the expiry of four years-Cash deposits-Sales are offered to tax-Certificate from bank confirming the cash deposit-Reassessment notice and order disposing the objection is quashed.[S. 68, 148, Art. 226]

Jean Ibrahim Somji v. ITO (IT) (2024) 298 Taxman 700 (Bom.)(HC)

S.147: Reassessment-After the expiry of four years-Capital gains-No failure to disclose material facts-Notice and order disposing the objection is quashed. [S. 45, 148, Art.226]

Gaurang Manhar Gandhi v. ACIT (2024) 298 Taxman 452 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Capital gains-Income Declaration Scheme, 2016-Change of opinion-Reassessment notice and order disposing the objection is quashed.[S.148, Art. 226]

JCIT v. Kaveri Infrastructure (P.) Ltd. (2024) 298 Taxman 274 / 463 ITR 1 (SC) Editorial : Kaveri Infrastructure Pvt. Ltd. v.CIT (2023)455 ITR 384 /335 CTR 281/153 taxmann.com 425 (P&H)(HC)

S. 147 : Reassessment-After the expiry of four years-Detailed enquiry-No failure to disclose material facts-Change of opinion-Reassessment notice and order disposing the objection is quashed-Order of High Court is affirmed-SLP of Revenue is dismissed. [S. 80IA(4), 80IC, 148, Art. 136]

ACIT v. Gujarat Television (P.) Ltd. (2024) 298 Taxman 193 (SC) Editorial: Gujarat Television (P.) Ltd(2018) 94 taxmann.com 400 (Guj)(HC)

S. 147 : Reassessment-After the expiry of four years-Creditworthiness-Subsequently converted into share capital-Change of opinion-Reassessment notice and order disposing the objection is quashed and set aside by the High Court-SLP of Revenue is dismissed due to low tax effect. [S. 148, Art. 136]

ITO v. Dhirajlal Gandalal Mehta (2024) 298 Taxman 351 (SC) Editorial : Dhirajlal Gandalal Mehta v.ITO(2024) 160 taxmann.com 313 (Guj)(HC)

S. 147 : Reassessment-After the expiry of four years-Cash credits-Partners capital account-No satisfaction was recorded-Reassessment notice and order disposing the objection quashed by the High Court is affirmed-SLP of revenue is dismissed. [S. 68, 148, Art. 136]

ACIT, LTU v. Asian Paints Ltd. (2024) 298 Taxman 752/ (2024)466 ITR 262(SC) Editorial: Asian Paints Ltd v. ACIT (2022) 285 Taxman 65/(2024)466 ITR 273 (Bom)(HC)

S. 147 : Reassessment-After the expiry of four years-Change of opinion-Capital or revenue-Advertisement and sales promotion expenses-Reassessment notice was quashed-SLP of Revenue is dismissed.[S. 37(1), 148 Art. 136]