Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


ACIT v. Prasanna Purple Mobility Solutions P. Ltd. (2024)114 ITR 62(SN)(Pune)(Trib)

S. 68 : Cash credits-Share capital-Share premium-Loss making company-Genuineness of transaction is not proved-Addition is affirmed-Reassessment is affirmed. [S. 143(3) 147, 148]

Tej Organisers P. Ltd. v. ITO (2024)114 ITR 61 (SN) (Ahd)(Trib)

S. 147 : Reassessment-Information from Additional Director of Income-Tax (Inv.)-Advance receivable-Recorded in the books of account-All advances and payments made through banking channels-Re assessment is not valid.[S.143(3), 148]

Rahul Agarwal v. Dy. CIT (IT) (2024)114 ITR 67 (SN)(Bang)(Trib)

S. 147 : Reassessment-Residential status-Fictitious loss-Reassessment notice on the assumption as resident-Reopening Based on receipt of information of escapement of income-Assuming as non-resident-Proceedings in status of Non-resident is bad in law-In Income-tax matters, the law to be applied is the law in force for the relevant assessment year unless otherwise stated or implied. [S. 133A, 143(3) 144C(15(b)(ii) 148]

Aragounder Muthusamy v ITO (2024)114 ITR 47 (SN)(Chennai)(Trib)

S.147: Reassessment-Capitalisation fees-Cross examination is denied-Reassessment is quashed.[S. 132, 144A]

ACIT v. Balaji Hotels and Enterprises Ltd. (2024)114 ITR 213 /229 TTJ 567/239 DTR 189 (Chennai)(Trib)

S. 147 : Reassessment-After the expiry of four years-No failure to disclose all material facts-Reassessment is bad in law.[S. 148]

ACIT v.Ludhiana Beverages P. Ltd. (2024)114 ITR 81 (SN)(Amritsar)(Trib)

S. 145 : Method of accounting-Rejection of books of account-Estimation of gross profit-Disclosed higher gross profit-Addition is deleted. [S. 145(3)

ACIT v. Kiran Infertility Centre P. Ltd. (2024)114 ITR 255 (Hyd)(Trib)

S. 145 : Method of accounting-Accrual of income-Running Fertility Clinic offering surrogacy services-Advances from Foreign Nationals subsisting for repayment-Matter remanded for verification.[S. 4, 5]

Regen Renewable Energy Generation Global Ltd. v. ACIT (IT) (2024)114 ITR 10 (SN)(Chennai)(Trib)

S. 144C : Reference to dispute resolution panel-International transactions-Eligible assessee-Draft assessment order-Application of higher rate of tax-No jurisdictional error-Additional ground-Matter is remanded to the Assessing Officer-Reassessment is affirmed.[S. 115A, 143(3) 144C, 147, 148]

Dy.CIT v. Planet Hollywood India P. Ltd. (2024)114 ITR 22 (SN)(Mum)(Trib)

S. 143(3): Assessment-Cash Credits-Search and seizure-Assessment of third person-Statement of employees who were not aware of entire business activities-Addition deleted by the CIT(A) [S. 132(4), 133A]

Dy. CIT v. Guru Nanak Milk Products (2024)114 ITR 344 /232 TTJ 325 (Amritsar (Trib)

S. 143(3): Assessment-Search and seizure-Cash deposit in bank-Undisclosed income-Unaccounted sale receipts-Sale Of Property-Addition made as percentage of profit on sale receipts-Further addition on loan and interest is deleted.[S. 132]