Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Swiss Re Services India (P.) Ltd. v. Dy. CIT (2024) 296 Taxman 190 (Bom.)(HC)

S. 147 : Reassessment-With in four years-Annual subscription fee to club-Capital or revenue-Reassessment notice and order disposing the objection is quashed.[S. 37(1), 143(1), 148, Art. 226]

Troikaa Pharmaceuticals Ltd. v. ACIT (2024) 296 Taxman 117 / 338 CTR 220(Guj.)(HC)

S. 147 : Reassessment-After the expiry of four years-Deduction at source-Non-resident-Professional fees-No failure to disclose material facts-Reassessment notice and order disposing the objection is quashed.[S. 40(a)(i), 148, Art. 226]

Koa Investment Ltd. v. ITO (2024) 296 Taxman 311 (Delhi)(HC)

S. 147 : Reassessment-After the expiry of four years-Unexplained money-Loans and advances-Investment in Optionally Fully Convertible Debentures (OFCDs)-No failure to disclose material facts-Reassessment notice and order disposing the objection is quashed. [S. 69A, 148, Art. 226]

Bharatkumar Dinubhai Patel v. ITO (2024) 296 Taxman 128 (Guj.)(HC)

S. 147 : Reassessment-After the expiry of four years-Unexplained investments-Development agreement-Specific query in the course of assessment proceedings-Reassessment notice and order disposing the objection is quashed.[S.69A, 148, Art. 226]

Bhagwati Polyfill (P.) Ltd. v. ACIT (2024) 296 Taxman 434 (Guj.)(HC)

S. 147 : Reassessment-After the expiry of four years-Unsecured loan-Accommodation entries-No tangible material-Suspicion-Reassessment notice and order disposing the objections are quashed.[S. 68, 148, Art. 226]

Palco Recycle Industries Ltd. v. Dy. CIT (2024) 296 Taxman 44 (Guj.)(HC)

S. 147 : Reassessment-After the expiry of four years-Amortisation of preliminary expenses-Initial Public Offering-No failure to disclose material facts-Reassessment notice and order disposing the objection is quashed. [S. 35D, 143(3), 148, Art. 226]

NFAC v. Great Eastern Shipping Co. Ltd. (2024) 296 Taxman 575 (SC) Editorial : Great Eastern Shipping Co. Ltd v. NFAC (2023) 157 taaxmann.com 442 (Bom)(HC)

S. 147 : Reassessment-With in four years-Redemption of preference shares-Provisions of section 47(iv) are not applicable to redemption of preference shares-Order of Assessing Officer allowing the loss is affirmed-SLP of Revenue is dismissed. [S. 2(47) 47, 47 (iv), 47(v), 148, Art. 136]

ACIT v. Lakshdeep Investment & Finance (P.) Ltd. (2024) 462 ITR 499/296 Taxman 573 (SC) Editorial : Lakshdeep Investments & Finance (P.) Ltd. v. ACIT (2023)455 ITR 639 / 293 Taxman 369 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Right shares-Valuation-Change of opinion-Reassessment notice and order disposing the objection was quashed-SLP of Revenue is dismissed. [S. 56(2)(vii)(b), 148, Art. 136]

Dy. CIT v. Bharat Jayantilal Patel (2024) 296 Taxman 247/ 462 ITR 455 (SC) Editorial: Bharat Jayantilal Patel v.Dy.CIT (2023) 292 Taxman 276 (Bom)(HC)

S. 147 : Reassessment-After the expiry of four years-Transfer-Capital gains-Development rights-Neither any tangible material nor any reason for Assessing Officer to believe that any income chargeable to tax had escaped assessment-SLP of Revenue is dismissed.[S. 2(47)(v) 148, Transfer of Property Act, 1882, S.53A Art. 136]

Fayeza Muffadal Contractor v. NFAC (2024) 296 Taxman 164 (Bom.)(HC)

S. 144B : Faceless Assessment-Opportunity of hearing-No notice was issued-PAN database no e-mail id was registered-Notice should have been served physically upon assessee at least by courier or speed post and acknowledgment filed as was also mentioned in SOP issued by CBDT for assessment units under faceless assessment-Revenue was to be directed to strictly comply with SOP in all cases, not just restricted to faceless assessment proceedings Reassessment and notice is quashed and set aside-Matter remanded for de novo consideration.[S. 147, 148, Art. 226]