Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Bharatkumar Nihalchand Shah v. ITO (2024)463 ITR 94 (Guj)(HC)

S. 147 : Reassessment-After the expiry of four years-Reason recorded cryptic and vague-Notice and order disposing the objection is set aside. [S. 148, Art. 226]

Pasari Casting and Rolling Mills (P.) Ltd. (2024) 463 ITR 469) / 159 taxmann.com 675 /339 CTR 513 (Jharkhand)(HC)

S. 147 : Reassessment-After the expiry of four years-Faceless Assessment-Best judgment-Statement of accommodation entry provider-Search and seizure-Bogus financial transactions-No live nexus between material relied and belief formed-The name of the assessee was not mentioned in the statement recorded-Reasons recorded cannot be supplemented by assessment order or affidavit-Best judgement assessment-No relevant material with the Assessing Officer-Assessment order is quashed. [S. 132(4), 144, 144B 147, 148, Art.226]

NFAC v. The Great Eastern Shipping Co. Ltd. (2024)463 ITR 152 (SC) Editorial: The Great Eastern Shipping Co. Ltd v. NFAC (2024) 463 ITR 145 (Bom)(HC)

S. 147 : Reassessment-With in four years-Capital gains-Transfer-Redemption of preference shares-Loss-No new material-Reassessment-Reassessment notice and order disposing the objection is quashed-SLP of Revenue is dismissed. [S. 2(47) 47(iv) 148, Art. 226]

CIT(IT) v. S. A. Chitra Ventures Ltd. (2024)463 ITR 154 (Delhi)(HC)

S. 144C : Reference to dispute resolution panel-Eligible assessee-Assessment-Limitation-Draft assessment order-No variation in income-Barred by limitation-Order of Tribunal is affirmed-DTAA-India-Cyprus-[S.144C(15)(b)(ii)), art. 11]

Saravana Selvarathnam Retails (P.) Ltd. v. CIT [2024] 463 ITR 523 / 298 Taxman 319/339 CTR 10 (Mad)(HC)

S. 143(3) : Assessment-Search and seizure-Procedure laid down by Digital evidence Investigation Manual by Central Board of Direct taxes-Mandatory-Search warrant defective-Search violative of Rule 112-Digital data evidence collected by the Revenue from unknown locations without any valid search warrant and without following the guidelines issued by the CBDT vide Digital Evidence Investigation Manual-Not given an opportunity of cross examine the witness-Circulars issued by the CBDT is binding on all Income tax Authorities-Assessment order is quashed.[S.119, 143(3), R.112, Art. 226]

Rainawari Finance and Investment Co. Pvt. Ltd. v. Income-Tax Officer [2024] 463 ITR 65 /339 CTR 433 (J&K&Ladakh)(HC)

S. 143(3): Assessment-Person-Company-An Assessee to be assessed for income tax must be a person in existence-A company is a juridical person but the moment it is struck off from the Register of Companies and is dissolved, it ceases to exist and no assessment can be made against a dead person. [S. 2(31)(iii), 2(31(vii), 179,226(3) Companies Act, 1956, S.560(5), 560(7), Companies Act, 2013, S. 248, 250]

Kaushal Kishore Agarwal v. ITO (2024)463 ITR 683 (Raj)(HC)

S. 80HHC : Export business-Profits-Interest earned on deposits and advances not entitled to deduction. [S.260A]

CIT (E) v. Gangadeen Niranjan Lal Data Charitable Trust (2024) 463 ITR 690 (Raj)(HC) Editorial : SLP of Revenue is dismissed, leaving question of law open. CIT (E) v. Gangadeen Niranjan Lal Data Charitable Trust (2024) 297 Taxman 294/463 ITR 695 (SC)

S. 80G : Donation-Application for approval of institution-Genuineness of activities are not in doubt-Quantum of charitable activities cannot be the basis for granting approval-Order of Tribunal directing to grant the approval is affirmed. [S.80G(5). R.11AA]

PCIT v. Narsingh Ispat Ltd. (2024)463 ITR 566 (Cal)(HC)

S. 68 : Cash credits-Share application money-Identity, creditworthiness and genuineness of transaction established-Order of Tribunal deleting the addition is affirmed.[S. 260A]

CIT v. Mayank Service Ltd [2024] 463 ITR 119 (Delhi) (HC)

S. 68 : Cash credits-Share application money-Test of creditworthiness and genuineness failed to prove-Addition is affirmed.[S.260A]