Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Popatlal Umedmalji Jain v. ITO (2024)463 ITR 734 (Bom)(HC)

S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Unrecorded marriage expenses-Inquiry not mandatory before issue of order-Writ petition to quash notice is dismissed. [S. 147, 148, 148A(b), Art. 226]

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

S. 147 : Reassessment-With in four years-Reasons recorded are cryptic and vague-Notice and order disposing the objection is quashed and set aside.[S. 148, Art. 226]

Abhijeet Anilkumar Gaikwad v. ACIT (2024)463 ITR 810 (Bom)(HC)

S. 147: Reassessment-Principle of natural justice-Order passed without affording opportunity to be heard-Order is not valid-Directed to pass reasoned order after providing a reasonable opportunity of hearing.[S. 148, Art. 226]

Kirloskar Ferrous Industries Ltd. v. DCIT [2024] 463 ITR 570/ 162 taxmann.com 867 (Bom)(HC)

S. 147: Reassessment-Prior period expenditure-Disallowance made in subsequent AY 2010-11 was set aside by CIT(A)-No appeal is filed before the CIT(A)-Reassessment notice and order disposing the objection is set aside. [S.37(1), 148, Art. 226]

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

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. [S. 2(47) 47(iv) 148, Art. 226]

Kuehne+Nagel Pvt. Ltd. v. Add. CIT (2024)463 ITR 159 (Delhi)(HC)

S.147: Reassessment-After the expiry of four years-Depreciation on temporary structures at hundred per Cent-No failure to disclose any material facts-Change of opinion-Reassessment notice and order disposing the objection is quashed. [S. 32, 148, Art. 226]

Eit Services India Pvt. Ltd. v. Dy. CIT (2024)463 ITR 774 /337 CTR 3 (Karn)(HC)

S. 147 : Reassessment-After the expiry of four years-No evidence of failure to disclose material facts-Notice to withdraw or reduce deduction is held to be not valid-Borrowed satisfaction-Pendency of appeal-Notice for reassessment is not valid [S.10A, 80HHE, 148, 250, Art. 226]

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]