Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


PCIT v. Salapuria Soft Zone (2023) 458 ITR 345/ 293 Taxman 739 /334 CTR 367/ 225 DTR 313 (Cal.)(HC)

S. 147 : Reassessment-With in four years-Transfer-Revaluation of asset-Estate development-Converted from inventory to fixed asset-Firm converted into company-Order of Tribunal quashing the reassessment was quashed. [S. 2(47), 45(1), 45(4),47(xiii), 148]

Anjis Developers Pvt. Ltd. v. CIT (2023)455 ITR 523 / 150 taxmann.com 112 (Bom)(HC) Editorial : SLP of Revenue is dismissed, CIT v. Anjis Developers (P.) Ltd. [2023] 293 Taxman 71 (SC)

S. 147 : Reassessment-With in four years-Compensation expenditure-Survey-Capital or revenue-Reopening of assessment on mere change of opinion — Impermissible — Notice was quashed and set aside. [S. 37(1), 133A, 147, Art. 226]

PCIT v. South Delhi Promoters Ltd. (2023) 293 Taxman 123/(2024) 469 ITR 567 (Delhi)(HC)

S.147: Reassessment-After the expiry of four years-Share capital-No failure to disclose material facts-Reassessment order quashing the reassessment is affirmed. [S. 68, 143(3), 148, 260A]

Sidhant Leather Exports (P.) Ltd. v. CIT (2023) 459 ITR 318 / 293 Taxman 412 (Cal.)(HC)

S. 145 : Method of accounting-Consumption of leather-No suppression of material-Addition was deleted.

CIT (IT) v. Cisco Systems services B.V. (2023)456 ITR 50 / 293 Taxman 85/334 CTR 52 (Karn)(HC) Editorial: Affirmed, Cisco Systems services B.V. v. Dy. CIT (IT)(2022) 194 ITD 135 (Bang)(Trib)/ Systems services B.V. v. Dy. CIT (IT)(2022) 193 ITD 809 (Bang)(Trib)/Delay of 424 days in filing of SLP , no explanation is offered for delay, SLP of Revenue is dismissed , CIT(IT) v. Cisco Systems Services B.V. India Branch(2024) 300 Taxman 359 (SC)

S. 144C : Reference to dispute resolution panel-Draft assessment order-Passing of final order-Contrary to law-Mistake could not be cured. [S. 156, 292B.]

Dipak Natwarlal Dholakiya v. ACIT (2023) 293 Taxman 192 (Guj.)(HC)

S. 144B : Faceless Assessment-Long term capital gains-Violation of principle of natural justice-Allowing the time of 12 hours-Holiday-There was gross violation of principles of natural justice-The final assessment order was quashed.[S. 263, Art. 226]

Shrenik Ltd. v. ITO (2023) 293 Taxman 397 (Guj.)(HC)

S. 144B : Faceless Assessment-Neither draft assessment order nor show cause notice was issued-Assessing Officer was directed to initiate process from stage it was left by furnishing draft assessment order along with show cause notice-Matter remanded. [S. 143(3), Art. 226]

ADCC Infocom (P.) Ltd. v. PCCIT (2023)458 ITR 456 / 293 Taxman 379/ 335 CTR 1009 (Bom.)(HC)

S. 119 : Central Board of Direct Taxes-Instructions-loss return-Condonation of delay of 36days-Affidavit of Charted Accountant-genuine-hardship-Delay in filing the of loss return was condoned. [S. 119(2)(b), 139, Art. 226]

PCIT (C) v. Venus Infrastructure and Development (P.) Ltd. (2023) 152 taxmann.com 45 (Guj)(HC) Editorial : SLP of Revenue is dismissed, PCIT (C) v. Venus Infrastructure and Development (P.) Ltd. (2023) 293 Taxman 600 (SC)

S. 80IB(10) : Housing projects-Failure to complete the housing project-Delay due to dispute of jurisdiction between AMC and AUDA over issuance of BU permission and after resolution of same AMC issued permission before due date of 31-3-2012-Order of Tribunal is affirmed-Return was filed within extended period as required to get TP report-Order of Tribunal allowing the claim was affirmed. [S. 92E, 139(1), 260A]

Chitta Ranjan Bera v. ITO (2023) 293 Taxman 408 (Cal.)(HC)

S. 69B : Amounts of investments not fully disclosed in books of account-Inflated stock shown in stock statement submitted to bank-Cash credit facility-Physically stock was not verified-Order of Tribunal confirming the addition was deleted.