Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Agya Ram Manohar Lal v. ACIT (2022) 220 TTJ 300 (Chd) (Trib)

S. 153A : Assessment-Search or requisition-Undisclosed income-Seized material-Set off Shortage of stock was given in the year such shortage was unearthed and not for earlier years-Concealed profits-No evidence was found in the course of search-Addition was deleted. [S. 132]

A.Jhonkar v. Dy. CIT v. Johnkumar Trust (2022) 220 TTJ 187 (Chennai) (Trib) Dy. CIT v. Johnkumar Trust (2022) 220 TTJ 187 (Chennai) (Trib)

S. 153A : Assessment-Search or requisition-On money on sale of property-Loose sheets-Agricultural land-Undisclosed income-Found in the possession of buyers-Capital receipt-Admitted the receipt of on money-Cannot be treated as capital receipt-Addition is justified. [S.2(14)(iii), 4, 132]

Luxora Infrastructure (P) Ltd. v. Dy CIT (2022) 220 DTR 65 / 220 TTJ 568 / (2023) 198 ITD 0713 (Mum)(Trib)

S. 153A : Assessment-Search or requisition-No incriminating material was found-Issue of shares to Foreign entities-Addition cannot be made as cash credits-Binding precedent-Decisions of the non-jurisdictional High Court are followed by the lower authorities, only in the absence of benefit of guidance by the jurisdictional High Court on that issue.[S. 68]

Raju Verma v. Dy. CIT (2022) 98 ITR 15 (SN.) (Dehradun) (Trib)

S. 153A : Assessment-Search or requisition-Assessments not abating on date of search-No incriminating material-Addition cannot be made-Loss on sale of investments-Matter remanded. [S. 73]

Dy. CIT v. Roop Fashion (2022)98 ITR 419 (Chd) (Trib)

S. 153A : Assessment-Search or requisition-Unexplained Income-Cash deposited in the bank account during demonetization-Cash sales and realization of trade debtors-Recorded in books of accounts-No adverse comments by investigation department-No inflated purchases or suppressed sales-Additions not tenable. [S. 69A]

Dy. CIT v. Wind World India Ltd. (2022) 98 ITR 22 (Mum.)(Trib)

S. 153A : Assessment-Search or requisition-Undisclosed Income-Bogus Purchases from Hawala or Bogus dealers-Assessee not in possession of evidences/bills-Average ratio of bogus purchase to turnover 1%-Bogus purchase estimation on that basis-Additions justified.[S. 132]

Mohd. Arif v. ITO (2022) 219 TTJ 485 / 217 DTR 104 (Raipur)(Trib)

S. 153 : Assessment-Reassessment-Limitation-Order was passed beyond the period of nine months-Order is bad in law.[S. 147, 148, 153(2)]

Garg Acrylics Ltd. v. Add. CIT (2022)96 ITR 61 (SN) (Delhi)(Trib)

S. 153 : Assessment-Limitation-Threshold monetary limit of Rs. 5 crores not available to characterise transactions with associated enterprises as specified domestic transactions-Order is nullity and barred by limitation. [S. 92BA, 92CA(3)]

Dy. CIT v. Clarion Technologies (P) Ltd. (2022) 216 TTJ 23 (UO) (Pune)(Trib)

S. 153 : Assessment-Reassessment-Limitation-Ante-dated order-Direction of Addl. CIT-AO in April, 2015 and signed by pre-dating it as 30th March, 2015-Assessment order was time barred and quashed. [S. 147, 148, 153(2)]

Ramesh Kumar v. ITO (2022) 95 ITR 79/ 218 TTJ 749 (Amritsar)(Trib)

S. 151 : Reassessment-Sanction for issue of notice-After the expiry of four years-Sanction of Prescribed Authority-Failure by Assessing Officer to obtain approval of prescribed authority Qua “Reasons to believe”–Reassessment Invalid-Assessment is liable to be quashed. [S. 147 148]