Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


GRI Towers India (P.) Ltd. v. UOI (2024) 298 Taxman 382 (Bom.)(HC)

S. 147 : Reassessment-With in four years-Share application money at premium-Issue was considered in the original assessment proceedings-Change of opinion-Reassessment notice and order disposing the objection is quashed.[S.56, 68, 143(3), Art. 226]

Bajaj Energy Ltd. v. ACIT (2024) 298 Taxman 59 / 464 ITR 569 (Bom.)(HC)

S. 147 : Reassessment-Notice based on same issue-Change of opinion-Notice is not valid-Notice and order disposing the objection is quashed. [S. 14A 148, Art.226]

PCIT v. Sanjay Mehta (2024) 298 Taxman 673 (Cal.)(HC)

S. 147 : Reassessment-After the expiry of four years-Order passed without disposing the objection-Order of Tribunal quashing the assessment order is held be justified. [S. 148, 260A]

Pasari Casting and Rolling Mills (P.) Ltd. v. ITD (2024) 298 Taxman 675 (Jharkhand)(HC)

S.147: Reassessment-After the expiry of four years-Cash credits-Accomodation entry-The belief formed by the Assessing Officer suffers from lack of bona fides, is vague, far-fetched, irrelevant, based on conjecture and surmises and also arbitrary and irrational-Notice and order is quashed and set aside. [S. 144, 144B, 148, Art.226]

Sanofi India Ltd v. Dy.CIT (2024) 298 Taxman 232 (Bom)(HC)

S. 147 : Reassessment-After the expiry of four years-Transfer pricing-Purchase-Import of raw materials-No failure to disclose material facts-Change of opinion-Reassessment notice and order disposing the objection is quashed.[S.92C, 148, Art. 226]

Sahana Dwellers (P.) Ltd. v. NFAC (2024) 298 Taxman 670 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Revision order-Pendency of proceedings-Sanction is bad in law-Reassessment order is quashed.[S. 143(3), 151, 151, Art. 226]

Feng Shui Realtors (P.) Ltd. v. ITO (2024) 298 Taxman 7 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Cash credits-Shell companies-Bogus purchases-No failure to disclose material facts-Reassessment notice and order disposing the objection is quashed.[S. 68, 143(3), 148, Art. 226]

BIC Cello (India) (P.) Ltd. v. ACIT (2024) 298 Taxman 617 (Bom.)(HC)

S.147: Reassessment-After the expiry of four years-Cash deposits-Sales are offered to tax-Certificate from bank confirming the cash deposit-Reassessment notice and order disposing the objection is quashed.[S. 68, 148, Art. 226]

Jean Ibrahim Somji v. ITO (IT) (2024) 298 Taxman 700 (Bom.)(HC)

S.147: Reassessment-After the expiry of four years-Capital gains-No failure to disclose material facts-Notice and order disposing the objection is quashed. [S. 45, 148, Art.226]

Gaurang Manhar Gandhi v. ACIT (2024) 298 Taxman 452 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Capital gains-Income Declaration Scheme, 2016-Change of opinion-Reassessment notice and order disposing the objection is quashed.[S.148, Art. 226]