Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Asian Paints Ltd. v. ACIT [2023] 149 taxmann.com 183 (Bom)(HC)/Editorial: SLP of Revenue is dismissed, ACIT v. Asian Paints Ltd. (2024) 296 Taxman 74 (SC)

S. 147 : Reassessment–After the expiry of four years -Advertisement and sales promotion -No failure to disclose material facts – Reassessment notice and order disposing the objection was quashed. [S. 37(1), 148, Art. 226]

Asian Paints Ltd. v. ACIT (2023) 451 ITR 45 / 221 DTR 457 / 330 CTR 560 / 148 taxmann.com 99 (Bom)(HC)

S. 147 : Reassessment–After the expiry of four years- Advertisement and sales promotion- Notice should specify material not disclosed -No failure to disclose material facts – Reassessment notice is bad in law. [S. 148, Art. 226]

Tata Consultancy Services Ltd. v. Dy CIT [2023] 152 taxmann.com 3 (Bom)(HC)

S. 147 : Reassessment – After the expiry of four years -Settlement amount paid to employees–Penalty -Information from Investigation Wing – No material available on record other than information from Investigation Wing to prove that payment made was penalty,- Reopening was quashed. [S. 37(1), 148, Art. 226 ]

Survival Technologies (P.) Ltd. v. DCIT [2023] 149 taxmann.com 453 (Bom)(HC)

S. 147 : Reassessment–After the expiry of four years – Scientific research expenditure–No failure to disclose material facts – Reassessment notice and order disposing the objection was quashed. [S. 35(2AB), 148, 154, Art, 226]

Milton Plastics Ltd. v. Mudit Nagpal [2023] 293 Taxman 357 /151 taxmann.com 24 (Bom)(HC)

S. 147 : Reassessment – After the expiry of four years – Sale and lease back -100 percent depreciation – No failure to disclose material facts – Reassessment notice and order disposing the objection was set aside. [S. 32, 148, Art. 226]

Vibrant Securities (P.) Ltd. v. ITO [2023] 455 ITR 58/ 150 taxmann.com 56/ 293 Taxman 115 (Bom)(HC)

S. 147 : Reassessment – After the expiry of four years – No failure to disclose material facts – Reassessment notice and order disposing the objection was quashed. [S. 28(i), 143(3), 148, Art. 226]

Standard Industries Ltd. v. DCIT [2023] 458 ITR 557/149 taxmann.com 149 / 292 Taxman 502 (Bom)(HC)

S. 147 : Reassessment – After the expiry of four years – Reversal of transfer of TDR of a land – Capital or Revenue – No new material – Reassessment notice and order disposing the objection was quashed. [S. 28(i), 148, Art. 226]

Framji Dinshaw Petit Parsee Sanatorium v. ITO [2023] 148 taxmann.com 225 / 292 Taxman 251 / 335 CTR 807(Bom)(HC)

S. 147 : Reassessment–After the expiry of four years – Carry forward and set-off of deficit – Change of opinion – Reassessment notice and order disposing the objection was quashed. [S. 11(1)(a), 12, Art. 226]

Anwar Mohammed Shaikh v. ACIT [2023] 459 ITR 534 /148 taxmann.com 288 / 292 Taxman 414/(2024)337 CTR 201 (Bom)(HC)

S. 147 : Reassessment–After the expiry of four years -Capital gains –Reassessment notice was issued only on the basis of information received on insight portal – No tangible material – Reassessment notice was quashed. [S. 10(38), 143(3) 148, Art. 226]

Bharat Jayantilal Patel v. DCIT [2023] 149 taxmann.com 290/ 292 Taxman 276 (Bom)(HC)/Editorial : SLP of Revenue is dismissed , Dy,CIT v. Bharat Jayantilal Patel (2024) 296 Taxman 247 (SC)

S. 147 : Reassessment–After the expiry of four years – Capital gains – Transfer- Development rights – Power of Attorney – Neither any tangible material nor any reason to believe that ‘any income chargeable to tax had escaped assessment’ – Reassessment notice was quashed. [S. 2(47)(v), 148, Transfer of Property Act, 1882, S.53A, Art. 226]