Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Parag Kishorchandra Shah v. NFAC (Bom.)(HC)(UR)

S. 144B : Faceless Assessment-Natural justice-Order passed without considering petitioners submission-Reasonable time not given to respond to show cause notice-Order and subsequent notices quashed-levied cost on the Assessing Officer Rs. 25,000 to be deposited to PM Cares Fund.[S.142(1), 143(3), 156, S.270A, 217AAC, Art. 226]

Chetan D. Divekar v.  NFAC  (Bom)(HC)(UR)

S. 144B : Faceless Assessment-Show cause notice was never served upon the petitioner-Natural justice-Personal hearing shall be issued at least seven working days in advance-Stricture-Harassment to assessee-Wasting precious judicial time and unnecessary expenditure on lawyers-The court held that the conduct of Assessing Officer was unacceptable and issuing of show cause notice cannot be just an empty formality. [S. 147,148, Art. 226]

ND’s Art World Pvt. Ltd. v. NFAC (Bom.)(HC)(UR)

S. 144B : Faceless Assessment-Natural justice-Assessment order passed without draft assessment order-No personal hearing given-Order was quashed and set aside. [S. 133(6), 143(2), 156, 271AAC, 271B, 274, Art. 226]

PCIT  v. Allied Blenders and Distillers Pvt. Ltd. (Bom.)(HC) (UR)

S. 143(3) : Assessment-Bogus purchases-Hawala dealers-Sales tax Department-Gift materials-Additions made to the total income on account of bogus purchases-Stock register and quantity details filed-Deletion Tribunal-Order of Tribunal is affirmed. [S. 69C, 260A]

PCIT  v. Vishnu Enterprises (Bom.)(HC)(UR)

S. 80IB(10) : Housing projects-Developer-SRA project-Ownership of land is not requirement of the statute-Entitle to deduction-Revision was held to be not valid. [S. 263]

PCIT v. Rediff.Com India Ltd. (Bom.)(HC)(UR)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Provision for expenses-No disallowance is to be made for failure to deduct tax at source-Tax was deducted when payment was made-Deletion of disallowance is justified. [S. 37(1), 145]

Subhash Chandra v. CIT (2022) 448 ITR 152 / 212 DTR 315 / 326 CTR 36 (MP.)(HC)

Voluntary Disclosure of Income Scheme, 1997 (Finance Act, 1997, (1997) 225 ITR 113 (St) (141)
S. 68 : Voluntary disclosed income not to be included in the total income-Voluntary disclosed income not to affect finality of completed assessment-Tax in respect of voluntary disclosed income not refundable-Assessee cannot seek to reopen assessment of income disclosed under scheme-Not entitled to refund of tax paid-Cannot disclose part of his income under scheme and disclose balance in a belated return. [S. 64, 69, 70, IT Act, S. 139, 264]

Marg Projects and Infrastructure Ltd. v Dy. CIT (Benami Prohibition) (2022)448 ITR 649 (Mad) (HC) Marg Capital Markets Ltd v Dy. CIT (Benami Prohibition) (2022) 448 ITR 649 (Mad.) (HC) Venus Meridian Agencies Pvt. Ltd. v. Dy. CIT (Benami Prohibition) (2022) 448 ITR 649 (Mad.)(HC) Global Infoserv Ltd. v. Dy. CIT (Benami Prohibition) (2022) 448 ITR 649 (Mad.)(HC) Marg Realities Ltd. v. Dy. CIT (Benami Prohibition) (2022) 448 ITR 649 (Mad.)(HC) Editorial : Decision of single judge in Marg Realities Ltd v Dy. CIT (Benami Prohibition) 448 ITR 574 (Mad)(HC) affirmed.

Benami Transactions (Prohibition) Act, 1988,
S. 24 : Attachment, adjudication and confiscation-Search and Seizure-Benami Transactions-Provisional Attachment of property-Order for continuation of provisional attachment till final order of adjudicating authority-Failure to provide opportunity of cross examination-Dismissal of writ petition-No statutory provision stipulating providing of cross-examination of w itnesses-No violation of Principles of natural justice-Writ petition dismissed-All contentions of appellants to be raised before adjudicating authority during proceedings. [S. 24(1), 24(4), 24(4)(a)(i), 26(3), IT Act, S. 132, Art. 226]

Dy. CIT, Gift-Tax v. BPL Ltd. (2022) 448 ITR 739 / 218 DTR 513 / 329 CTR 190 / (2023) 290 Taxman 6 (SC) Editorial: BPL Ltd v. Dy. CGT (2007) 293 ITR 321 (Karn)(HC), affirmed.

Gift tax Act, 1958.

S. 4 : Gifts to include certain transfers-Deemed gift-Valuation of shares-Lock-in period-Shares not quoted shares, although companies listed-Valuation to be according to Schedule III to Wealth-Tax Act taking restrictions on transfer into account. [S. 4(1)(a), 4(1)(b), 6(1), Wealth-Tax Act, 1957, Sch. III, Part A, R. 2(9), Part C R. 11), Part H, R. 21]

K. Mohammed Haris v. Income-Tax Department (2022) 448 ITR 707 (Karn.)(HC)

Black Money (Undisclosed Foreign Income and Assets) and Imposition Act, 2015

S. 50 : Penalty-Undisclosed Foreign income and assets-Offences and prosecution-Failure to furnish information relating to foreign income or assets in income-tax return-Time limit-Law applicable-Amendment of Section 139(5) with effect from 14-5-2016-Revised return can be furnished within one year of relevant assessment year or before completion of assessment-Revised return filed before expiry of limitation-Prosecution not valid. [S. 4, IT Act, 6, 132, 139(5) Code of Criminal Procedure, S. 200]