Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Tata Sons Ltd. v. CIT (2022) 286 Taxman 587 (Bom.)(HC)

S. 147 : Reassessment-With in four years-Sale of shares-Business income-Capital gains-Change of opinion-Reassessment notice was quashed. [S. 28(i), 148, 154, Art. 226]

Parle Products (P.) Ltd. v. ACIT (2022) 286 Taxman 235/ (2023) 453 ITR 765 (Bom.)(HC)

S. 147 : Reassessment-With in four years-Speculative transactions-loss of cancellation of forward contract-Change of opinion-Reassessment notice was quashed. [S. 43(5), 148, Art. 226]

Preethi Kitchen Appliances (P.) Ltd. v. ACIT (2022) 446 ITR 411/ 286 Taxman 483 (Bom.)(HC)

S. 147 : Reassessment-With in four years-Depreciation-Information from Directorate of Income Tax, Intelligence & Criminal Investigation-Goodwill, trademarks and patents and Brands-Reopening of assessment on basis of very same material to take a different view was not justified-Reassessment notice was quashed. [S. 32, 148, Art, 226]

Parinee Realty (P.) Ltd. v. ACIT (2022] 286 Taxman 337/ 217 DTR 279 (Bom.)(HC)

S. 147 : Reassessment-With in four years-Interest free loans to sister concern-Charge of interest-Change of opinion-Reassessment notice was quashed. [S. 36(1)(iii), 148, Art. 226]

CIT v. Trichy Steel Rolling Mills Ltd. (2022) 286 Taxman 595 (Mad.)(HC)

S. 147 : Reassessment-After the expiry of four years-Bad debts-Change of opinion-No tangible material-Reassessment was quashed. [S. 36(1)(vii), 148]

Gagan Omprakash Navani v. ITO (2022) 445 ITR 147 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Capital gains-No failure to disclose material facts-Reassessment notice was quashed [S. 45, 54, 148, Art. 226]

Gagan Omprakash Navani v. ITO (2022) 445 ITR 147 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Capital gains-No failure to disclose material facts-Reassessment notice was quashed [S. 45, 54, 148, Art. 226]

Mangalore Refinery and Petrochemicals Ltd. v. DCIT (2022) 286 Taxman 607 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Business expenditure-Leased assets-Repurchase expenses-No failure to disclose material facts-Reassessment notice is not valid. [S. 37(1), 148, Art, 226]

Maharashtra State Power Generation Company Ltd. v. DCIT (2022) 286 Taxman 333 (Bom.)(HC)/Editorial : SLP of Revenue is dismissed , Dy.CIT v. Maharashtra State Power Generation Company Ltd (2023) 294 Taxman 597 ( SC)

S. 147 : Reassessment-After the expiry of four years-Rate of depreciation-Software licence-Audit information-Reassessment notice was quashed. [S. 32, 148, Art, 226]

Halite Personal Care India (P.) Ltd. v. DCIT (2022)448 ITR 303/ 218 DTR 531/ 286 Taxman 464 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Provision for sales and operating expenses-No failure to disclose material facts-Reassessment notice was not valid. [S. 148, Art, 226]