Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Lokhandwala Construction Industries (P) Ltd. v. Dy. CIT (2022) 287 Taxman 330/113 CCH 189 (Bom.)(HC)

S. 147 : Reassessment-With in four years-Unsold flats-Income from house property-Issues were a subject matter of consideration by AO while completing assessment-Change of opinion-Reassessment notice is not valid. [S. 22, 43CA, 148, Art. 226]

Bhavani Gems (P) Ltd. v. ACIT (2022) 287 Taxman 682 (Bom.)(HC)

S. 147 : Reassessment-Share premium-Provided working of fair value of equity shares as per rule 11UA in the original assessment proceedings-Change of opinion-Reassessment notice is not valid. [S. 56(2)(viib), 148 ,R. 11UA, Art. 226]

Peerless Hospitex Hospital and Research Centre Ltd. v. PCIT (2022) 447 ITR 60/213 CTR 81/326 CTR 249/287 Taxman 711 (Cal.)(HC)

S. 147 : Reassessment-After the expiry of four years-Referral fees to doctors for referring-Allowed in the course of assessment proceedings-Change of opinion-Reassessment notice is not valid [S. 37(1), 148, Medical Council (Professional Conducts, Etiquettes and Ethics) Regulation Act, 2002 Regulations, 6.4, 6.8 and 8.1 s Art. 226]

Virbac Animal Health India (P) Ltd. v. ACIT (2022) 287 Taxman 590 / 113 CCH 256 / (2023) 453 ITR 787 (Bom.)(HC).Editorial: SLP of Revenue dismissed , ACIT v. Virbac Animal Health India Pvt. Ltd. (2023)453 ITR 794 (SC)

S. 147 : Reassessment-After the expiry of four years-Sales promotion/freebees-No failure to disclose material facts-Reassessment notice is bad in law. [S. 37(1), Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations, 2022

Rashtriya Chemicals and Fertilizers Ltd. v. ACIT (2022) 287 Taxman 36/113 CCH 275 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Deduction in respect of expenditure on specified business-No failure to disclose material facts-Change of opinion-Reassessment notice is not valid [S. 35AD, 148, Art. 226]

Rajkumar S. Singh v. ACIT (2022) 287 Taxman 296/114 CCH 300 (Bom.)(HC) Rita Rajkumar Singh v. ACIT (2022) 287 Taxman 413/114 CCH 318 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Penny stock-Capital gains-Information from DDIT(Inv)-No allegation of failure to disclose material facts-Reassessment notice is not valid. [S. 45, 68, 148, Art. 226]

Meer Gems v. ACIT (2022) 446 ITR 754/287 Taxman 689 (Bom.)(HC)SLP of Revenue is dismissed , ACIT v. Meer Gems (2023) 459 ITR 1 / 294 Taxman 606 (SC)

S. 147 : Reassessment-After the expiry of four years-Amount payable to sundry creditors-Cessation of liability-No new information-Re assessment notice is quashed. [S. 41(1), 148, Art. 226]

Dena Bank v. ACIT (2022) 287 Taxman 300 / 114 CCH 299 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Payment of broken period interest on acquisition of securities-Revenue expenditure-Reassessment notice is not valid. [S. 37(1), 148, Art. 226]

Dy. CIT (Cent.) v. M.R. shah Logistics (P) Ltd. (2022) 287 Taxman 649/212 DTR 105/325 CTR 681 (SC)/Editorial : M.R. Shah Logistics (P.) Ltd. v. Dy. CIT (2018) 258 Taxman 103( Guj)((HC) reversed .

S. 147 : Reassessment- After the expiry of four years -Share application money-Share application money-Search and Seizure-Declaration made under Income Declaration Scheme- Declaration would not provide immunity from taxations in hands of a non-declarant assessee Reassessment notice is valid. [S. 69A, 132, (132(4) 1431(1), 148, (IDS), Finance Act, 2016, S. 183, 192, Art. 226]

Mudar Sudheer v. UOI (2022) 287 Taxman 213 /113 CCH 350 (AP)(HC)

S. 144B : Faceless Assessment-Principle of natural justice-Specific request for personal hearing-Order passed without following mandatory provisions-Order set aside-Matter remanded. [S. 144B(7)(vii)(ix), Art. 226]