Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


PCIT v. Goldline Pharmaceuticals Pvt. Ltd. (2022) 441 ITR 543 / 210 CTR 57 / 324 CTR 640 / 286 Taxman 345 (Bom.)(HC)

S. 37(1) : Business expenditure-Expenses in providing free gifts Facilities to Medical Practitioners-Allowable as deduction-Expenses prohibited by law-Oppressive circulars would have prospective application.

PCIT v. Universal Music India Pvt. Ltd. (Bom)(HC) www.itatonline .org Editorial: CIT v. Amitabh Bacchan ( 2016) 384 ITR 200/ (69) taxmann.com 170 (SC) distinguished.

S. 263: Commissioner – Revision of orders prejudicial to revenue – Payment to specified persons – Revision proceedings cannot travel beyond the reasons given in show cause notice- 0rder of Tribunal is affirmed [ S. 40A(2)(b ) ]

Small Industries Development Bank of India v. CBDT (2022) 441 ITR 80/ 285 Taxman 113// 209 DTR 171/ 324 CTR 317 (Bom) (HC)

Interpretation of taxing statutes – Non obstante clause – Additional tax on distributed profits [ S. 2(22)(a), 115-O, Small Industries Development Bank of India Act, 1989, S. 29(2), 50 ]

Svitzer Hazira ( P) Ltd v. ACIT ( 2022)441 ITR 19/ 285 Taxman 393/ 211 DTR 387 / 326 CTR 96( Bom)( HC)

S. 151 : Reassessment – Sanction for issue of notice -No prior sanction was granted before issue of notice – Notice was quashed [ S. 147, 148 , Art, 226 ]

PCIT v. Yes Bank Ltd ( 2022) 285 Taxman 434 ( Bom)( HC)

S. 147 : Reassessment – Bad debts- Audit objection- Provision for standard asset / advances under general loan loss provision excluding provision for NPA and claiming deduction – Order of Tribunal quashing the reassessment was affirmed . [ S. 35D, 36(1)viia), 148, 260A]

Sanghvi Woods Ltd. v. ACIT (2022) 285 Taxman 252/ 209 DTR 233/ 324 CTR 332 (Bom) (HC )

S. 147 : Reassessment – Block assessment – Deduction disallowed in the block assessment order – Reassessment notice is bad in law [ S.80HHA, 80I, 80IA, 132, 143(3), 148, 158BA, 158BC , Art, 226 ]

S. A. Developers v ACIT (2022) 285 Taxman 238 (Bom) (HC)

. 147 : Reassessment –With in four years- HUF -Partner – Interest paid to partner -Materials were on face of a document available before Assessing Officer – Reassessment notice was quashed [ S. 148 ,184 Art, 226 ]

Acron Developers ( P) Ltd v. Dy.CIT (2020) 285 Taxman 411 (Bom)(HC)

S.147: Reassessment – After the expiry of four years – Tax audit report – No new material – Notice was quashed [ S.115JB, 148, Art, 226 ]

Vodafone Idea Ltd ( 2022) 285 Taxman 381 ( Bom)( HC)

S.147: Reassessment – After the expiry of four years – Change of opinion- Minimum alternative tax-No whisper as to was not disclosed – Reassessment notice was quashed [S. 115JB, 148 , Art, 226 ]

Upal Developers (P.) Ltd. v. Dy.CIT (2022) 285 Taxman 23 (Bom)(HC)

S.147: Reassessment – After the expiry of four years – Change of opinion -Rental income from shops – Income from house property -Income from business – Income from other sources -Reassessment notice was quashed [ S. 22, 28(i), 56 ,148 Art , 226 ]