Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Pfizer Ltd v. ACIT (2022) 285 Taxman 188 / 209 DTR 149 / 327 CTR 189(Bom)(HC)

S.147: Reassessment – After the expiry of four years – Failure to deduct tax at source – Payments to stockists – No failure to disclose material facts -Reassessment notice was quashed . [ S. 40(a)(ia), 148 , 184H , 201(1) 201(IA) , Art , 226 ]

Asian Paints Ltd. v ACIT (2022) 285 Taxman 65 (Bom)(HC)/Editorial : SLP of Revenue is dismissed, ACIT, LTU v. Asian Paints Ltd. (2024) 298 Taxman 752 /466 ITR 281 (SC)

S. 147 : Reassessment – After the expiry of four years -Change of opinion -Capital or revenue -Advertisement and sales promotion expenses – Reassessment notice was quashed . [ S. 37(1), 148 Art , 226 ]

Uttam M Jain (HUF) v. ITO (2022) 285 Taxman 100 / 209 DTR 51/ 324 CTR 141 (Bom) (HC)

S. 144B : Faceless Assessment –Accommodation entries – Bogus sales -Penny stock companies -Order passed violation of principle of natural justice -Order was quashed – Notice of reassessment was held to be valid [ S. 69, 143(3),147, 148 Art, 226 ]

Divesh Prakashchand Jain v PCIT (2022) 445 ITR 496 /285 Taxman 206 (Bom)(HC))

S. 127 : Power to transfer cases – Transfer of case from Mumbai to Bangalore- No reason was recorded – Order of transfer of case was set aside [ S. 127(2), Art , 226 ]

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

S. 115-O : Domestic companies – Tax on distributed profits – Not liable to pay dividend distribution tax on dividend paid by it to share holders [ S. 2(22))(a),Art, 226 , SIDBI Act , 1989 , S. 29(2), 50]

Jacob Engineering India ( P)Ltd v. ACIT ( 2022) 285 Taxman 326 ( Bom)( HC)

S. 92C : Transfer pricing – Arm’s length price -Comparable – Opportunity of hearing was not given – Matter remanded [ S. 254(1) ]

PCIT v. Prathamesh Constructions (2022) 285 Taxman 287 / 324 CTR 542 / 209 DTR 363 (Bom) (HC)

S. 80IB(10) : Housing projects- Completion certificate for seven buildings – Plan for eight building was revised – Entitle to deduction for seven buildings [ S. 260A]

PCIT v. Nexus Builders and Developers (P.) Ltd. (2022) 285 Taxman 233(Bom)(HC)

S. 69A : Unexplained money – Survey – Addition of hypothetical basis – Deletion of addition by the Tribunal is affirmed . [ S. 133A , Indian Evidence Act , 1872, S. 65B ]

Sabeel Mkohammed Sirajahmed Umachigi v. ITO (2022) 440 ITR 99 (Karn.)(HC)

Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 (PMGKY)-Finance Act, 2016.

S. 199A : Undisclosed Income- Failure to deposit the amount-willing to deposit with interest-Directed the department to appropriate sum from amount held by it to scheme and return the balance amount. [S. 199D, 199E, 199F, Art. 226]

Indian Minerals and Granite Co. v. Dy. CIT (2022) 440 ITR 292 (Karn.)(HC)

S. 281B : Provisional attachment-Merely stating likelihood of huge liability-Attaching fixed deposit-Order cryptic, unreasoned, non-speaking and laconic-Order was quashed. [S. 153A, Art, 226]