Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


N.S. Srinivasan v. CIT (2021) 283 Taxman 118 /( 2022) 440 ITR 367/ 211 DTR 327/ 325 CTR 521 (Mad.) (HC)

S. 147 : Reassessment-After the expiry of four years-Unexplained investment-Purchase of house-Payment was made prior to sale existing house-Not examined the source of investment in new house-Reassessment notice was held to be justified. [S. 54, 59, 148, Art. 226]

Dr. Sajan Hedge v. ACIT (2021) 283 Taxman 144/ (2022) 440 ITR 389 (Mad.)(HC)

S. 147 : Reassessment-After the expiry of four years-Method of accounting-Professional income-Notice issued on the basis of statement of a manger (Operations)-Re assessment notice is held to be justified. [S. 145, 148, Art. 226]

Premalata Soni v. NESC (2021) 283 Taxman 416/207 DTR 149/323 CTR 489 (MP)(HC)

S. 147 : Reassessment-After the expiry of four years–Capital gains-Sale of rural agricultural land-No query was raised in the original assessment proceedings as regards applicability of section. 50C of the Act-Reassessment notice was held to be valid. [S. 45, 50C, 148, Art. 226]

Consolidated Construction Consortium Ltd. v. CIT (2021) 283 Taxman 60 (Mad.)(HC)

S. 147 : Reassessment-After the expiry of four years-Retention money-Contractor-Contingent-Allowed as deduction-No full and true disclosure-Reassessment notice was held to be valid. [S. 28(i), 148, Art. 226]

Cairn India Ltd v. Dy. DIT (IT) (2021) 283 Taxman 243 (Mad.)(HC)

S. 147 : Reassessment-After the expiry of four years-Deduction of tax at source-Non-Resident-Lessor deduction of tax at source-New information-Reassessment notice was held to be justified. [S. 148, 195, Art. 226]

CIT v. John Ettimootil Samuel (2021) 283 Taxman 39 (Mad.)(HC)

S. 147 : Reassessment-After the expiry of four years-Additional stamp duty-Not mentioning the built-up area-No failure to disclose material facts-Reassessment notice was held to be not valid. [S. 45, 5OC, 148, Indian Stamp Act, 1899, S. 47A, 70(2)]

Bharatkumar Kalubhai Ghadiya v. ACIT (2021) 283 Taxman 254 / (2022) 209 DTR 291 (Guj.)(HC)

S. 147 : Reassessment-After the expiry of four years-Search-Accommodation entries-Bogus capital gains-Reassessment notice was held to be justified. [S. 45, 68, 131, 132, 143(3), 148, 153A, Art. 226]

Geetaben Dineshchandra Gupta v. ITO (2021) 208 DTR 154 / 129 taxmann.com 346 / (2022)441 ITR 698 (Guj.)(HC)

S. 147 : Reassessment-After the expiry of four years-Accommodation entries-Purchase and sales-Commission income was not disclosed-Information from investigation Wing-Direct nexus and live link-Reassessment notice was held to be valid. [S. 148, Art. 226]

S.Subrahmanyan Constructions Co. (P.) Ltd. v. A CIT (2021) 439 ITR 600/ 207 DTR 289/ (2022) 324 CTR 282 (Mad.)(HC) Editorial : Order of single judge in Subrahmanyan Constructions Co. Ltd. v. CIT (2021) 439 ITR 589/ 207 DTR 296 / (2022) 324 CTR 274 (Mad)(HC), is set aside.

S. 147 : Reassessment-After the expiry of four years-Seeking clarification-Retention money-No failure to disclose material facts-Reassessment is bad in law. [S. 148, Art. 226]

DCIT v. Dilip J. Thakkar (2022) 194 ITD 245/ 211 DTR 177/ 216 TTJ 121 ( Mum) (Trib) www.itatonline .org

S. 149: Reassessment – Foreign asset – HSBC Geneva account of Trust – Time limit for notice – 16 years – Assets held outside India – Introduced vide Finance Act, 2012 – Retrospective in nature. [S. 147, 148, 151]