Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Hermes I Tickes (P.) Ltd. v. Dy. CIT (2022) 286 Taxman 18 / 210 DTR 142/ 324 CTR 645 (Mad.)(HC)

S. 144B : Faceless Assessment-Advance received from clients-For failure to file proper reply the assessment was made by making huge addition-On writ the order was quashed subject to assessee depositing a sum of Rs 5 crores-Directed the assessee to file reply in reassessment proceedings.[S. 69A, 143, Art, 226]

Praful M. Shah v. NAFC (2022) 136 Taxmann.com 295 (Bom.)(HC) Editorial : Notice issued in SLP filed by assessee, Praful M. Shah v. NAFC (2022) 286 Taxman 263 (SC)

S. 144B : Faceless Assessment-Natural justice-Opportunity of hearing-High Court set aside assessment for de novo consideration, with a direction to concerned authority to pass assessment order and strictly comply with mandatory provisions prescribed under section 144B, considering all submissions made by assessee and also granting a personal hearing [S. 143(3),144B(7), Art, 226]

Vadraj Energy (Gujarat) Ltd. v. ACIT (2022) 445 ITR 15 (Bom.)(HC)

S. 144B : Faceless Assessment-Best judgment assessment-Natural justice-Directed to afford due opportunity of hearing before passing final assessment order-Reassessment-Notices were seta side-Directed to consider objections and pass the order giving an opportunity of hearing. [S. 144 147, 148, 156, 270A, Insolvency and Bankruptcy Code, 2016, Art, 226]

Arun Excello Foundations v. NFAC (2022) 445 ITR 642 / 286 Taxman 574 (Mad.)(HC)

S. 144B : Faceless Assessment-Cash credits-Video conferencing-Natural justice-Opportunity of hearing-Matter remanded to Assessing Officer to pass a speaking order on merits. [Art. 226]

PCIT v. Nopany & Sons (2022) 286 Taxman 388 /(2023) 333 CTR 766(Cal.)(HC)

S. 143(2) : Assessment-Notice-Transfer from ITO, Ward-3 to ITO, Ward-4-Order passed by ITO, Ward-4 without issuing notice under section 143(2) of the Act-Order is null and void [S.120, 143(3)]

Chartered Accountants Association v. UOI (2022) 286 Taxman 116 (Guj.)(HC)

S. 139 : Return of income-Difficulties in uploading Audit report-Revenue was directed to attend the technical glitches in portal at the earliest [Art, 226]

PCIT v. MC Nally Sayaji Engineering Ltd. (2022) 286 Taxman 673 (Cal.)(HC)

S. 115JB : Book profit-Retention money-Not to be included in computing book profits.

PCIT v. Kerala State Electricity Board (2022) 137 taxmann.com 85 (Ker.)(HC) Editorial : Notice issued in SLP filed by Revenue, PCIT v. Kerala State Electricity Board. (2022) 286 Taxman 438 (SC)

S. 115JB : Book profit-Statutory corporation-Provision is not be applicable to a statutory corporation constituted by notification of State of Kerala. [Electricity Supply Act, 1948, S. 5]

PCIT v. Atria Power Corporation Ltd. (2022) 138 taxmann.com 270 (Karn.)(HC) Editorial : SLP granted to Revenue; PCIT v. Atria Power Corporation Ltd. (2022) 286 Taxman 636 (SC)

S. 115JB : Book profit-Electricity Company-Company engaged in generation and supply of electricity-Not required to prepare its profit and loss account and balance sheet as per Parts II and III of Schedule VI of Companies Act-Provision of book profit not applicable.

PCIT v. Almatis Alumina (P.) Ltd. [2022] 445 ITR 632 / 286 Taxman 378 / 214 DTR 185 / 326 CTR 849 (Cal.)(HC)

S. 92C : Transfer pricing-Arm’s length price-Foreign comparables-Guidance note by ICAI and transfer pricing guidelines issued by OECD do not prohibit foreign AE to be a tested party-Foreign AE could be selected as a tested party-Where segmental results are available, adjustment can be made only on basis of individual transaction and not on aggregation basis. [S. 92E]