Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Madho Das Bangard v. ACIT (2022) 93 ITR 622 (Jaipur)(Trib.)

S. 158BFA : Block assessment-Penalty-No incriminating material found or seized-Estimate of income-Benami transaction-Failure to record satisfaction-Levy of penalty is not valid. [S. 158BC, 158BF(2)]

Vijayshree Food Products P. Ltd. v. ACIT (2022) 93 ITR 206 (Delhi) (Trib.)

S. 147 : Reassessment-Search and seizure-Share application money-Assessment third person-Opportunity to cross-examine alleged entry providers not provided-Reopening solely on unverified, unrectified, unsubstantiated and unconfirmed statements of third parties-Not valid. [S. 131(1)(d), 132(4), 148, 153C]

ITO v. Sunlight Tour and Travels Pvt. Ltd. (2022) 93 ITR 538 (Delhi)(Trib.)

S. 147 : Reassessment-Cash credits-Assessing Officer accepting objections and not assessing income which was basis of notice-Not entitled to assess income under some other issue independently. [S. 68, 148]

ITO v. Allied Instruments Pvt. Ltd. (2022) 93 ITR 555 (Mum.)(Trib.)

S. 147 : Reassessment-Failure to dispose objections by passing separate order-Reassessment not valid-Tax effect less than 20mlakhs-Appeal of revenue dismissed. [S. 143(3), 148]

ACIT v. Bhola Ram Papers and Powers Pvt. Ltd. (2022) 93 ITR 419 / 209 DTR 231 / 215 TTJ 273 (Pat.)(Trib.)

S. 147 : Reassessment-After the expiry of four years-Change of opinion-Borrowed satisfaction of Investigation wing-Reassessment is bad in law. [S. 143(3), 148, 153A]

ACIT v. Vishal Paper Industries Pvt. Ltd. (2022) 93 ITR 41 / 219 TTJ 795(Chd.) (Trib.)

S. 145A : Method of accounting-Valuation-Valuation of closing stock-Hypothecation-No difference in quantitative details of stock furnished to bank and those maintained in books of account-Deletion of addition is held to be justified.

Krypton Diamonds Pvt. Ltd. v. ACIT (2022)93 ITR 27 (Surat)(Trib.)

S. 143(2) : Assessment-Notice Issue of notice prior to filing return of income-Order invalid. [S. 147, 148]

ACIT v. PC Jewellers Ltd. (2022) 93 ITR 244 (Delhi)(Trib.)

S. 115JB : Book profits-Computation-Expenses on initial Public Offer-Assessing Officer to consider book profits as per treatment given in finalisation of accounts.

Tata Motors Ltd. v. Dy. CIT (LTU) (2022) 93 ITR 714 (Mum.)(Trib.)

S. 115JAA : Book profit-Deemed income-Tax credit-Surcharge and cess part of Income-Tax available for adjustment against Minimum alternate tax credit. [S. 115JB]

Sandisk India Device Design Centre Pvt. Ltd. v. ITO (2022) 93 ITR 569 (Bang.)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-Comparables-Companies with turnover in excess of Rs. 200 Crores-Not Comparable-Companies functionally different and those with diversified activities without segmental details not comparable–Working capital adjustment to be computed on basis of actuals without an upper limit-Matter Remanded-Reference to Transfer Pricing Officer-Limitation-Extended limitation available to Revenue. [S. 92CA, 144C, 153]