Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Manoj Jain v. UOI ( Cal ) (HC) www.itatonline .org

S. 148: Reassessment – Notice-Constitutional validity – The delegation authorized being only for the purpose of enlarging limitation under a valid law, such delegation could not be exercised to resurrect the provision of law that stood omitted from the statute book by virtue of its substitution made by the Finance Act, 2021, w.e.f. 01.04.2021 – Reassessment notices issued under section 148 of the Act are quashed-It is left open to the assessing authority to initiate – re-assessment proceedings in accordance with the provisions of the Act, as amended by the Finance Act, 2021 after making due compliance as required under the law. [S. 147, 148A, 149, 151, 151A, 153, 292 Relaxation of Certain Provisions) Act, 2020 (TOLA), S. 3(1) of the Act 38 of 2020, Art. 226]

Gurushanakar S. v .CIT ( 2021 ) 199 DTR 42 ( Mad)) (HC) Editorial: Refer order of single judge , Gurushanakar S. v .CIT (2020) 427 ITR 175/ ( 2021) 199 DTR 44/ 319 CTR 410/ 277 Taxman 180 ( Mad ) (HC)

S. 80IB: Industrial undertakings – Fraudulent transactions – Denial of tax holiday – Principles of natural justice is not applicable in cases of fraud – Special provisions for payment of tax by certain persons other than a company.- Hospital -Tax holidays -Alternative remedy – Finding given by single judge was modified – Directed to entertain the appeal and dispose the appeal in accordance with law as expeditiously . [ S. ,80IB(11C) , 115JC , 153A , 246A, Art ,226 ]

Yogini Bipin Soneta v. ITO ( Bom ) (HC) . www.itatonline.org

S. 147: Reassessment – Capital gains -Penny stock alternative remedy – Reassessment notice was held to be valid [ S. 45,142(1), 148 , Art , 226 ]

Sharvah Multitrade Company Pvt Ltd v. ITO ( 2022) 285 Taxman 397/ 209 DTR 369/324 CTR 366 (Bom (HC) www.itatonline .org.

S. 147: Reassessment –Reasons recorded – Cash credit- Accommodation entries-Sanction – Non-application of mind – Strictures – CBDT to formulate a Scheme to train officers for recording reasons – Commissioners to not to grant sanction in a mechanical manner – Reassessment proceedings was quashed [S. 148 , 151, Art , 226]

T. Stanes and Company Ltd. v. Dy. CIT (2021) 435 ITR 539/ 202 DTR 78/ 321 CTR 153/ 277 Taxman 230 (Mad.)(HC) Editorial : Order of single ( 2021 ) 435 ITR 533/ 202 DTR 82/ 321 CTR 157 ( Mad ) (HC)

S. 147 : Reassessment-After the expiry of four years- When re-assessment proceedings to disallow brought forward loss were held to be without jurisdiction, High Court could not issue fresh directions to Assessing Officer to look into other grounds.[S.72 , Art , 226 ]

PCIT v. GMR Sports Pvt Ltd ( 2021 ) 201 DTR 1 / 322 CTR 590 ( Karn)(HC)

S. 254(1) : Appellate Tribunal – Duties- Depreciation – Total franchisee- Accrual basis – Cryptic order -Non application of mind – Order set aside and remanded to the Tribunal for fresh consideration .[ S. 32 , 43 , 43(5) 43B , 260A]

CIT v. Amco Batteries Ltd ( 2021 ) 200 DTR 244 ( Karn) (HC)

S. 147 : Reassessment –With in four years- Capital gains – Joint development – Failure to disclose the factum of handing over of possession of the property – Reassessment notice was held to be valid- Matter remanded to the Tribunal . [ S. 45, 148, 154(1) ]

PCIT v. Param Dairy Ltd ( 2021 ) 439 ITR 89/200 DTR 118 / 320 CTR 843 ( Delhi )(HC)

S. 143(2) : Assessment – Notice – Failure to issue notice – Assessment is held to be bad in law [ S. 132, 153A] S. 143(2) :

Precision Engineering v . ACIT ( 2021 ) 319 CTR 217 / 198 DTR 311 (Chhattishgarh )(HC) Editorial : Order of Single Judge Precision Engineering v . ACIT ( 2020 )427 ITR 198/ 196 DTR 371/ 319 CTR 219 (Chhattishgarh )(HC) Aaditya Construction v. PCIT (2020) 427 ITR 198 / 196 DTR 371 (Chhattisgarh)(HC)

S. 147 : Reassessment –With in four years- Based on the information collected in the course of survey –Alternative remedy – Reassessment notice was held to be valid – Writ was dismissed . [ S.133A, 148 , Art , 226 ]

SaintGobainCrystals & Detectors (I) Ltd v . Dy .CIT ( 2021 )198 DTR 40/ 319 CTR 20 / 123 taxmann.com 206 ( Karn ) (HC)

S. 10B: Export oriented undertakings – Period of tax holidays -Entitle to deduction for ten consecutive years from assessment year in which relief was first claimed and not when manufacture was commenced. [ S.10B(7) ]