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]
Vadraj Energy (Gujarat) Ltd. v. ACIT (2022) 445 ITR 15 (Bom.)(HC)
Digest of case laws
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This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws 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]
Arun Excello Foundations v. NFAC (2022) 445 ITR 642 / 286 Taxman 574 (Mad.)(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)]
PCIT v. Nopany & Sons (2022) 286 Taxman 388 /(2023) 333 CTR 766(Cal.)(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]
Chartered Accountants Association v. UOI (2022) 286 Taxman 116 (Guj.)(HC)S. 115JB : Book profit-Retention money-Not to be included in computing book profits.
PCIT v. MC Nally Sayaji Engineering Ltd. (2022) 286 Taxman 673 (Cal.)(HC)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. 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-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. 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. 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]
PCIT v. Almatis Alumina (P.) Ltd. [2022] 445 ITR 632 / 286 Taxman 378 / 214 DTR 185 / 326 CTR 849 (Cal.)(HC)S. 80IA : Industrial undertakings-Infrastructure development-Electricity distribution-Expenditure on network of a new transmission or distribution line-No requirement of capitalization of said expenditure in books of account-Deduction allowable. [S. 800IA(4)(iv)]
Mangalore Electricity Supply Company Ltd. v. Dy. CIT (2022) 136 taxmann.com 428 (Karn.)(HC) Editorial : Notice issued in SLP filed against the order of High Court, Dy. CIT v. Mangalore Electricity Supply Company Ltd. (2022) 286 Taxman 566 (SC)S. 69B : Amounts of investments not fully disclosed in books of account- Assessment-Stock-Value of stock shown in stock statement as on 28-3-2005 submitted to bank was far in excess to value of stock shown in audit report for period ending 31-3-2005-No explanation was offered-Order of Tribunal was affirmed. [S. 143(3),145]
Suraj Bhan Oil (P.) Ltd. v. DCIT (2022) 446 ITR 539/286 Taxman 680/ 334 CTR 813/ 226 DTR 365 (MP)(HC) Editorial : SLP dismissed as withdrawn , Suraj Bhan Oil (P) Ltd v. Dy. CIT (2022) 288 Taxman 635 (SC)