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
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S. 147 : Reassessment-No fresh tangible material-Reassessment not valid. [S. 143(1), 148]

Samrat Plywood Ltd. v. ACIT (2021) 87 ITR 102 / 203 DTR 421 (Chd.)(Trib.)

S. 147 : Reassessment-Compensation received-No discussion in the assessment order-Reassessment was up held. [S. 28(va), 148]

Sai Mirra Innopharm P. Ltd. v. ITO (2021) 87 ITR 235 (Chennai)(Trib.)

S. 147 : Reassessment-With in four years-Information from Investigation Wing-Client code modification-Mistake by share broker-Reassessment is held to be not valid. [S. 148]

Chintan Jaswantbhai Shah v. ITO (2021) 87 ITR 228 (Ahd.)(Trib.)

S. 147 : Reassessment-After the expiry of four years-Unexplained investment-Beneficiaries of Trusts-Discretionary trust-Account with bank in Liechtenstein-Notice barred by limitation-Addition was not valid-1/5 share in the trust neither accrued nor arisen-Additional ground was admitted. [S. 69, 143(3), 148, 151(2)]

Manoj Kumar Dhupelia v. Dy.CIT (2021) 87 ITR 528 (Kol.)(Trib.) Rupal Dhupelia (Smt.) v. Dy. CIT (2021) 87 ITR 528 (Kol.)(Trib.) Editorial : Order in Mohan Ambrish and Ms Bhavya Manoj Dhupalia v. Dy.CIT (2014) 54 taxmann.com 146 (Mum.)(Trib.), distinguished.

S. 145 : Method of accounting-Real estate business-Project competition method-Advance from customers-Estimate at 10 percent of advance received during the year is proper-Advance carried over from earlier years no addition can be made. [S. 28(1), 145(3)]

Srabani Constructions Pvt. Ltd. v. ACIT (2021) 87 ITR 7 (SN) (Cuttack)(Trib.)

S. 145 : Method of accounting-Provision for software expenses-Allowable as deduction. [S. 37(1)]

Infosys Bpm Ltd. v. Dy. CIT (2021) 87 ITR 193 (Bang.)(Trib.)

S. 143(3) : Assessment-Undisclosed income-Cash in hand as at close of preceding year accepted in assessment-Sufficient to cover shortfall in sum returned-Addition cannot be made. [S. 132]

Daya Properties and Finance v. ACIT (2021) 87 ITR 17 (SN) (Indore) (Trib.)

S. 143(3) : Assessment-Undisclosed income-Bogus purchases-Sales accepted-Statement in the course of search-Neither the statement was furnished nor an opportunity of cross examination was provided-Addition is held to be not justified. [S. 131, 133(6)]

ACIT v. Jain Jewellery (2021) 87 ITR 43 (SN.) (Delhi)(Trib.)

S. 142(2A) : Inquiry before assessment-Special audit-Time limit-Assessment completed within two months from date of special Audit report-Held to be within limitation period. [S. 142(2C), 153]

Dwarka Prasad Tayal v. ITO (2021)87 ITR 675 (Indore)(Trib.)

S. 115JB : Book profit-Capital or revenue-Receipt of unutilised contribution from welfare trust-Not liable to tax while computing Book Profit. [S. 2(24), 40A(11)]

Batliboi Ltd. v. Dy.CIT (2021) 87 ITR 401 (Mum.)(Trib.)