S. 154 : Rectification of mistake – Pendency of appeal or revision is no bar on the AO on power of amendment or rectification -Matter did not assume character of a sub-judice matter . [ S.154(IA) , Art .226 ]
Piramal Investment Opportinites Fund v ACIT ( 2019) 267 Taxman 297/ 182 DTR 305/ 311 CTR 4 ( Bom) (HC)
Digest of case laws
Online digest of latest case laws
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. 220 : Collection and recovery – Assessee deemed in default – Stay – Relevant consideration – Conflicting decisions of Tribunal- Complete stay of demand may be granted -Decision of Jurisdictional High Court is binding on the CIT(A) – Stay was granted [ S. 220(6) , Art .226 ]
General Insurance Corporation of India v .ACIT ( 2019) 311 CTR 851/ 267 Taxman 596 / 184 DTR 249/ (2020)422 ITR 248 ( Bom) (HC) .S.147: Reassessment – Change of opinion- Amortisation of barnd value – Query raised and responded – Issue examined in the original assessment proceedings – Reassessement is held to be bad in law [ S.115JB 148 , Art .226 ]
Marico Ltd v ACIT ( 2019) 311 CTR 865 / 183 DTR 190 /(2020) 425 ITR 177 ( Bom) (HC)S. 244A : Refund – Interest on refunds – Tax deducted at source – Quatitifucation of interest – Interest would be pyable from the respective assessment years – Starting point for computing the interest payble must be to the assessment year in which the tax was deducted at source .[ S. 195(2) , 199 244A(1)(a) ]
PCIT v Kumagai Sknska HCCITOCHU Group ( 2019) 311 CTR 838 ( Bom) (HC)S. 271(1)(c) : Penalty – Concealment – Search and seizure- Return filed after search action- Income returned was accepted -In the absence of addition no penalty can be levied . [ S. 132 , 153C, 271C ]
PCIT v. Rajkumar Gulab Badgujar ( 2019) 111 taxmann.com 256 / 267 Taxman 489 (Bom) (HC) Editorial: SLP of revenue is dismissed PCIT v. Rajkumar Gulab Badgujar ( 2019) 267 Taxman 488 (SC)S.147: Reassessment -Failure to file return- Huge loss – National and muticommodity exchange – Objections stating that no income was erned and suffered heavy loss not considered – Reassessment is held to be bad in law .[ S. 139 , 148 Art. 226 ]
Mohanlal Champalal Jain v. CIT ( 2019) 102 taxmann.com 293 (Bom) (HC) Editorial: SLP of revenue is dismissed ITO v. Mohanlal Champalal Jain ( 2019) 267 Taxman 391 (SC)Limitation Act , 1963 .
S.5 : Extension of prescribed in certain cases – Condonation of delay- 916 days- A liberal approach is to be taken in the matter of condonation of delay – The consideration for condonation of delay would not depend on the status of the party , namely the Government or the pubic bodies – Condonation of delay is not automatic- No proper explanation was filed for condonation of delay – Condonation of delay was dismissed . [Civil Procedure, 1908, Order XXI of the Code Art. 226 ]
Interpretation of taxing statutes – Constitution of India
Art. 141 : Precedent – SLP dismissal – Non-speaking order -It does not constitute a declaration of law under Article 141 of the Constitution, or attract the doctrine of merger. [ Art, 136 ]
S. 244A: : Refund – Interest on refunds – Unauthorized retention of money by the Department – The Department is directed to pay interest as prescribed .
Universal Cable Ltd. v. CIT( 2020) 420 ITR 111/312 CTR 1/ 185 DTR 33/ 270 Taxman 170(SC), www.itatonline.org Editorial: Order in Universal Cable Ltd. v. CIT ( 2009) 26 DTR 98/ (2011) 237 CTR 157 (MP ) (HC ) is set aside .S. 147: Reassessment – After the expiry of four years- Bogus purchases- Accommodation entries- No failure to disclosure material facts- Change of opinion- Reassessment is held to be bad in law .[ S. 69C ,148 ]
Usha Exports v. ACIT ( 2020) 312 CTR 237/ 185 DTR 87 (Bom)(HC), www.itatonline.org