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. 153A : Assessment-Search-Without incriminating material addition is held to be not justified-Addition based on valuation report which was not available on the date of search is held to be not valid. [S. 132, 132(9D)]
ACIT v. Narula Educational Trust (2021) 86 ITR 365 (Kol.)(Trib.)
S. 153A : Assessment-Search-No incriminating material was found-Ad-hoc disallowance of 50 % of expenditure is unsustainable-Addition claim which was made before the CIT (A), order of CIT (A) directing the AO to consider the said claim is held to be valid. [S. 250]
ACIT v. Arvind Srinivasan (2021) 86 ITR 84 (Chennai)(Trib.)
S. 147 : Reassessment-Change of opinion-Metal loan from members-Consistent method-Reassessment is bad in law. [S. 148]
Rajarathnam’s Jewels v. ACIT (2021) 86 ITR 20 (SN) (Bang.)(Trib.)
S. 147 : Reassessment-No addition was made in respect of reasons recorded-Addition of long term as bogus-Reassessment is held to be bad in law. [S. 148]
Vijeta Shukla (Smt.) v. Dy. CIT (2021) 86 ITR 169 (Luck.)(Trib.)
S. 147 : Reassessment-With in four years-Information from Investigation wing-Client code modification-Recording of incorrect and wrong fact and wrong provision-Approval in mechanical manner Reassessment is held to be not valid. [S. 147(b), 148, 151]
R. S. Shares and Securities Ltd. v. ITO (2021) 86 ITR 269 (Delhi) (Trib.)
S. 147 : Reassessment-Wrongly mentioning Section 147(b)-Not curable defects under Section 292B-Reassessment is bad in law. [S.148, 292B]
Madhu Apartment Private Ltd. v. ITO (2021) 86 ITR 317 (Delhi)(Trib.)
S. 147 : Reassessment-Search and seizure-Seized ground not related to the assessee-Reassessment is bad in law. [S. 132]
Green Valley Tower Pvt. Ltd. v. ACIT (2021) 86 ITR 1 (Delhi)(Trib.)
S. 147 : Reassessment-After the expiry of four years-Transfer pricing-Arm’s length price-Tribunal order in earlier year assessment years-No failure to disclose material facts-Reassessment is not valid. [S. 148]
Nike India P. Ltd. v. ACIT (2021) 86 ITR 27 (SN) (Bang.)(Trib.)
S. 143(3) : Assessment-Jurisdiction-Filing returns at Meerut-Notice for scrutiny assessment issued by Officer at Malegaon-No material to show how or why case transferred-Notice by Officer not having jurisdiction-Assessment invalid. [S. 127, 143(2)]
Reeta Singhal (Smt.) v. ITO (2021) 86 ITR 47 (SN) (Delhi)(Trib.)
S. 143(3) : Assessment-Unexplained money-Cash found during search-Sale of scrap-Reflected in balance sheet-Addition cannot be made. [S. 69, 69C, 132]
ACIT v. Claridges Hotels Pvt. Ltd. (2021) 86 ITR 402 (Delhi)(Trib.)