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-Notice issued after proper sanction-No return submitted in response to notice-Existence of alternate remedy-Writ to quash the notice is held to be not maintainable. [S. 148, 151, Art. 226]
Naval Kishore Khaitan v. PCIT (2020) 428 ITR 62 (AP)(HC)
S. 147 : Reassessment –With in four years- Change of opinion- Speculative transactions – Reassessment is held to be not valid. [S. 43(5), 148]
PCIT v. Shree Laxmi Jewellery Pvt. Ltd. (2020) 428 ITR 379 (Mad.)(HC)
S. 147 : Reassessment-With in four years-Agricultural land-Change of opinion-Reassessment is held to be not valid. [S.2(14), 148]
CIT v. Ramesh Shroff (2020) 428 ITR 499 (Mad.)(HC)
S. 147 : Reassessment-With in four years-Capital gains-Advance received-Addition cannot be made as income from other sources- Addition is held to be not justified-Reassessment was quashed. [S. 2(27(v), 45, 56, 148]
CIT v. City Lubricants Pvt. Ltd. (2020) 428 ITR 109 / 195 DTR 457 / (2021) 318 CTR 87 (Mad.)(HC)
S. 147 : Reassessment-After the expiry of four years-No failure to disclose material facts-Denial of exemption-Reassessment notice is held to be not valid. [S. 10(15)(iv)(c), 148, 154, Art. 226]
State Bank of India v. Vineet Agrawal, ACIT (2020) 428 ITR 519 /317 CTR 388/ 195 DTR 81 /( 2021) 276 Taxman 229 (Bom.)(HC)
S. 147 : Reassessment-After the expiry of four years-No failure to furnish material facts-Reply to Audit to drop the proceedings- Purchase and sale of shares disclosed in the course of original assessment proceedings-Reassessment is held to be not valid [ S. 56(2)(vii)(a), 147]
Madurai Power Corporation Private Limited v. Dy. CIT (2020) 428 ITR 117/ ( 2021 ) 323 CTR 533 (AP)(HC)
S. 147 : Reassessment-After the expiry of four years-Transfer of shares-Gift-No failure to disclose facts-Change of opinion- Reassessment notice is held to be not valid. [S. 45, 148]
Asian Satellite Broadcast Pvt. Ltd. v. ITO (2020) 428 ITR 327/ 195 DTR 153 / (2021) 276 Taxman 316 /318 CTR 305 (Bom.)(HC)
S. 115JB : Book profit-Capital gains-Indexed cost of acquisition to be taken into account in calculating capital gains. [S. 45, 48, 112]
Best Trading and Agencies Ltd. v. Dy. CIT (2020) 428 ITR 52 / 275 Taxman 550/ ( 2021 ) 203 DTR 269/ 321 CTR 373 (Karn.)(HC)
S. 92C : Transfer pricing-Arm’s length price-Not a question of law to be considered by High Court-Remanding the matter in second round of appeals will be as if it was a shuttle game between the assessee and the Revenue Authorities-Tribunal is directed to decide the issue within six months from today. [S. 37(1), 254(1), 260A]
Madura Coats Pvt. Ltd. v Dy. CIT (2020) 428 ITR 273 / 199 DTR 228/ 320 CTR 543 (Mad.)(HC)