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-After the expiry of four years-No duty to disclose investments-Notice for failure to disclose investments is held to be not valid.[S. 148, Art. 226]

Bhavik Bharatbhai Padia v. ITO (2019)419 ITR 149 (Guj.)(HC)

S. 147 : Reassessment-After the expiry of four years-Without there being any element of lack of true and full disclosure on the part of the assessee-Reassessment notice is held to be bad in law. [S. 115-O, 148]

Firstsource Solutions Ltd. v. Dy.CIT (2019) 176 DTR 151 (Bom.)(HC)

S. 145A : Method of accounting – Valuation – Excise duty though not paid is liable to be included in valuation of closing stock. [S. 145A(b)]

Kisan Sahkari Chini Mills Ltd. v. CIT (2019) 267 Taxman 384 / 111 taxmann.com 384 (All.)(HC) Editorial: SLP is granted to the assessee, Kisan Sahkari Chini Mills Ltd. v. CIT (2019) 267 Taxman 383 (SC)

S. 145 : Method of accounting–Suppression of sales-Revenue was not able to show any defect in assessee’s records or in books of account maintained by assessee-Rejection of books of account is held to be not justified-Deletion of addition on account of suppression of addition is held to be justified. [S. 43CA, 50C, 145(3)]

PCIT v. Swananda Properties (P.) Ltd. (2019) 267 Taxman 429 (Bom.)(HC)

S. 145 : Method of accounting–Real estate developer-Project completion method-Addition on the basis of percentage completion method is held to be not justified. [AS-7]

PCIT v. Panchsheel Colonizers (P.) Ltd. (2019) 267 Taxman 571/ 111 taxmann.com 459 (Raj) (HC) Editorial : SLP is granted to the revenue, PCIT v. Panchsheel Colonizers (P.) Ltd. (2019) 267 Taxman 570 (SC)

S. 143(3) : Assessment-Acquittal in Criminal proceedings would not justify deletion of additions to income based on facts-Matter remanded to the AO for fresh enquiry. [S. 254(1) ]

CIT v. R. N. Jayaprakash (2019)419 ITR 252 / (2020) 269 Taxman 527 (Mad.)(HC)

S. 143 (3) : Assessment–Non-existing company–Amalgamation-Assessment on the non-existing is held to be void ab initio.

PCIT v. Transcend MT Services (P.) Ltd. (2019) 267 Taxman 314 (Delhi) (HC)

S. 143(2) : Assessment–Notice–Mandatory-Block assessment–Non issue of notice – Assessment is held to be bad in law. [S. 132, 158BC]

CIT v. Sodder Builder And Developers (P.) Ltd. (2019)419 ITR 436 (Bom.) (HC)

S. 142(2A) : Inquiry before assessment–Special audit–An attempt to understand the books of account-Huge amount of professional fees was paid-Reference to special Audit is held to be valid.

Multi Commodity Exchange of India v. Dy.CIT ( 2019) 310 CTR 274/ 176 DTR 385 / (2020) 426 ITR 132 (Bom.) (HC)

S. 142(2A) : Inquiry before assessment–Special audit–Finding that direction had been issued after condition laid down were fulfilled—Writ is held to be not maintainable. [Art. 226]

Religare Finvest Ltd. v. Dy. CIT (2019)419 ITR 5/( 2020) 312 CTR 432 / 185 DTR 119/ 269 Taxman 541 (Delhi)(HC) Religare Enterprises Ltd v. Dy CIT (2019) 419 ITR 5 /( 2020) 312 CTR 432 / 185 DTR 119(Delhi) (HC)