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-Cash credits-Shell companies-Bogus purchases-No failure to disclose material facts-Reassessment notice and order disposing the objection is quashed.[S. 68, 143(3), 148, Art. 226]

Feng Shui Realtors (P.) Ltd. v. ITO (2024) 298 Taxman 7 (Bom.)(HC)

S.147: Reassessment-After the expiry of four years-Cash deposits-Sales are offered to tax-Certificate from bank confirming the cash deposit-Reassessment notice and order disposing the objection is quashed.[S. 68, 148, Art. 226]

BIC Cello (India) (P.) Ltd. v. ACIT (2024) 298 Taxman 617 (Bom.)(HC)

S.147: Reassessment-After the expiry of four years-Capital gains-No failure to disclose material facts-Notice and order disposing the objection is quashed. [S. 45, 148, Art.226]

Jean Ibrahim Somji v. ITO (IT) (2024) 298 Taxman 700 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Capital gains-Income Declaration Scheme, 2016-Change of opinion-Reassessment notice and order disposing the objection is quashed.[S.148, Art. 226]

Gaurang Manhar Gandhi v. ACIT (2024) 298 Taxman 452 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Detailed enquiry-No failure to disclose material facts-Change of opinion-Reassessment notice and order disposing the objection is quashed-Order of High Court is affirmed-SLP of Revenue is dismissed. [S. 80IA(4), 80IC, 148, Art. 136]

JCIT v. Kaveri Infrastructure (P.) Ltd. (2024) 298 Taxman 274 / 463 ITR 1 (SC) Editorial : Kaveri Infrastructure Pvt. Ltd. v.CIT (2023)455 ITR 384 /335 CTR 281/153 taxmann.com 425 (P&H)(HC)

S. 147 : Reassessment-After the expiry of four years-Creditworthiness-Subsequently converted into share capital-Change of opinion-Reassessment notice and order disposing the objection is quashed and set aside by the High Court-SLP of Revenue is dismissed due to low tax effect. [S. 148, Art. 136]

ACIT v. Gujarat Television (P.) Ltd. (2024) 298 Taxman 193 (SC) Editorial: Gujarat Television (P.) Ltd(2018) 94 taxmann.com 400 (Guj)(HC)

S. 147 : Reassessment-After the expiry of four years-Cash credits-Partners capital account-No satisfaction was recorded-Reassessment notice and order disposing the objection quashed by the High Court is affirmed-SLP of revenue is dismissed. [S. 68, 148, Art. 136]

ITO v. Dhirajlal Gandalal Mehta (2024) 298 Taxman 351 (SC) Editorial : Dhirajlal Gandalal Mehta v.ITO(2024) 160 taxmann.com 313 (Guj)(HC)

S. 147 : Reassessment-After the expiry of four years-Change of opinion-Capital or revenue-Advertisement and sales promotion expenses-Reassessment notice was quashed-SLP of Revenue is dismissed.[S. 37(1), 148 Art. 136]

ACIT, LTU v. Asian Paints Ltd. (2024) 298 Taxman 752 (SC) Editorial: Asian Paints Ltd v. ACIT (2022) 285 Taxman 65 (Bom)(HC)

S. 145 : Method of accounting-Books of account not rejected-Income cannot estimated without rejecting the books of account.[S. 132, 144,145(3), 153A]

PCIT v. Forum Sales (P.) Ltd. (2024) 298 Taxman 533 (Delhi)(HC)

S. 139 : Return of income-In valid return-Tax audit-Business of profession-Order is set aside and matter remanded to the Assessing Officer. [S.139(9) Art. 226]

Srijan Capital Advisors LLP v. ACIT (2024) 298 Taxman 495 (Karn)(HC)