S. 147 : Reassessment-Notice based on same issue-Change of opinion-Notice is not valid-Notice and order disposing the objection is quashed. [S. 14A 148, Art.226]
Bajaj Energy Ltd. v. ACIT (2024) 298 Taxman 59 / 464 ITR 569 (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. 147 : Reassessment-After the expiry of four years-Order passed without disposing the objection-Order of Tribunal quashing the assessment order is held be justified. [S. 148, 260A]
PCIT v. Sanjay Mehta (2024) 298 Taxman 673 (Cal.)(HC)S.147: Reassessment-After the expiry of four years-Cash credits-Accomodation entry-The belief formed by the Assessing Officer suffers from lack of bona fides, is vague, far-fetched, irrelevant, based on conjecture and surmises and also arbitrary and irrational-Notice and order is quashed and set aside. [S. 144, 144B, 148, Art.226]
Pasari Casting and Rolling Mills (P.) Ltd. v. ITD (2024) 298 Taxman 675 (Jharkhand)(HC)S. 147 : Reassessment-After the expiry of four years-Transfer pricing-Purchase-Import of raw materials-No failure to disclose material facts-Change of opinion-Reassessment notice and order disposing the objection is quashed.[S.92C, 148, Art. 226]
Sanofi India Ltd v. Dy.CIT (2024) 298 Taxman 232 (Bom)(HC)S. 147 : Reassessment-After the expiry of four years-Revision order-Pendency of proceedings-Sanction is bad in law-Reassessment order is quashed.[S. 143(3), 151, 151, Art. 226]
Sahana Dwellers (P.) Ltd. v. NFAC (2024) 298 Taxman 670 (Bom.)(HC)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)