S. 147 : Reassessment-Query raised during assessment proceedings-Change of opinion-Reopening not justified. [S. 36(1)(viia), 148, 149, Art. 226]
Yes Bank Ltd. v. ACIT [2024] 160 Taxmann.com 329 / (2025) 474 ITR 430 (Bom) (HC) Editorial: SLP of Revenue dismissed for delay (162 days) and on merits ACIT v. Yes Bank Ltd., (2025) 303 Taxman 260 (SC).
Digest of case laws
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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 Infrastructure undertaking-Change of opinion-Query was raised in original assessment proceedings-Reassessment notice and order disposing the objection was quashed. [S.80IA(4)(iii), 148, Art. 226]
Diamond and Gem Development Corporation Ltd. v. ACIT [2023] 155 taxmann.com 239 (Bom)(HC)S. 147 : Reassessment-Change of opinion-Foreign exchange loss-Reopening on forex loss already examined earlier held invalid. [S. 37(1), 148, Art. 226]
Meer Gems v. ACIT [2023] 154 taxmann.com 646 (Bom)(HC) Editorial : SLP dismissed, ACIT v. Meer Gems [2023] 295 Taxman 120 (SC).S. 147 : Reassessment-Survey-Information related to third parties-Borrowed satisfaction-Change of opinion-Notice and order disposing the objection were quashed. [S. 133A, 148, Form 15CA, Art. 226]
Gokul Agro Resources Ltd. (through director Jayesh Kanubhai Thakkar) v. Dy. CIT(No. 1) (2025) 474 ITR 555 (Guj) (HC)/Editorial : SLP of revenue dismissed ,the delay of 181 was not satisfactorily explained and also on merits . Dy. CIT v. Gokul Agro Resources Ltd. (2025) 476 ITR 160/304 Taxman 425 (SC)S. 147 : Reassessment-After the expiry of four years-Agricultural land-Capital gains-Adventure in the nature of trade-No new material-Re assessment notice and order disposing the objection were quashed. [S. 2(14)(iii)(b),28(i), 45, 143(3), 148, Art. 226]
Dinesh Singla v. ACIT (2025) 474 ITR 532 (P & H)(HC)S.147: Reassessment-After the expiry of four years-Share capital-Parent company-Source explained-Re assessment notice and order disposing objection quashed..[S. 68, 143(1), 143(3), 148, Art. 226]
Experion Hospitality Pvt. Ltd v. ITO (2025) 474 ITR 358 (Delhi)(HC)S.147: Reassessment-After the expiry of four years-Business of purchase and sale of shares-Set-off-Speculation loss-Business loss-Query raised-Audit objection-Change opinion-Notice and order disposing the objection was quashed. [S.28(i), 73, 148, Art. 226]
BSIFS Pvt. Ltd. v. ACIT [2024] 161 taxmann.com 443 / (2025) 474 ITR 200 (Bom)(HC) Editorial : SLP of revenue dismissed, ACIT v BSIFS Pvt. Ltd.(2025) 474 ITR 208 (SC)S.147: Reassessment-After the expiry of four years-Business of purchase and sale of shares-Set-off-Speculation loss-Business loss-Query raised-Audit objection-Change opinion-Notice and order disposing the objection was quashed-SLP of revenue dismissed. [S.28(i), 73, 148, Art. 136]
ACIT v BSIFS Pvt. Ltd.(2025) 474 ITR 208 (SC) Editorial : BSIFS Pvt. Ltd. v. ACIT (2025) 474 ITR 200 (Bom)(HC)S. 144B : Faceless Assessment-Limitation-Commencement of limitation period-Directions of DRP uploaded on 31-1-2022 in Income-tax Business Application portal-Order visible and accessible to AO on same date-AO cannot rely on later internal intimation dated 3-2-2022-Assessment completed on 22-3-2022 held barred by limitation.[S.143(3), 144B(3), 144C(13), 260A]
CIT v. Ramco Cements Ltd. (2025) 474 ITR 9 / 171 taxmann.com 306 (Mad)(HC)S.143(3):Assessment-Reassessment-Alternative remedy-Writ petition dismissed.[S. 147, 148, 246A, Art. 226]
Mahesh Chander Sharma v.NFAC (2025) 474 ITR 528 (P & H) (HC)