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-Deduction at source-Non-resident-Professional fees-No failure to disclose material facts-Reassessment notice and order disposing the objection is quashed.[S. 40(a)(i), 148, Art. 226]

Troikaa Pharmaceuticals Ltd. v. ACIT (2024) 296 Taxman 117 (Guj.)(HC)

S. 147 : Reassessment-After the expiry of four years-Unexplained money-Loans and advances-Investment in Optionally Fully Convertible Debentures (OFCDs)-No failure to disclose material facts-Reassessment notice and order disposing the objection is quashed. [S. 69A, 148, Art. 226]

Koa Investment Ltd. v. ITO (2024) 296 Taxman 311 (Delhi)(HC)

S. 147 : Reassessment-After the expiry of four years-Unexplained investments-Development agreement-Specific query in the course of assessment proceedings-Reassessment notice and order disposing the objection is quashed.[S.69A, 148, Art. 226]

Bharatkumar Dinubhai Patel v. ITO (2024) 296 Taxman 128 (Guj.)(HC)

S. 147 : Reassessment-After the expiry of four years-Unsecured loan-Accommodation entries-No tangible material-Suspicion-Reassessment notice and order disposing the objections are quashed.[S. 68, 148, Art. 226]

Bhagwati Polyfill (P.) Ltd. v. ACIT (2024) 296 Taxman 434 (Guj.)(HC)

S. 147 : Reassessment-After the expiry of four years-Amortisation of preliminary expenses-Initial Public Offering-No failure to disclose material facts-Reassessment notice and order disposing the objection is quashed. [S. 35D, 143(3), 148, Art. 226]

Palco Recycle Industries Ltd. v. Dy. CIT (2024) 296 Taxman 44 (Guj.)(HC)

S. 147 : Reassessment-With in four years-Redemption of preference shares-Provisions of section 47(iv) are not applicable to redemption of preference shares-Order of Assessing Officer allowing the loss is affirmed-SLP of Revenue is dismissed. [S. 2(47) 47, 47 (iv), 47(v), 148, Art. 136]

NFAC v. Great Eastern Shipping Co. Ltd. (2024) 296 Taxman 575 (SC) Editorial : Great Eastern Shipping Co. Ltd v. NFAC (2023) 157 taaxmann.com 442 (Bom)(HC)

S. 147 : Reassessment-After the expiry of four years-Right shares-Valuation-Change of opinion-Reassessment notice and order disposing the objection was quashed-SLP of Revenue is dismissed. [S. 56(2)(vii)(b), 148, Art. 136]

ACIT v. Lakshdeep Investment & Finance (P.) Ltd. (2024) 296 Taxman 573 (SC) Editorial : Lakshdeep Investments & Finance (P.) Ltd. v. ACIT (2023)455 ITR 639 / 293 Taxman 369 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Transfer-Capital gains-Development rights-Neither any tangible material nor any reason for Assessing Officer to believe that any income chargeable to tax had escaped assessment-SLP of Revenue is dismissed.[S. 2(47)(v) 148, Transfer of Property Act, 1882, S.53A Art. 136]

Dy. CIT v. Bharat Jayantilal Patel (2024) 296 Taxman 247 (SC) Editorial: Bharat Jayantilal Patel v.Dy.CIT (2023) 292 Taxman 276 (Bom)(HC)

S. 144B : Faceless Assessment-Opportunity of hearing-No notice was issued-PAN database no e-mail id was registered-Notice should have been served physically upon assessee at least by courier or speed post and acknowledgment filed as was also mentioned in SOP issued by CBDT for assessment units under faceless assessment-Revenue was to be directed to strictly comply with SOP in all cases, not just restricted to faceless assessment proceedings Reassessment and notice is quashed and set aside-Matter remanded for de novo consideration.[S. 147, 148, Art. 226]

Fayeza Muffadal Contractor v. NFAC (2024) 296 Taxman 164 (Bom.)(HC)

S. 143(3): Assessment-Penalty-Tax in default-Covid 19-Notices were issued to the registered e-mail of assessee which was operated and accessed only by the Chartered Accountant-Matter was remanded to department to pass a fresh order.[S. 142(1), 221, Art. 226]

VKCN Realties LLP v. NFAC (2024) 296 Taxman 442 (Mad.)(HC)