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-Notional foreign exchange loss-No failure to disclose material facts-Change of opinion-Order of High Court is affirmed-SLP of Revenue is dismissed.[S.37(1), 148, Art. 136]
ACIT v. Meer Gems (2023) 295 Taxman 120 (SC) Editorial: Meer Gems v. ACIT (2023) 154 taxmann.com 646 (Bom)(HC)
S. 147 : Reassessment-After the expiry of four years-Bad debt-Provision for bad and doubtful debts-Schedule bank-SLP of Revenue is dismissed. [S.36(1)(viia), Art. 136]
CIT v. Canara Bank (2023) 295 Taxman 228 / (2024) 460 ITR 6(SC) Editorial: SLP dismissed, CIT v. Canara Bank (2023) 155 taxmann.com 289 / 456 ITR 316(Karn)(HC)
S. 144B : Faceless Assessment-Principle of natural justice-Video conference not provided-Matter remanded to Assessing Officer to pass fresh assessment order after giving opportunity of hearing to assessee by video conferencing. [S. 68, Art. 226]
Bangabasi Collage v. UOI (2023) 295 Taxman 727 / (2024) 462 ITR 93 (Cal.)(HC)
S. 144B : Faceless assessment-Amendment by Finance Act of 2022 — Does not curtail benefits to the assessee — Amendment valid-Natural justice-Opportunity of the hearing was not granted-Reassessment was not valid-Order was set aside-SLP of assessee is dismissed. [S. 144B(7), 144B(9), Art. 136]
Sapna Flour Mills Ltd. v. UOI (2023) 295 Taxman 119 (SC) Editorial: Sapna Flour Mills Ltd. v. UOI (2023) 451 ITR 521/ 332 CTR 361/ 225 DTR 13/ (2022) 145 taxmann.com 557 / (All)(HC)
S. 144 : Best judgment assessment- Notice issued in a email address which is not in use-Order is set aside-Directed to pass a fresh assessment order after issuance oof a formal show cause notice at correct e-mail address. [S. 147, 148, Art. 226]
Bengal & Assam Company Ltd. v. NFAC (2023) 295 Taxman 45 (Delhi)(HC)
S. 143(3) : Assessment-Document identification number-Order passed manually-Order is set aside-Remanded to Assessing Officer for de novo consideration and to pass a final assessment order. [Art. 226]
Royal India Corporation Ltd. v. Dy. CIT (2023) 295 Taxman 485 /[2024] 462 ITR 495 (Bom.)(HC)
S. 143(3) : Assessment-Unexplained expenditure-Bogus purchases-Order of Tribunal directing the Assessing Officer to estimate the gross pprofit at rate of 12.5 % is affirmed. [S. 69C, 260A]
PCIT v. Suraj Infrastructures (P.) Ltd. (2023) 295 Taxman 758 (Bom.)(HC)
S. 143(3) : Assessment-Bogus purchases-Accommodation entries-Trading in diamonds-Cash credits-Unexplained expenditure-Order of Tribunal affirming disallowance of 6 percent of disputed purchases is affirmed. [S.68, 69]
PCIT v. Vrajendra Jagjivandas Thakkar (2023) 295 Taxman 713 (Guj.)(HC)
S. 142(2A) : Inquiry before assessment-Special audit-Reassessment notice issued on the basis of Audit report-Once again notice to Special audit-Notice is quashed by High Court-SLP of Revenue is dismissed. [S. 44AB, 143(3), 148 Art. 136]
Dy. CIT v. Multi Commodity Exchange of India Ltd. (2023) 456 ITR 772 / 295 Taxman 318 (SC) Editorial: Multi Commodity Exchange of India Ltd v. Dy.CIT (2018) 100 taxmann.com 180/ 12 ITR-OL 658 / 171 DTR 289/ (2019) 306 CTR 245 (Bom)(HC)
S. 139 : Return of income-Amalgamation-Revised return-Directed the Assessing Officer to accept the manual return and pass the order accordingly-170A was applicable only from assessment year 2022-23 onwards, [S.119(2)(b), 139(5), 170A, Art. 226]
Bajaj Electricals Ltd. v. ACIT (2023) 295 Taxman 449 (Bom.)(HC)