S. 147 : Reassessment-With in four years-Share application money at premium-Issue was considered in the original assessment proceedings-Change of opinion-Reassessment notice and order disposing the objection is quashed.[S.56, 68, 143(3), Art. 226]
GRI Towers India (P.) Ltd. v. UOI (2024) 298 Taxman 382 (Bom.)(HC)
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-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)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/(2025) 474 ITR 114 (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 /(2025)474 ITR 93 (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/ (2025) 475 ITR 447 (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/(2025) 475 ITR 463 (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/(2025) 474 ITR 105 /(2025) 474 ITR 105 (Bom.)(HC)