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-Share capital-No failure to disclose material facts-Reassessment order quashing the reassessment is affirmed. [S. 68, 143(3), 148, 260A]

PCIT v. South Delhi Promoters Ltd. (2023) 293 Taxman 123 (Delhi)(HC)

S. 145 : Method of accounting-Consumption of leather-No suppression of material-Addition was deleted.

Sidhant Leather Exports (P.) Ltd. v. CIT (2023) 459 ITR 318 / 293 Taxman 412 (Cal.)(HC)

S. 144C : Reference to dispute resolution panel-Draft assessment order-Passing of final order-Contrary to law-Mistake could not be cured. [S. 156, 292B.]

CIT (IT) v. Cisco Systems services B.V. (2023)456 ITR 50 / 293 Taxman 85/334 CTR 52 (Karn)(HC) Editorial: Affirmed, Cisco Systems services B.V. v. Dy. CIT (IT)(2022) 194 ITD 135 (Bang)(Trib)/ Systems services B.V. v. Dy. CIT (IT)(2022) 193 ITD 809 (Bang)(Trib)/Delay of 424 days in filing of SLP , no explanation is offered for delay, SLP of Revenue is dismissed , CIT(IT) v. Cisco Systems Services B.V. India Branch(2024) 300 Taxman 359 (SC)

S. 144B : Faceless Assessment-Long term capital gains-Violation of principle of natural justice-Allowing the time of 12 hours-Holiday-There was gross violation of principles of natural justice-The final assessment order was quashed.[S. 263, Art. 226]

Dipak Natwarlal Dholakiya v. ACIT (2023) 293 Taxman 192 (Guj.)(HC)

S. 144B : Faceless Assessment-Neither draft assessment order nor show cause notice was issued-Assessing Officer was directed to initiate process from stage it was left by furnishing draft assessment order along with show cause notice-Matter remanded. [S. 143(3), Art. 226]

Shrenik Ltd. v. ITO (2023) 293 Taxman 397 (Guj.)(HC)

S. 119 : Central Board of Direct Taxes-Instructions-loss return-Condonation of delay of 36days-Affidavit of Charted Accountant-genuine-hardship-Delay in filing the of loss return was condoned. [S. 119(2)(b), 139, Art. 226]

ADCC Infocom (P.) Ltd. v. PCCIT (2023)458 ITR 456 / 293 Taxman 379/ 335 CTR 1009 (Bom.)(HC)

S. 80IB(10) : Housing projects-Failure to complete the housing project-Delay due to dispute of jurisdiction between AMC and AUDA over issuance of BU permission and after resolution of same AMC issued permission before due date of 31-3-2012-Order of Tribunal is affirmed-Return was filed within extended period as required to get TP report-Order of Tribunal allowing the claim was affirmed. [S. 92E, 139(1), 260A]

PCIT (C) v. Venus Infrastructure and Development (P.) Ltd. (2023) 152 taxmann.com 45 (Guj)(HC) Editorial : SLP of Revenue is dismissed, PCIT (C) v. Venus Infrastructure and Development (P.) Ltd. (2023) 293 Taxman 600 (SC)

S. 69B : Amounts of investments not fully disclosed in books of account-Inflated stock shown in stock statement submitted to bank-Cash credit facility-Physically stock was not verified-Order of Tribunal confirming the addition was deleted.

Chitta Ranjan Bera v. ITO (2023) 293 Taxman 408 (Cal.)(HC)

S. 69A : Unexplained money-Undisclosed purchases and sales-Tribunal reduced the addition to 10 percent towards purchase on undisclosed sales-Order of Tribunal is affirmed. [S. 147, 148, 260A]

Durgesh Chandra Sarkar v. CIT (2023) 293 Taxman 91 (Cal.)(HC)

S. 45(4) : Capital gains-Distribution of capital asset-Transfer-Dissolution of firm-Revaluation of assets and credit to capital accounts of partners-Introduction of new partners-Withdrawal of credit from capital account-Otherwise-Firm is liable to pay capital gains tax- Review petition is dismissed . [S. 2(47)(ii), 47(ii), 50]

Mansukh Dyeing and Printing Mills v. CIT (2023) 293 Taxman 516/ 334 CTR 4799 (SC) Editorial : Refer CIT v. Mansukh Dyeing and Printing Mills (2022) 449 ITR 439 / 220 DTR 189 / 329 CTR 673 / 145 taxmann.com 151/ / (2023) 290 Taxman 354 (SC)