S. 147 : Reassessment-With in four years-Information from Investigation Wing-Client code modification-Mistake by share broker-Reassessment is held to be not valid. [S. 148]
Chintan Jaswantbhai Shah v. ITO (2021) 87 ITR 228 (Ahd.)(Trib.)S. 147 : Reassessment-With in four years-Information from Investigation Wing-Client code modification-Mistake by share broker-Reassessment is held to be not valid. [S. 148]
Chintan Jaswantbhai Shah v. ITO (2021) 87 ITR 228 (Ahd.)(Trib.)S. 147 : Reassessment-After the expiry of four years-Unexplained investment-Beneficiaries of Trusts-Discretionary trust-Account with bank in Liechtenstein-Notice barred by limitation-Addition was not valid-1/5 share in the trust neither accrued nor arisen-Additional ground was admitted. [S. 69, 143(3), 148, 151(2)]
Manoj Kumar Dhupelia v. Dy.CIT (2021) 87 ITR 528 (Kol.)(Trib.) Rupal Dhupelia (Smt.) v. Dy. CIT (2021) 87 ITR 528 (Kol.)(Trib.) Editorial : Order in Mohan Ambrish and Ms Bhavya Manoj Dhupalia v. Dy.CIT (2014) 54 taxmann.com 146 (Mum.)(Trib.), distinguished.S. 145 : Method of accounting-Real estate business-Project competition method-Advance from customers-Estimate at 10 percent of advance received during the year is proper-Advance carried over from earlier years no addition can be made. [S. 28(1), 145(3)]
Srabani Constructions Pvt. Ltd. v. ACIT (2021) 87 ITR 7 (SN) (Cuttack)(Trib.)S. 145 : Method of accounting-Provision for software expenses-Allowable as deduction. [S. 37(1)]
Infosys Bpm Ltd. v. Dy. CIT (2021) 87 ITR 193 (Bang.)(Trib.)S. 143(3) : Assessment-Undisclosed income-Cash in hand as at close of preceding year accepted in assessment-Sufficient to cover shortfall in sum returned-Addition cannot be made. [S. 132]
Daya Properties and Finance v. ACIT (2021) 87 ITR 17 (SN) (Indore) (Trib.)S. 143(3) : Assessment-Undisclosed income-Bogus purchases-Sales accepted-Statement in the course of search-Neither the statement was furnished nor an opportunity of cross examination was provided-Addition is held to be not justified. [S. 131, 133(6)]
ACIT v. Jain Jewellery (2021) 87 ITR 43 (SN.) (Delhi)(Trib.)S. 142(2A) : Inquiry before assessment-Special audit-Time limit-Assessment completed within two months from date of special Audit report-Held to be within limitation period. [S. 142(2C), 153]
Dwarka Prasad Tayal v. ITO (2021)87 ITR 675 (Indore)(Trib.)S. 115JB : Book profit-Capital or revenue-Receipt of unutilised contribution from welfare trust-Not liable to tax while computing Book Profit. [S. 2(24), 40A(11)]
Batliboi Ltd. v. Dy.CIT (2021) 87 ITR 401 (Mum.)(Trib.)S. 92C : Transfer pricing-Arm’s length price-Comparable-Company whose audited financial data for previous year available in public domain not to be discarded merely because it has different financial year-Expenses on travel, boarding and lodging, etc. of its employees during outstation visits-Assessee should have marked up expenses by a profit-margin before making recoveries-Weighted average period of realization with respect to all invoices was only 20.52 days-Matter remanded.
Dunnhumby It Services India P. Ltd. v. Dy. CIT (2021) 87 ITR 66 (SN) (Delhi)(Trib.)S. 92C : Transfer pricing-Arm’s length price-Net margin method-Adjustments to be restricted to international transactions and not to be applied to entire segment of manufacturing activity-Entitled to benefit of tolerance range of +5 Per Cent. [S. 92CA]
Add.CIT v. Bunge India Pvt. Ltd. (2021) 87 ITR 34 (SN) (Mum.)(Trib.)