S. 147 : Reassessment-After the expiry of four years-Investment in purchase of shares-Objections disposed without passing speaking order-Fundamental factual error-Reassessment notice and order disposing the objection is quashed.[S. 68, 148,151, Art. 226]
Arvind Sahdeo Gupta v. ITO (2023) 295 Taxman 30/334 CTR 294 (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-After the expiry of four years-Capital gains-Cost of acquisition-No failure to disclose material facts-Reassessment notice and order disposing the objection is quashed. [S. 45, 48, 148, Art. 226]
Teofilo Fernando Antonio Pinto v. UOI (2023) 295 Taxman 633/ //(2024) 464 ITR 249 (Bom.)(HC)S. 147 : Reassessment-After the expiry of four years-Cash deposited in bank-Suspicious of unaccounted money-Reason to suspect and no reason to believe-Notice and order disposing the objection is quashed and set aside. [S. 68, 148, Art. 226]
Darpan P. Chandaliya v. ITO (2023) 295 Taxman 717 (Bom.)(HC)S. 147 : Reassessment-After the expiry of four years-Capital gains-Investment in a residential house-No new tangible material-Reassessment notice and order disposing the objection is quashed. [S. 54F, 148, Art. 226]
Ashraf Chitalwala v. Dy. CIT (2023) 295 Taxman 174/(2024)461 ITR 235 (Bom.)(HC)S. 147 : Reassessment-After the expiry of four years-Notional foreign exchange loss-No failure to disclose material facts-Change of opinion-Notice and order disposing the objection is quashed.[S.37(1), 148, Art. 226]
Meer Gems v. ACIT (2023) 154 taxmann.com 646 (Bom)(HC) Editorial : SLP of Revenue is dismissed, ACIT v. Meer Gems (2023) 295 Taxman 120 (SC)S. 147 : Reassessment-After the expiry of four years-Bad debts written off-Book profit-Exempt income-No failure to disclose material facts-Reassessment notice and order disposing the objection is quashed. [S.14A, rt. 36(1)(vii), 44AB,115JB, 148, Art. 226]
DCB Bank Ltd. v. Dy. CIT (2023) 458 ITR 716 /295 Taxman 387 (Bom.)(HC)S. 147 : Reassessment-After the expiry of four years-Brought forward depreciation-Capital gains-Business income [S. 28(i), 32, 71, 148, Art.226]
Mukand Ltd. v. UOI (2023) 295 Taxman 13 (Bom.)(HC)S. 147 : Reassessment-After the expiry of four years-Special economic zones-Splitting up or reconstruction-No failure to disclose full and true material facts-Reassessment notice and order disposing the objection is quashed. [S.10AA, 148,Form No 56F, Art. 226]
Citius Tech Healthcare Technology (P.) Ltd. v. Dy. CIT (2023) 295 Taxman 761/[2024] 461 ITR 249 (Bom.)(HC)S. 147 : Reassessment-After the expiry of four years-S.147: Reassessment-Foreign exchange fluctuation-No failure to disclose material facts-Audit objection-Notice of reassessment and order disposing the objection is quashed. [S. 4, 148, Art. 226]
Oriental Aromatics Ltd v. Dy.CIT (2023) 295 Taxman 367(Bom)(HC)S. 147 : Reassessment-Revaluation of asset of firm-Transfer of revalued reserve to partners’ accounts-Section 45(3) is applicable in year of transfer of capital asset by partner to firm by way of capital contribution-Re valuation is not colourable device-Reassessment is not valid-SLP of Revenue is dismissed. [S.10(2A), 45(3), 148, Art. 136]
PCIT v. Blue Heaven Griha Nirman (P.) Ltd. (2023) 295 Taxman 11 (SC) Editorial: PCIT v. Blue Heaven Griha Nirman (P.) Ltd(2022) 441 ITR 621/ 285 Taxman 663 (Cal)(HC)