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-Additional report-Reassessment notice based on audit report which is already on the record-No new fresh tangible material-No failure to disclose material facts-Reassessment notice and order disposing the objection is quashed. [S. 32(i)(iia), 148, Art. 226]

Sun Pharmaceutical Industries Ltd. v. Dy. CIT (2023) 295 Taxman 627 (Guj.)(HC)

S. 147 : Reassessment-After the expiry of four years-Block of assets-Profit on sales of barge-No failure to disclose material facts-Order of Tribunal is affirmed. [S. 2(11), 32]

PCIT v. Seastem Ltd. (2023) 295 Taxman 671 (Guj.)(HC)

S. 147 : Reassessment-After the expiry of four years-Book profit-Over-stated cost of acquisition of shares and excess loss-No impact on tax liability on book profits-Reassessment notice and order disposing the objection is quashed.[S.115JA, 143(1), 148, Art. 226]

Pacific Energy (P.) Ltd. v. ITO (2023) 295 Taxman 785/ (2024) 337 CTR 597/ 464 ITR 124 (Bom.)(HC)

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)

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)