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-Recorded reasons not provided-Reassessment is bad in law. [S. 148]

Rishabh Metals & Chemicals Pvt. Ltd. v. DCIT (2021) The Chamber’s Journal-November-P. 101 (Mum.)(Trib.)

S. 147 : Reassessment-With in four years-AIR Information-Cash credits-Cash deposit in the bank-Assessing Officer failed to make reasonable enquiry-Reassessment was quashed. [S. 44AE, 68, 148]

Tapan Chakraborty v. ITO (2021) BCAJ-October-P. 53 (Kol.)(Trib.)

S. 145 : Method of accounting-Accrual of income-Real income theory-Interest income-Realisation becomes impossible-Income cannot be assessed on hypothetical basis. [S. 4, 5]

Nutan Warehousing Co. Pvt. Ltd. v. ACIT (2021) BCAJ-July-P. 46 (Pune)(Trib.)

S. 143(3) : Assessment-Order passed in the name of a deceased person is invalid and sustainable in the eyes of law. [ITAT R. 27]

DCIT v. Late Ajit Kumar Vaddevalli L/R-Vadevalli Sarita Devi (2021) The Chamber’s Journal-August-P 83 (Hyd.)(Trib.)

S. 115JB : Book profit-Capital receipt-A particular receipt cannot be assessed as book profit merely on the ground that the assessee has offered it in the return of income. [S. 2(24),4]

Batliboi Ltd. v. ITO (2021) 62 CCH 160 (Mum.)(Trib.)

S. 115BBE : Tax on specified income-Survey-Builder-Housing project-On money-Income offered-Assessed as deemed income-Professional fees paid was allowed as deduction. [S. 68, 37(1)]

Anjani Infra v. DCIT (2021) BCAJ-October-P. 54 (Surat)(Trib.)

S. 69A : Unexplained money-Alleged on-money-Power of attorney holder-Addition cannot be made in the assessment of power of attorney holder. [S. 143(3)]

Bamkimbhai D. Patel v. ITO (2021) BCAJ-September-P. 38 (Ahd.)(Trib.)

S. 68 : Cash credits-Statement of Mr Praveen Kumar Jain which was retracted-Addition cannot be made on presumptions that the assessee has routed its own cash in the form of unsecured loans. [S. 132]

Nisarg Lifespace LLP v. ITO (2021) The Chamber’s Journal-August-P. 92 (Mum.)(Trib.)

S. 56 : Income from other sources-Share premium-Share premium cannot be assessed as revenue receipt. [S. 56(1), 68]

ACIT v. Covestro India (P.) Ltd. (2021) 129 taxmann.com 50 (Mum.)(Trib.)

S. 56 : Income from other sources-Acquisition of Agricultural land-Interest on enhanced compensation-Capital receipt-Not chargeable to tax. [S. 4, 56(2)(viii), 57(iv)]

Narinder Kumar v. ITO (2021) BCAJ-June-P. 27 (Delhi)(Trib.)