S. 147 : Reassessment-Unexplained moneys-Cash deposited in bank-Demonetization period-Explanation was furnished in the assessment proceedings-Reassessment proceedings on same set of facts would amount to mere change of opinion-Notice was quashed. [S. 69A, 148, Art. 226]
Awlesh Kumar Singh v. UOI (2022) 287 Taxman 596/(2023) 332 CTR 231/ 224 DTR 300 (All.)(HC)
Digest of case laws
Online digest of latest case laws
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-Cash credits-Information from Investigation Wing-Search and Seizure-Purchase of property-Cash payment-Reassessment notice is valid. [S. 132, 143(1), 148, Art. 226]
Pushpa Yadav v. ITO (2022) 287 Taxman 305/215 DTR 66/327 CTR 333 (All.)(HC)S. 147 : Reassessment-Penny Stock-Bogus capital gains-Accommodation entries-Information from Investigation Wing-Reassessment notice is valid. [S. 68, 69, 148, Art. 226]
Pushpa Uttamchand Mehta v. ITO (2022) 287 Taxman 483 / 114 CCH 314 (Guj.) (HC)S. 147 : Reassessment-Share application money-Shell companies-Operating from Kolkata-Reassessment notice is valid. [S. 69A, 148, Art. 226]
Ambuj Foods (P) Ltd. v. PCIT (2022) 287 Taxman 490/ 212 DTR 460/ 326 CTR 352 (All.)(HC)S. 147 : Reassessment-Cash credits-Source of loan explained-Change of opinion-Reassessment notice is not sustainable. [S. 68, 133(6), 148, Art. 226]
Vapi Infrastructure and Industrial Township LLP v. ITO (2022) 287 Taxman 468/114 CCH 97 (Bom.)(HC)S. 147 : Reassessment-Carryforward and set off of brought forward losses-Business expenditure-Tax Audit Report-Provided all details in repose to notice-Provided break-up of head-wise expenses and these figures were also mentioned in statement of profit and loss filed by assessee, reopening of assessment being mere change of opinion was not justified. [S. 37(1), 72, 148, Art. 226]
Tech Engg Project Services and Equipments (I) (P) Ltd. v. UOI (2022) 287 Taxman 24/ 220 CTR 209/ 329 CTR 665 113 CCH 282 (Bom.)(HC)S. 147 : Reassessment-Non disclosure of primary facts-Single ground of reopening of reassessment is valid. [S. 143(1), 148, Art. 226]
Rajendra Singh Karnawat v. ACIT (2022) 138 taxmann.com 208 (Bom.)(HC) Editorial: SLP dismissed as withdrawn as final reassessment order had already passed which was appealable before CIT(A), Rajendra Singh Karnawat v. ACIT (2022) 287 Taxman 227 /113 CCH 159 (SC)S. 147 : Reassessment-Charitable trust-Accumulation of income-Deemed accumulation of income-Change of opinion-Reassessment is not justified. [S. 11(2), 148, Art. 226]
Chandrakant Narayan Patkar Charitable Trust v. ITO(E) (2022) 287 Taxman 685 (Bom.)(HC)S. 147 : Reassessment-Complaint with Maharashtra RERA-Complaint was amended-Reassessment notice without verifying the amended RERA complaint is held to be not valid. [S. 68, 148, Art. 226]
Anil Gulabdas Shah v. ACIT (2022) 287 Taxman 402 (Bom.)(HC)S. 147 : Reassessment-With in four years-Unsold flats-Income from house property-Issues were a subject matter of consideration by AO while completing assessment-Change of opinion-Reassessment notice is not valid. [S. 22, 43CA, 148, Art. 226]
Lokhandwala Construction Industries (P) Ltd. v. Dy. CIT (2022) 287 Taxman 330/113 CCH 189 (Bom.)(HC)