S. 147 : Reassessment-With in four years-Depreciation-Information from Directorate of Income Tax, Intelligence & Criminal Investigation-Goodwill, trademarks and patents and Brands-Reopening of assessment on basis of very same material to take a different view was not justified-Reassessment notice was quashed. [S. 32, 148, Art, 226]
Preethi Kitchen Appliances (P.) Ltd. v. ACIT (2022) 446 ITR 411/ 286 Taxman 483 (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-With in four years-Interest free loans to sister concern-Charge of interest-Change of opinion-Reassessment notice was quashed. [S. 36(1)(iii), 148, Art. 226]
Parinee Realty (P.) Ltd. v. ACIT (2022] 286 Taxman 337/ 217 DTR 279 (Bom.)(HC)S. 147 : Reassessment-After the expiry of four years-Bad debts-Change of opinion-No tangible material-Reassessment was quashed. [S. 36(1)(vii), 148]
CIT v. Trichy Steel Rolling Mills Ltd. (2022) 286 Taxman 595 (Mad.)(HC)S. 147 : Reassessment-After the expiry of four years-Capital gains-No failure to disclose material facts-Reassessment notice was quashed [S. 45, 54, 148, Art. 226]
Gagan Omprakash Navani v. ITO (2022) 445 ITR 147 (Bom.)(HC)S. 147 : Reassessment-After the expiry of four years-Capital gains-No failure to disclose material facts-Reassessment notice was quashed [S. 45, 54, 148, Art. 226]
Gagan Omprakash Navani v. ITO (2022) 445 ITR 147 (Bom.)(HC)S. 147 : Reassessment-After the expiry of four years-Business expenditure-Leased assets-Repurchase expenses-No failure to disclose material facts-Reassessment notice is not valid. [S. 37(1), 148, Art, 226]
Mangalore Refinery and Petrochemicals Ltd. v. DCIT (2022) 286 Taxman 607 (Bom.)(HC)S. 147 : Reassessment-After the expiry of four years-Rate of depreciation-Software licence-Audit information-Reassessment notice was quashed. [S. 32, 148, Art, 226]
Maharashtra State Power Generation Company Ltd. v. DCIT (2022) 286 Taxman 333 (Bom.)(HC)/Editorial : SLP of Revenue is dismissed , Dy.CIT v. Maharashtra State Power Generation Company Ltd (2023) 294 Taxman 597 ( SC)S. 147 : Reassessment-After the expiry of four years-Provision for sales and operating expenses-No failure to disclose material facts-Reassessment notice was not valid. [S. 148, Art, 226]
Halite Personal Care India (P.) Ltd. v. DCIT (2022)448 ITR 303/ 218 DTR 531/ 286 Taxman 464 (Bom.)(HC)S. 147 : Reassessment-After the expiry of four years-Audit objection-Security deposit-Interest expenditure-Change of opinion-Reassessment was quashed. [S. 37(1), 148, Art, 226]
Glaxosmithkline Pharmaceuticals Ltd. v. ACIT (2022] 286 Taxman 324 (Bom.)(HC)S. 145 : Method of accounting-Records were destroyed by fire-Rejection of books of account not justified. [S. 133A]
PCIT v. Inland Road Transport Ltd. (2022) 286 Taxman 613 (Cal.)(HC)