S. 147 : Reassessment-Transfer pricing-Reference to TPO-Section 144C(4) only states that AO has to pass an assessment order in accordance with provisions of Act and it nowhere states that reopening notice can be issued only after passing an assessment order-Reassessment notice is held to be valid. [S. 92CA, 144C (4), 148, Art. 226]
Kone Elevator India (P.) Ltd. v. ACIT (2022) 289 Taxman 411/(2023) 450 ITR 338/ / 332 CTR 328/ 226 DTR 189 ( (Mad)(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-Mark-to-Market loss-No new material-Notice for reassessment and order disposing the objection was quashed. [S. 14A, 37(1), 72, 148, Art. 226]
Cognizant Technology Solutions India (P.) Ltd. v. ACIT (2022) 289 Taxman 660/ (2023) 453 ITR 372 (Mad.)(HC)S. 147 : Reassessment-After the expiry of four years-Capital gains-Excess cost of acquisition of property-Question of fact-Alternative remedy-Directed to file an appeal.Directions for maintenance of status qua subject to payment of 10 percent of demand . [S. 143(3), 147, Art. 226]
East Coast Consultants (India) Ltd. v. DCIT (2022) 289 Taxman 36 / 217 DTR 19/(2023) 450 ITR 114 (Mad.)(HC) Editorial: Order of single judge is affirmed, East Coast Consultants (India) Ltd. v. DCIT, W.P.No. 10699 of 2022 dt. 25-5-2022/( 2022) 328 CTR 247 / ( 2023) 450 ITR 112 (Mad)( HC)S. 145 : Method of accounting-Construction and development of property-Project completion method-Principle of consistency-Not justified in adopting percentage completion method.
PCIT v. Salarpuria Simplex Dwelling LLP. (2022) 289 Taxman 264 / 216 DTR 425 (2023) 455 ITR 712(Cal.)(HC)S. 144B : Faceless Assessment-Personal hearing request was rejected-Order was quashed and set aside-Matter remanded back to Assessing Officer for a fresh decision. [S. 143(3),144B(7)(vii), Art. 226]
Vikas Singhal v. NFA (2022 289 Taxman 243 (Delhi) (HC)S. 144B : Faceless Assessment-Principle of natural justice-Technical difficulties-Order passed without granting an opportunity of hearing with sufficient time-Order was set aside. [S. 80P, 144 147, Art. 226]
Muhavoor Primary Agricultural Co-operative Society Ltd. v. NFAC (2022) 289 Taxman 471 (Mad.)(HC)S. 144B : Faceless Assessment-Not granting personal hearing-Unexplained investments-Mutual funds-Joint names-Factual dispute-Pendency of appeal-Writ petition was dismissed. [S. 69, 156, 246A, Art, 226]
Afsha Talwar v. UOI (2022) 289 Taxman 696 (Delhi)(HC)S. 139 : Return of income-Condonation of delay-litigation between promoters and investors-Beyond control of assessee-PCIT and Additional CIT recommending condonation of delay-Rejection of application by CBDT was set aside by High Court was affirmed. [S. 119(1), 119(2)(b), Art, 136, 226]
CBDT v. Vasudeva Adigas Fast Food (P.) Ltd. (2022) 289 Taxman 148 / 220 DTR 463 / ( 2023) 450 ITR 4/ 331 CTR 92 (SC) Editorial : Order of High Court, affirmed, CBDT v. Vasudeva Adigas Fast Food (P.) Ltd (2021) 437 ITR 67/ 282 Taxman 48(Karn)(HC)S. 127 : Power to transfer cases-Udaipur to Delhi-Opportunity of hearing not granted-Transfer order was set aside. [Art. 226]
Murliwala Agrotech (P.) Ltd. v. UOI (2022) 289 Taxman 702/216 DTR 237 / 327 CTR 662 (Raj.)(HC)S. 115JB : Book profit-Disallowance made under section 14A could not be added for the purpose of computing book profits. [S. 14A]
PCIT v. Atria Power Corporation Ltd(2022) 142 taxmann.com 412 (Karn.)(HC) Editorial: SLP of Revenue dismissed, PCIT v. Atria Power Corporation Ltd. [2022] 289 Taxman 111 (SC)