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-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)

S. 147 : Reassessment-Share premium-Provided working of fair value of equity shares as per rule 11UA in the original assessment proceedings-Change of opinion-Reassessment notice is not valid. [S. 56(2)(viib), 148 ,R. 11UA, Art. 226]

Bhavani Gems (P) Ltd. v. ACIT (2022) 287 Taxman 682 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Referral fees to doctors for referring-Allowed in the course of assessment proceedings-Change of opinion-Reassessment notice is not valid [S. 37(1), 148, Medical Council (Professional Conducts, Etiquettes and Ethics) Regulation Act, 2002 Regulations, 6.4, 6.8 and 8.1 s Art. 226]

Peerless Hospitex Hospital and Research Centre Ltd. v. PCIT (2022) 447 ITR 60/213 CTR 81/326 CTR 249/287 Taxman 711 (Cal.)(HC)

S. 147 : Reassessment-After the expiry of four years-Sales promotion/freebees-No failure to disclose material facts-Reassessment notice is bad in law. [S. 37(1), Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations, 2022

Virbac Animal Health India (P) Ltd. v. ACIT (2022) 287 Taxman 590 / 113 CCH 256 / (2023) 453 ITR 787 (Bom.)(HC).Editorial: SLP of Revenue dismissed , ACIT v. Virbac Animal Health India Pvt. Ltd. (2023)453 ITR 794 (SC)

S. 147 : Reassessment-After the expiry of four years-Deduction in respect of expenditure on specified business-No failure to disclose material facts-Change of opinion-Reassessment notice is not valid [S. 35AD, 148, Art. 226]

Rashtriya Chemicals and Fertilizers Ltd. v. ACIT (2022) 287 Taxman 36/113 CCH 275 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Penny stock-Capital gains-Information from DDIT(Inv)-No allegation of failure to disclose material facts-Reassessment notice is not valid. [S. 45, 68, 148, Art. 226]

Rajkumar S. Singh v. ACIT (2022) 287 Taxman 296/114 CCH 300 (Bom.)(HC) Rita Rajkumar Singh v. ACIT (2022) 287 Taxman 413/114 CCH 318 (Bom.)(HC)

S. 147 : Reassessment-After the expiry of four years-Amount payable to sundry creditors-Cessation of liability-No new information-Re assessment notice is quashed. [S. 41(1), 148, Art. 226]

Meer Gems v. ACIT (2022) 446 ITR 754/287 Taxman 689 (Bom.)(HC)SLP of Revenue is dismissed , ACIT v. Meer Gems (2023) 459 ITR 1 / 294 Taxman 606 (SC)

S. 147 : Reassessment-After the expiry of four years-Payment of broken period interest on acquisition of securities-Revenue expenditure-Reassessment notice is not valid. [S. 37(1), 148, Art. 226]

Dena Bank v. ACIT (2022) 287 Taxman 300 / 114 CCH 299 (Bom.)(HC)