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-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Rajendra Singh Karnawat v. ACIT (2022) 138 taxmann.com 208 (Bom.)(HC) Editorial: SLP dismissed as withdrawn as final reassessment order had already passed which was appealable before CIT(A), Rajendra Singh Karnawat v. ACIT (2022) 287 Taxman 227 /113 CCH 159 (SC)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)

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)