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Section 56(2)(viib) Valuation Dispute — AO Cannot Substitute Assessee’s Chosen DCF Method with NAV Method: Delhi High Court in Agra Portfolio Pvt. Ltd. v. PCIT (2024)
Facts of the CaseThe assessee, Agra Portfolio Pvt. Ltd., allotted
3,15,000 equity shares of face value ₹10 each at a premium of ₹40 per share
during AY 2014-15, aggregating ₹1,26,00,000. For determining Fair Mark...
Delhi High Court Curtails Search-Based Reassessments Without Statutory Compliance — INDO GREENFUEL PVT. LTD. v. ACIT (Central Circle-28), Delhi & Ors., ITA 52/2024 & Connected Matters (03 April 2024)
Facts of the CaseThe writ petitions filed by Indo Greenfuel Pvt. Ltd. formed
part of a large batch of appeals and writ petitions adjudicated together by the
Delhi High Court in ITA 52/2024 and connected matters arising...
Delhi High Court Reinforces Statutory Limits on Search-Based Reassessments — INDO GREENFUEL PRIVATE LIMITED v. ACIT, Central Circle-28, Delhi & Ors. (03 April 2024)
Facts of the CaseThe writ petitions filed by Indo Greenfuel Private Limited
formed part of a large batch of appeals and writ petitions adjudicated together
by the Delhi High Court in ITA 52/2024 and connected matters a...
Delhi High Court Invalidates Search Reassessment Notices Issued Without Jurisdiction — BETSY GROWTH FINANCE LIMITED v. ACIT, Central Circle-28 & Ors. (03 April 2024)
Facts of the
CaseThe writ petition
filed by Betsy Growth Finance Limited was part of a large batch of appeals and
writ petitions adjudicated together by the Delhi High Court in ITA 52/2024 and
connected matters arisi...
Delhi High Court on Search Assessments: Strict Compliance with Sections 153A & 153C Mandatory — ASHUTOSH AGARWAL v. ACIT (Central Circle-28), Delhi & Ors., ITA 52/2024 & Connected Matters (03 April 2024)
Facts of the CaseThe writ petitions filed by Ashutosh Agarwal were part of a
large batch of appeals and writ petitions adjudicated together by the Delhi
High Court in ITA 52/2024 and connected matters arising from sear...
Delhi High Court Reiterates Strict Jurisdictional Limits on Search Assessments — ASHUTOSH AGARWAL v. Assistant Commissioner of Income Tax (Central Circle-28), Delhi & Ors. (03 April 2024)
Facts of the CaseThe writ petitions filed by Ashutosh Agarwal were part of a
large batch of appeals and writ petitions adjudicated together by the Delhi
High Court in ITA 52/2024 and connected matters arising from sear...
Delhi High Court Enforces Jurisdictional Safeguards in Search Assessments: Notices Beyond Statutory Limits Liable to Be Quashed — ANUJ SHARMA v. Assistant Commissioner of Income Tax, Central Circle-28, Delhi & Ors. (03 April 2024)
Facts of the CaseThe writ petitions filed by Anuj Sharma formed part of a large
batch of appeals and writ petitions adjudicated together by the Delhi High
Court in ITA 52/2024 and connected matters arising from search ...
Delhi High Court on Search Assessments of Legal Heirs: Jurisdictional Limits Under Sections 153A/153C Strictly Enforced — ANKIT AGARWAL (Legal Heir of Late Shanti Kumar Aggarwal) v. ACIT, Central Circle-27, Delhi & Connected Matters (03 April 2024)
Facts of the CaseThe writ petitions filed by Ankit Agarwal, as legal heir of
Late Shanti Kumar Aggarwal, formed part of a large batch of matters decided
together by the Delhi High Court arising out of search and seizur...
Concluded Reassessment Cannot Be Reopened Under Ashish Agarwal: Delhi High Court Quashes Fresh Notices — ANINDITA SENGUPTA v. ACIT, Circle 61(1), New Delhi (2024)
Facts of the CaseThe petitioner challenged a Show Cause Notice dated 30 May
2022 issued under Section 148A(b) of the Income-tax Act, 1961, the order dated
19 July 2022 passed under Section 148A(d), and the consequentia...
Delhi High Court Restricts Search-Based Reassessments Beyond Statutory Limits — ALKA AGARWAL v. Dy. Commissioner of Income Tax, Central Circle-28, Delhi & Connected Matters (03 April 2024)
Facts of the CaseThe writ petitions filed by Alka Agarwal formed part of a
large batch of matters decided together by the Delhi High Court arising out of
search and seizure operations conducted by the Income Tax Depart...