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Disallowance of WIP Out of Disclosed On-Money Not Sustainable – Section 40A(3) Cannot Lead to Double Taxation; Unsecured Loan Through Banking Channel Not Taxable u/s 68 | Shanti Developers v. DCIT (ITAT Rajkot)
Shanti
Developers v. Deputy Commissioner of Income-tax ITA Nos.
827/RJT/2024 & 274/RJT/2025 (AY 2011–12)ITAT Rajkot
BenchDecision dated:
28 January 2026Coram: Dr.
Arjun Lal Saini (AM) & Dinesh Mohan S...
Interest Under Section 234B Payable Only up to Admission of Settlement Application: Delhi High Court Upholds Brij Lal Principle in CIT (Central)-III v. Income Tax Settlement Commission (2024)
Facts
of the CaseA
search and seizure operation under Section 132 of the Income-tax Act, 1961 was
conducted in the Radico Khaitan Group, in which the respondent-assessee, Dalip
Kumar Banthiya, was the Chief Financial...
Assessment and Reassessment in the Name of Amalgamating Company Held Void Ab Initio: Delhi High Court Applies Maruti Suzuki Doctrine in BSBK Engineers Pvt. Ltd. v. ACIT (2024)
Facts
of the CaseBSBK
Engineers Private Limited is the resulting company pursuant to a
court-approved Scheme of Amalgamation under which Parishudh Finance Company
Pvt. Ltd., the amalgamating company, stood merged and...
Assessment and Reassessment Against Amalgamating Companies Are Jurisdictionally Invalid: Delhi High Court Reaffirms Maruti Suzuki Principle in BSBK Engineers Pvt. Ltd. v. ACIT (2024)
Facts
of the CaseBSBK
Engineers Private Limited is the resulting company pursuant to a
court-approved Scheme of Amalgamation under which Parishudh Finance Company
Pvt. Ltd., the amalgamating company, stood merged and...
Reassessment Notices Barred by Limitation After Abhisar Buildwell: Delhi High Court Quashes Section 148 Proceedings in Bhadani Financers Pvt. Ltd. v. ACIT (2024)
Facts
of the CaseThe
petitioner, Bhadani Financers Pvt. Ltd., was subjected to reassessment
proceedings through issuance of a notice under Section 148 in November 2023
for a completed/unabated assessment year.Earlier...
Reassessment Notices Invalid Without Proper Sanction Under Section 151: Delhi High Court Quashes Section 148 Proceedings in Atma Ram Singhania v. ACIT (2024)
Facts
of the CaseThe
petitioner, Atma Ram Singhania, along with other connected assessees,
challenged reassessment proceedings initiated for Assessment Year 2015-16
through notices issued under Section 148 of the Inc...
Delhi High Court Reaffirms Mandatory Nature of Draft Assessment Order Under Section 144C – AT Kearney India Pvt. Ltd. v. DCIT (2024)
Facts
of the CaseAT
Kearney India Private Limited (“the Petitioner”) was subjected to assessment
proceedings involving transfer pricing adjustments. The Transfer Pricing
Officer (TPO) passed an order proposing ad...
Reassessment Notices Barred by Limitation Post Abhisar Buildwell: Delhi High Court Quashes Section 148 Proceedings in ARN Infrastructures India Ltd. v. ACIT
Facts
of the CaseThe
petitioner, ARN Infrastructures India Limited, challenged multiple
reassessment proceedings initiated for various assessment years by issuance of
notices under Section 148 in November 2023 and Ma...
Reassessment Beyond Limitation Invalid Without Incriminating Material: Delhi High Court Reaffirms Abhisar Buildwell Principle | Ankush Saluja v. DCIT
Facts
of the CaseA search operation was conducted
under Section 132 in a connected group case.Based on the search, proceedings were
earlier initiated under Section 153C, which were quashed by
appellate authorities du...
Reopening of Assessment Invalid Without Tangible Material: Delhi High Court Quashes Section 148 Notice in Alankar Promoters LLP v. ITO
Facts
of the CaseThe
petitioner, Alankar Promoters LLP (earlier Alankar Promoters Pvt.
Ltd.), challenged a notice dated 31.03.2019 issued under Section
148 of the Income Tax Act, 1961 for Assessment Year 2012-13.The
...