14 INCOME TAX CASE LAWS 10.02.2025

Sr No	Case Law Title	Brief Summary	Citation	Relevant Section and Act
1	ACIT (OSD) v. GAIL Mangalore Petrochemicals Ltd.	New claims by Income Tax Department after approval of Resolution Plan cannot be considered.	Click Here	Section 4 Income Tax Act, 1961
2	Artificial Limbs Manufacturing Corporation of India v. Additional Commissioner of Income-tax	Assessee allowed accumulation of income at 15% of gross receipts. Loan Utilization Clarified	Click Here	Section 11 Income Tax Act, 1961
3	Deputy Commissioner of Income-tax v. Avinash Singla	Addition on account of capital gains deleted as no incriminating material was found. Capital Gains Addition Deleted as it was based on a SEBI warning letter: No Evidence Found to Support Bogus Transaction Claim	Click Here	Section 45 Income Tax Act, 1961
4	Principal Commissioner of Income-tax v. K.R. Jayaram	SLP dismissed, reopening of assessment held invalid.	Click Here	Section 50C Income Tax Act, 1961
5	Arun Agarwal v. Income-tax Officer	Exemption under Section 54B Allowed: Partial Agricultural Use Sufficient	Click Here	Section 54B Income Tax Act, 1961
6	Income-tax Officer v. Managing Director	Matter remanded for reconsideration of whether interest income was remitted back to the government.	Click Here	Section 56 Income Tax Act, 1961
7	Meena Jewellers Extension (P.) Ltd. v. ACIT	Matter remanded for reconsideration of additions towards non-current liabilities.	Click Here	Section 68 Income Tax Act, 1961
8	Meena Jewellers Extension (P.) Ltd. v. ACIT	Matter remanded for reconsideration of additions towards cash deposits during demonetization.	Click Here	Section 69A Income Tax Act, 1961
9	Rikin Industries v. Income-tax Officer	Reopening notice quashed as it was based on borrowed satisfaction. Reopening Notice Quashed based solely on information from the insight portal,: No Independent Application of Mind by Assessing Officer	Click Here	Section 71 Income Tax Act, 1961
10	Meena Jewellers Extension (P.) Ltd. v. ACIT	Matter remanded for reconsideration of best judgment assessment.	Click Here	Section 144 Income Tax Act, 1961
11	Lal Chand Verma Through His Legal Heir v. Union of India	Reassessment proceedings quashed as no notice was issued to the legal heir.	Click Here	Section 148 Income Tax Act, 1961
12	Shrishaila Mallikarjun Traders v. Income-tax Officer	Penalty under Section 271B cancelled due to reasonable cause for failure to file audit report.	Click Here	Section 271B Income Tax Act, 1961
13	Binod Pattanayak v. Union of India	TDS Default: Assessee Allowed to Seek Compounding of Offense under Section 320 CrPC	Click Here	Section 276B Income Tax Act, 1961
14	Surinder Nath Jain v. Income-tax Officer jammu	Complaint under Section 276C cannot be quashed at the infancy stage of prosecution. Quashing of Complaint for Tax Evasion u/s 276C(1) Rejected if sale consideration of land received in Cash : Cognizable Offense Requires Trial	Click Here	Section 276C Income Tax Act, 1961