Month: May 2019

Archive for May, 2019


CIT (E) v. Managing Committee, Arya High School, Mausa, Punjab (2018) 97 taxman 656 ( P&H ) (HC) Editorial : SLP of revenue is dismissed, CIT (E) v. Managing Committee, Arya High School, Mausa, Punjab (2019) 261 Taxman 450 (SC)

S. 10(23C) : Educational institution-Receipt exceeded more than 1 crore-Purchase of land for further extension of school building- Eligible for exemption. [S. 10(23C(vi)]

Rajesh Kumar v. ACIT (2019) 175 ITD 734 / 181 DTR 79 (Bang.)(Trib.)

S. 153A : Assessment–Search-Income of any other person – Recording of satisfaction is mandatory -Notice has to be issued by Assessing Officer to other person under S. 153A although such Assessing Officer gets jurisdiction under S. 153C- In the case of searched person there is no requirement of recording of satisfaction. [S. 132, 153C]

Bharat Bhushan Jain Charitable Trust. v. CIT (2019) 175 ITD 729/ 71 ITR 76 (Delhi) (Trib.)

S. 80G : Donation-Charitable institutions-Carried out some of charitable activities in furtherance to its objects-Rejection of exemption is held to be not valid. [S. 12AA, 80G(5)]

Meghraj Singh Shekhawat v. DCIT (2019) 175 ITD 693 / 197 TTJ 278 (Jaipur) (Trib.)

S. 45 : Capital gains- cash credits–Bogus accommodation entries- Penny stock – Sale of shares-Purchase by account payee cheque– Transaction was credited in DMAT account-Opportunity of cross examination was not given-Sale transaction cannot be treated as bogus merely on the basis of suspicious or surmises-Addition was deleted–Estimation of commission was also deleted. [S. 10 (38), 68, 69C, 132(4)]

ACIT v. Dr. Jayesh Keshrichand Shah. (2019) 175 ITD 751/ 181 DTR 41 (Mum.)(Trib.)

S. 45 : Capital gains-sub-tenancy right-capital asset- Gains on surrender is liable to capital gains tax and not income from other sources. [S. 14, 55(2), 56]

Rajesh Kumar v. ACIT (2019) 175 ITD 734 / 181 DTR 79(Bang.) (Trib.)

S. 28(i) : Business loss-Held to be not allowable as not carried out any business activity in his individual capacity during the year.

Film Nagar Cultural Center v. DCIT (2019) 175 ITD 712 (Hyd.) (Trib.)

S. 4 : Charge of income-tax–Association of persons-Mutuality- Assessee is not claimed the benefit of mutuality-AO cannot suo motu assessee the part of income as mutuality. [S. 2(31)(v)]

Rajesh Kumar v. ACIT (2019) 175 ITD 734 / 181 DTR 79 (Bang.)(Trib.)

S. 2(22)(e) : Deemed dividend-Loan to a share holder–Not in the business of lending of money–Holding more than 10 percent voting power – Assessable as deemed dividend.

DCIT v. Wood Stock School. (2019) 175 ITD 722 (Delhi)(Trib.)

S. 2(15) : Charitable purpose–School-Expenditure incurred on catering services for maintenance of its boarding school- Held to be educational purposes –Entitle to exemption. [S. 11, 13, 12AA]

Granite Gate Properties Pvt. Ltd. v. CIT (2019) 414 ITR 130/175 DTR 415 / 307 CTR 599 (Delhi) (HC)

S. 271(1)(c) : Penalty – Concealment –Disallowance of expenses –Full details are disclosed – Levy of penalty is held to be not justified.