Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


ITO v. Yashovardhan Tyagi. (2020) 184 ITD 461 (Delhi)(Trib.)

S. 68 : Cash credits-Cash deposit in bank-Reflected in cash book and tallied with sales register-Addition cannot be made as cash credits [S. 145]

Satyam Smertex (P.) Ltd. v. DCIT (2020) 184 ITD 357 (Kol.) (Trib.)

S. 68 : Cash credits-Share application money-Share premium-Identity, creditworthiness and genuineness of share applicants were established-Addition is held to be not justified.

Jaykishan Parchani v. ITO (2020) 184 ITD 323 (Indore)(Trib.)

S. 56 : Income from other sources-Stamp valuation-Objection raised first time before CIT(A)-Valuation of property-Power of CIT(A) is coterminous powers with Assessing Officer, matter should have been referred for valuation to Departmental Valuation Officer-Matter remanded to the file of CIT(A) with the direction to refer the matter to Departmental Valuation Officer (DVO). [S. 45, 55A, 56(2)(ii)(b)]

Chandramohan Manohar Potdar v. CIT (2020) 184 ITD 907 / 208 TTJ 112/ (2021)201 DTR 131 (Mum.)(Trib.)

S. 54F : Capital gains-Investment in a residential house-Possession was not taken-Unfit for habitation-Owner of more than one house-Not eligible to claim deduction. [S. 45]

Rajiv Madhok v. ACIT (2020) 184 ITD 378/ 80 ITR 427 (Delhi)(Trib.)

S. 54F : Capital gains-Investment in a residential house-Possession of flat was taken within period of two years from date of transfer of original asset-Entitled for benefit. [S. 45]

Anil Kumar Nuwal v. ACIT (2020) 184 ITD 760/196 DTR 113/208 TTJ 637 (Jodhpur)(Trib.)

S. 54B : Capital gains-Land used for agricultural purposes-Purchase of new agricultural land prior to due date of filing return-Entitle to exemption. [S. 45, 139(1)]

Deepak Bhardwaj. v. ITO (2020) 184 ITD 470 (Delhi)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Capital gains not utilised within period of three years-Chargeable ro capital gain year in which period of 3 years from date of transfer of original asset expires. [S. 45]

ITO v. Rekha Shetty (Smt.) (2020) 184 ITD 38 /81 ITR 1(SN) (Chennai) (Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Substantially complied with provisions-Some delay in depositing amount in CGAS-Denial of exemption is held to be not justified. [S.45, 139(1)]

Ramesh Govindbhai Patel. v. ITO (2020) 184 ITD 731 (Ahd.) (Trib.)

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Agreement fixing amount of consideration and date of registration of property is different-Stamp valuation on date of agreement was to be taken for purposes of computing full value of consideration. [S. 45]

Anant Raj Ltd. v. ACIT (2020) 184 ITD 820/191 DTR 32/206 TTJ 101 (Delhi)(Trib.)

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Disputing the stamp valuation-Matter should be referred to DVO for valuation of the said property. [S. 45]