This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws

S. 54F : Capital gains-Investment in a residential house-Joint property-Matter remanded. [S. 45]

Ganga Poorna Prasad v. ACIT (2021) 91 ITR 62 (SN) (Bang.)(Trib.)

S. 54F : Capital gains-Investment in a residential house-Amount not deposited in a sperate capital gains account before due date of filing of return-Capital gain invested for acquiring another property with in specified u/s 54F of the Act-Entitle to exemption. [S. 45, 139(1)]

Dipal Sureshbhai Patel v. ITO (2021) 211 TTJ 30 (UO) (Ahd.)(Trib.)

S. 45(2) : Capital gains-Conversion of a capital asset in to stock-in-trade-All sales is recognised and taxed in the holding company-Addition cannot be made in the assessee. [S. 2(47), 45]

ITO v. Kidderpore Holdings Ltd. (2021) 213 TTJ 6 / 197 DTR 8 (Mum.)(Trib.)

S. 45 : Capital gains: Transfer of shares of Indian Company to non-resident-Sale consideration as per sale purchase agreement to be adopted-Conversion rate as per 11UA to be adopted-Matter remanded. [S.48, Rule 11UA]

Sumitomo Corporation v. DCIT(IT) (2021) 213 TTJ 137 (Delhi)(Trib.)

S. 45 : Capital gains-Sale consideration-Valuation determined in respect of both the properties works out to less than 10% of the actual sale consideration as declared by the assessee-AO was directed to accept the sale consideration as declared by the assessee as per the two registered sale deeds. [S. 48, 50C]

Banwari Lal Sharma v. ITO, (2021) 62 CCH 0504 / 213 TTJ 307 (Jaipur)(Trib.)

S. 43B : Deductions on actual payment-Restructuring of bank loan-Cash credit-Amounts of credits in cash credit account were much more than amount of interest debited by bank, no disallowance can be made.

Iceberg Foods Ltd. v. ACIT (2021) 91 ITR 1 / (2022) 192 ITD 320 (Delhi)(Trib.)

S. 43B : Deductions on actual payment-PF and ESI dues-Paid before due date of filing of return-No disallowance can be made. [S. 36(1)(va), 139(1)]

Dhabriya Polywood Ltd. v. ADIT (2021) 91 ITR 127 / (2022) 192 ITD 298 (Jaipur)(Trib.)

S. 43B : Deductions on actual payment-Any sum received from employees-Addition unsustainable where employee’s contribution to ESI is deposited after due date of the fund but before the due date of filing return of income u/s. 139(1) of the Act. [S. 36(1)(va), 139(1)]

Mohangarh Engineers and Construction Company v. DCIT, (2021) 213 TTJ 298 / 205 DTR 65 / (2022) 192 ITD 309 (Jodhpur)(Trib.) U & T Tractor Spares (P) Ltd. v. ACIT, (2021) 213 TTJ 298 / 205 DTR 65 (Jodhpur)(Trib.) Pali Urban Co-Operative Bank Ltd v. Dy. CIT (2021) 213 TTJ 298 / 205 DTR 65 (Jodhpur)(Trib.) Aroon Facilitation Management Services (P) Ltd. v. Dy. CIT (2021) 208 DTR 226 (SMC) (Delhi)(Trib.)

S. 43B : Deductions on actual payment-Any sum received from employees-Addition unsustainable where employee’s contribution to ESI is deposited after due date of the fund but before the due date of filing return of income u/s.139(1) of the Act-Precedent-Lower Authorities are bound by the decision of Jurisdictional High Court. [S. 36(1) (va),139(1), 143(1)(a), 154]

K.P. Airtech v. DCIT, (2021) 213 TTJ 54 (UO) (Jaipur)(Trib.)

S. 43B : Deductions on actual payment-Employee’s contribution-Provident fund and ESI-Payment made before due date of filing of return-Amendment by the Finance Act, 2021 are applicable only from 1st April, 2021-Entitle to claim deduction. [S. 36(1)(va)]

Gopalakrishna Aswini Kumar v. ADIT (2021) 214 TTJ 1018 / 208 DTR 212 / (2022) 192 ITD 562 (Bang.)(Trib.) Continental Restaurant and Café Co. v ITO (2021) 91 ITR 60 (SN) (Bang.)(Trib.)