S. 32 : Depreciation-Use of asset for purposes of business-Income need not be earned-Depreciation is allowable-Block of asset-Remand to CIT(A) is held to be justified. [S. 2(11), 254(1)]
Rato Dratsang v. ITO(E) (2021) 435 ITR 372 (Karn.)(HC)
Digest of case laws
Online digest of latest case laws
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. 13 : Denial of exemption-Trust or institution-Investment restrictions-Exemption cannot be denied to entire income-Denial should be confined to amount diverted for benefit of persons mentioned in S. 13. [S. 11, 13(1)(c)(ii), 13(2)]
CIT(E) v. Rajkot Diocese Trust (2021) 435 ITR 367 (Guj.)(HC)S. 147:Re assessment – Export oriented undertakings-Instruction of CBDT Dated 9-3-2009 Clarifying that approval granted by Software Technology Parks of India has to be ratified by Board of approvals-Instruction valid.-Writ petition was dismissed . [ S. 10B, 148 , Art , 226 ]
Indus Teqsite Pvt. Ltd. v. Ministry of Finance (2021) 435 ITR 613 / 204 DTR 224 / 322 CTR 100 (Mad.)(HC).S. 10B : Export oriented undertakings-Computer software-Export of customized electronic data relating to engineering and design-Entitled to exemption. [S. 10BB]
327 / 205 DTR 153 (Karn.)(HC) CIT v. GE India Technology Centre Pvt. Ltd. (2021) 435 ITR 327/ 205 DTR 153 (Karn.)(HC)S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Premium paid was for imparting commercial information and knowledge and was royalty both under Act and under DTAA-Premium payment could not be treated as fees for technical services-India-Brazil. [S. 5, 9(1)(vii), Art. 12(3)]
ON Mobile Global Ltd., In Re (2021) 435 ITR 403 (AAR)S. 4 : Charge of income-tax-Income or capital-Sale of Carbon Credits-Capital receipt-No cost of acquisition of production to get entitlement Not assessable under any head of income. [S. 28(i), 56]
PCIT v. Arun Textiles Pvt. Ltd. (2021)435 ITR 273 (Mad.)(HC) CIT v. VMD Mills Pvt. Ltd. (2021) 435 ITR 316 / 280 Taxman 384 (Mad.)(HC) CIT v. Vedha Spinning Mills Pvt. Ltd. (2021) 435 ITR 687/281 Taxman 288 (Mad.)(HC)The Direct Tax Vivad Se Vishwas Act, 2020.
S.3: Amount payable by declarant – Search cases – Enhanced rate of tax – Assessment – Income of any other person – No evidence that assessee was involved in alleged bogus transaction – Enhanced rate of tax could not be levied . [ S.4,5 ]
Bhupendra Harilal Mehta v. PCIT (2021)435 ITR 220/ 201 DTR 89/ 320 CTR 483 (Bom) (HC)Direct Tax Vivad Se Vishwas Act, 2020
S. 2(b): Appellate forum- Tribunal remanded the matter – Pendency of appeal before CIT (A) on specified date – Rejection of order is held to be unsustainable [ S.246A, 253, Art, 226 ]
Nalwa Investments Limited v. PCIT (2021)435 ITR 577 / 282 Taxman 221 / 323 CTR 81/ 207 DTR 28(Delhi) (HC)Direct Tax Vivad Se Vishwas Act, 2020
S. 2(b): Appellate forum- Disputed Tax—Pendency of appeal — Declaration cannot be rejected on ground that assessee had offered an amount for taxation – The rejection of the declaration under the 2020 Act was not valid. [ S. 2 (j) ]
Govindrajulu Naidu v. PCIT (2021)435 ITR 703/ 201 DTR 241/ 320 CTR 673/ 280 Taxman 392 (Bom)(HC)Wealth Tax Act, 1957
S.17 : Wealth escaping assessment – Reassessment — Concealment of assets or furnishing of inaccurate particulars — Penalty —Provisions in pari materia with provisions of Income-Tax Act, 1961 —Law laid down by Supreme Court in Income-tax Matter is applicable to wealth tax proceedings – Natter remanded to pass speaking order . [ S.17(1), 18(1)(c), ITAct , S.147, Art , 226 ]
Bharani Hospitals Pvt. Ltd. v. ITO (2021)435 ITR 107/ 204 DTR 397 / 322 CTR 719 (Mad) (HC) Bharani Hospitals Pvt. Ltd. v. ITO (2021)435 ITR 107/ 204 DTR 397 (Mad) (HC)