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
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S. 147 : Reassessment-With in four years-Change of opinion-Provision for bad and doubtful debts-Reassessment notice was held to be not valid. [S. 36(1)(viia), 148]

District Co-operative Central Bank Ltd. v. ACIT (2021) 190 ITD 105 (Bang.)(Trib.)

S. 147 : Reassessment-With in four years-Ex-servicemen corporation-No failure to disclose any material facts-Reassessment proceedings for denial of exemption is held to be not justified [S. 10, 26BBB, 148)

Uttarakhand Purv Sainik Kalyan Nigam Ltd. v. ITO (2021) 190 ITD 193 / 212 TTJ 498/ 203 DTR 279 (Dehradun)(Trib.)

S. 145 : Method of accounting-Rejection of books of account and estimate of net profit at 7% as against net profit of 6.5% shown by the assessee-Adoption of net profit at 7% was held to be unjustified. [S.145 (3)]

L.P.R. Construction v. DCIT (2021) 190 ITD 439 (All.)(Trib.)

S. 145 : Method of accounting-Valuation of closing stock of dust / scrap-Ad-hoc addition was held to be not justified.

Universal Stone Crushing Co. Dala v. ITO (2021) 190 ITD 415 (SMC) (All.)(Trib.)

S. 145 : Method of accounting-Business of supply of processes, designing, construction etc.-completed contract method of accounting-Rejection of books of account is held to be not justified.

UHDE India (P.) Ltd. v. ACIT (2021) 190 ITD 777/ 211 TTJ 339 (Mum.) (Trib.)

S. 145 : Method of accounting-Project completion method of accounting-Builder-Revised Guidance Note of 2012 issued by ICAI-25% of on money was taxed on receipt basis was deleted-On money has to be assessed as business receipts and not as cash credits. [S. 68]

DCIT v. Adarsh Industrial Estate (P.) Ltd. (2021) 190 ITD 878 (Mum.) (Trib.)

S. 145 : Method of accounting-Sale proceeds-Difference between books of account and as per TDS certificate-Only embedded portion of profits was to be taken into-addition cannot be made of entire turnover. [S. 69A]

Sohan Lal Aggarwal v. ACIT (2021) 190 ITD 850 (Delhi)(Trib.)

S. 127 : Power to transfer cases-Transfer of case from one Assessing Officer to another Assessing Officer within same city-No statutory requirement for notice or prior intimation to be given to assessee. [S. 127(3)]

Jaswantlal J. Shah v. ACIT (2021) 190 ITD 157 (Mum.)(Trib.)

S. 115WB : Fringe benefits-Agreement to provide free electricity to employees-Justified in making an addition in hands of assessee towards Fringe benefit tax on account of expenditure pertaining to staff towards electricity consumption.

Singareni Colleries Company Ltd. v. ACIT (2021) 190 ITD 917 (Hyd.)(Trib.)

S. 115BBE : Tax on specified income-Search and seizure-Surrender of income-Amount surrendered cannot be taxed at higher rate of tax. [S. 68 to 69D]

Bajaj Sons Ltd. v. (2021) 190 ITD 128 / 91 ITR 498 (Chd.)(Trib.)