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. 54F : Capital gains-Exemptions-investment in house property in name of assessee’s widowed daughter was allowable-Direct nexus between sale consideration received and investment in house property-Entitle to exemption. [S. 45]

Krishnappa Jayaramaiah v. ITO (2021) 189 ITD 15 (Bang.)(Trib.)

S. 54B : Capital gains-Land used for agricultural purposes-HUF-Entitle for exemption. [S. 2(31), 45]

Sitaram Pahariya (HUF) v. ITO (2021) 190 ITD 239 / 212 TTJ 273 / 203 DTR 137 (Agra)(Trib.)

S. 50C : Capital gains-Full value of consideration-The value adopted by the stamp valuation authority on the date of agreement to be taken as full value of sale consideration. [S. 45, 132, 153C]

ACIT v. Himalayan Darshan Developers (Gujarat) Pvt. Ltd. (2021) 212 TTJ 738 / 205 DTR 73 / 88 ITR 94 (Ahd.)(Trib.)

S. 47 : Capital gains-Short term-Transfer-Any transaction involving the allowing of the possession of any immoveable property-Invoking section 53 of Transfer of Property Act-not a transfer-Addition was deleted. [S. 2 (47)(v), 48, Transfer of Property Act,1882, S. 53A]

ITO v. Amit Murlidhar Kamthe L/H of Shri Murlidhar Kamthe (2021) 212 TTJ 383 / 88 ITR 17 (SN)/ 202 DTR 329 (Pune)(Trib.)

S. 45 : Capital Gain-Benefit or gain on realization of loan issued in foreign currency on account of foreign exchange fluctuation-In capital field cannot be held to be in the nature of interest and taxed as income from other sources. [S. 2(24)(vi), 2(28A), 56]

Aditya Balkrishna Shroff v. ITO (2021) 189 ITD 587 / 211 TTJ 935 / 203 DTR 33 (SMC) (Mum.)(Trib.)

S. 43B : Certain deductions only on actual payment-Rent received-Local taxes-GST unpaid-Matter remanded. [S. 22, 23, 254(1)]

Ashok Kumar v. Dy. CIT (CPC)(2021) 189 ITD 687 (Chd.)(Trib.)

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Failure to verify relevant documents-Matter remanded. [R. 6DD]

Shri Ishtiyaq Ahmed Anurag Maheshwari & Co. v. CIT (2021) 189 ITD 73 (Delhi) (Trib.)

S. 40(a)(ia) : Amounts not deductible-Software purchase-Not royalty-Not liable to deduct tax at source [S.9(1), (vi), 195, 201(1), 201(IA)]

Altisource Business Solutions Private Ltd. v. ACIT (2021) 189 ITD 369 (Bang.)(Trib.)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Commission-Agents residing outside India-Not liable to deduct tax at source.[S. 9(1)(i), OECD Model Tax Convention, Art. 7]

Ajay Kumar Singh Gaur v. ITO (2021) 189 ITD 696 (Agra)(Trib.)

S. 37(1) : Business expenditure-Non-compete fees-Paid to individuals who had experience in business of consultancy for not to engage themselves in similar kind of business activities for a period of 3 years, such consideration was independent and not part of cost of acquisition of business, such fee was to be allowed as revenue expenditure.

Pricewaterhouse Coopers (P.) Ltd. v. ACIT (2021) 189 ITD 329 (Kol.)(Trib.)