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. 92C : Transfer pricing–Guarantee commission-Comparison can be made between guarantees issued by commercial Banks as against a corporate guarantee issued by a holding company to benefit of its Associated enterprises-Bench mark fixed by TPO at 3 percent is held to be correct. [S. 92CA(3), R.10B]
CIT (LTU) v. Glenmark Pharmaceuticals Ltd. (2019) 265 Taxman 237 (SC) Editorial : Order in CIT (LTU) v. Glenmark Pharmaceuticals Ltd. (2017) 398 ITR 439/85 taxmann.com 349 (Bom)(HC) is affirmed partly.
S. 80P : Co-operative societies-Primary Agricultural Credit Society –Interests from loans and advances-Matter remanded [S.80P(2)(a)(i), Kerala Co-operative Societies Act, 1969.]
PCIT v. Kundayam Service Co-operative Bank Ltd. (2019) 265 Taxman 52 (Mag) (Ker.)(HC)
S. 80IB(11A) : Undertaking–Business of processing , preservation and packaging of fruits or vegetables-Business of manufacturing and exporting honey is eligible to claim deduction.
Pioneer Foods & Agro Industries. v. ITO (2019) 265 Taxman 53 (Mag)/ 181 DTR 60/ 311 CTR 573 (Bom.)(HC)
S. 69C : Unexplained expenditure–Purchase of land jointly with another person-Assessee could be asked to explain only 50% of his share and not source of other person who has invested another 50%.
PCIT v. Bhagwanbhai K. Patel. (2019) 108 taxmann.com 60 / 265 Taxman 233 (Guj) (HC) Editorial: SLP of revenue is dismissed PCIT v. Bhagwanbhai K. Patel. (2019) 265 Taxman 232 (SC)
S. 254(2): Appellate Tribunal-Rectification of mistake apparent from the record – Unexplained money –Gifts- Admission by partner- Addition is held to be justified- Rejection of miscellaneous application is held to be justified . [ S. 69A, 132(4), 158BB, 260A ]
Swathi Enterprises. v. DCIT (2019) 265 Taxman 69 (Mag) / 309 CTR 191 / 176 DTR 337 ( 2020) 421 ITR 128(Mad.)(HC)
S. 69 : Unexplained investments–Purchase of land-Addition made on the on the basis of statement and agreement of purchase is held to be valid.
Vijay Jain. v. CIT (A) (2019) 265 Taxman 81(Mag.) (MP)(HC
S. 68 : Cash credits–Share application money-Share premium-Failure to produce share investors-Initial burden is not discharged-Addition is held to be justified.
Royal Rich Developers (P.) Ltd. v. PCIT (2019) 265 Taxman 99 (Mag.)(HC)