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. 263 : Commissioner-Revision of orders prejudicial to revenue-Lack of proper enquiry-TPO-Transfer pricing-Instruction No. 3 of 2016, dt. 10th March, 2016-Both parties paying tax at similar rate-Failure to follow the directions of the Circular-Order is erroneous.[S.40A(2)(b)]

Richa & Co. v. JCIT (2023) 37 NYPTTJ 1728 / (2024) 228 TTJ 1010 / 236 DTR 178 (Delhi) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Lack of proper enquiry-Lease rent-Detailed enquiry was made in the course of assessment proceedings-All details were furnished-Order is not erroneous-Revision is quashed-Repairs and maintenance-freight forwarding, miscellaneous expenses and sales promotion-Revision is justified as regards to freight forward expenses. [S. 40A(2)(b), 142(1), 194I]

Nipro India Corporation (P) Ltd. v. PCIT (2023) 37 NYPTTJ 648/ (2024) 228 TTJ 733 / 236 DTR 201 (Pune)(Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Lack of proper enquiry-Capital loss-Acquisition cost-Revision is up held-Bad debt-Revision is not valid-Depreciation of investment-Revision is valid-Bad debt-Provision for bad and doubtful debt-Revision is valid. [S.28(i) 36(1)(vii) 36(1)(viia), 45, 48, 70 143(3)]

ICICI Bank Ltd v. DCIT (2024) 228 TTJ 802 / 38 NYPTTJ 228 (Mum) (Trib)

S. 253 : Appellate Tribunal-Appeals-Suppression of production-Current year loss-Unabsorbed depreciation-Issue which does not arise out of the order of the CIT(A) cannot be raised before the Tribunal. [S. 154,254(1), 250, 263]

Steel Abrasive Industries Ltd. v. DCIT (2023) 37 NYPTTJ 1405 / (2024) 228 TTJ 896 / 235 DTR 233 (Raipur) (Trib)

S. 206C : Collection at source-Scrap-Assessee in default-Sales of firewoods and iron materials-Provision of Section 206C(6A) is not applicable-Matter remanded for verification. [S.206C(6A) R.37J, Form No 27BA]

Mohd Javed Belim v. ACIT (2024) 163 taxmann.com 172 /228 TTJ 1 (UO) (Jodhpur) (Trib)

S. 153D : Assessment-Search-Approval-Recording of satisfaction-Satisfaction note does not specify the seized material-Non application of mind-Assessment order is bad in law.[S. 132, 153C]

K.K. Leissure Tourism International (P) Ltd. v DCIT (2024) 228 TTJ 502 / 235 DTR 241 / 38 NYPTTJ 207 (Cochin)(Trib)

S. 153A: Assessment-Search-Undisclosed income-Excess stock of jewellery found during search-Average cost price for valuation of stock-Difference in valuation of stock is deleted-Additional income disclosed cannot be assessed assessed at 60% as per provision of S. 115BBE of the Act. [S. 115BBE, 132,]

Sham Fashion Mall v. DCIT (2022) 36 NYPTTJ 1068 / (2024) 228 TTJ 576 (Chd) (Trib) Sham Jewellers v. DCIT (2022) 36 NYPTTJ 1068 / (2024) 228 TTJ 576 (Chd) (Trib)

S. 153A: Assessment-Search-Wrongly initiated-Illegal search-Nexus is not established-Assessment is held to be bad in law.[S.132]

DCIT v. Sanjay Singhal (2023) 37 NYPTTJ 1688 (2024) 228 TTJ 241 / 235 DTR 73 (Jodhpur)(Trib) Rajkumari Singal v. Dy.CIT (2023) 37 NYPTTJ 1688 (2024) 228 TTJ 241 / 235 DTR 73 (Jodhpur)(Trib)

S. 147: Reassessment-Objection not disposed by the Assessing Officer-Reassessment is bad in law-Power of enhancement with the CIT(A) cannot cure the defects of non disposal of objection by the Assessing Officer. [S. 148, 251]

Champalal Omprakash v. ITO (2024) 159 taxmann.com 1397 / 228 TTJ 513 / 235 DTR 113 /38 NYPTTJ 84 (Kol)(Trib)

S. 145 : Method of accounting-No defects in the books of account-Estimation of income at 10% of the gross contract receipt is affirmed.[S.145(3)]

ACIT v. Radheshyam Agarwal 2022) 36 NYPTTJ 654 / (2024) 228 TTJ 964 (Raipur)(Trib)