S. 45 : Capital gains-sub-tenancy right-capital asset- Gains on surrender is liable to capital gains tax and not income from other sources. [S. 14, 55(2), 56]
ACIT v. Dr. Jayesh Keshrichand Shah. (2019) 175 ITD 751/ 181 DTR 41 (Mum.)(Trib.)S. 45 : Capital gains-sub-tenancy right-capital asset- Gains on surrender is liable to capital gains tax and not income from other sources. [S. 14, 55(2), 56]
ACIT v. Dr. Jayesh Keshrichand Shah. (2019) 175 ITD 751/ 181 DTR 41 (Mum.)(Trib.)S. 28(i) : Business loss-Held to be not allowable as not carried out any business activity in his individual capacity during the year.
Rajesh Kumar v. ACIT (2019) 175 ITD 734 / 181 DTR 79(Bang.) (Trib.)S. 4 : Charge of income-tax–Association of persons-Mutuality- Assessee is not claimed the benefit of mutuality-AO cannot suo motu assessee the part of income as mutuality. [S. 2(31)(v)]
Film Nagar Cultural Center v. DCIT (2019) 175 ITD 712 (Hyd.) (Trib.)S. 2(22)(e) : Deemed dividend-Loan to a share holder–Not in the business of lending of money–Holding more than 10 percent voting power – Assessable as deemed dividend.
Rajesh Kumar v. ACIT (2019) 175 ITD 734 / 181 DTR 79 (Bang.)(Trib.)S. 2(15) : Charitable purpose–School-Expenditure incurred on catering services for maintenance of its boarding school- Held to be educational purposes –Entitle to exemption. [S. 11, 13, 12AA]
DCIT v. Wood Stock School. (2019) 175 ITD 722 (Delhi)(Trib.)S. 271(1)(c) : Penalty – Concealment –Disallowance of expenses –Full details are disclosed – Levy of penalty is held to be not justified.
Granite Gate Properties Pvt. Ltd. v. CIT (2019) 414 ITR 130/175 DTR 415 / 307 CTR 599 (Delhi) (HC)S. 245D : Settlement Commission – Power- Settlement Commission does not have power to reduce or waive interest statutorily payable under S. 234A, 234B, and 234C of the Act – Matter remanded to settlement Commission .[ S. 154, 234A, 234B, 234C,245D(4),245D(6), 245F]
Kakadia Builders Pvt. Ltd. v. ITO (2019) 412 ITR 128 / 175 DTR 305 / 307 CTR 369 / / 262 Taxman 268 (SC) Editorial: Refer, Kakadia Builders Pvt. Ltd. v. ITO ( 2014) 362 ITR 342 ( Guj) (HC)S.139AA:Quoting of Aadhaar number-From assessment years 2019-20 ,linkage of PAN with Aadhaar card is mandatory .
UOI v. Shreya Sen (2019) 262 Taxman 370 /174 DTR 265/ 306 CTR 609 (SC) Editorial : Shreya Sen v. UOI ( 2018) 257 taxman 95/ 407 ITR 37 (Delhi) (HC), partly reversed .S.54F : Capital gains- Investment in a residential house – Construction activities of the new house started before the date of sale of original asset – Beneficial provision and should be liberally interpreted- Entitle to exemption . [ S.45 ]
Kapil Kumar Agarwal v. DCIT (Delhi)(Trib),www.itatonline.orgS. 115JB : Book profit – Banking – Insurance – Electricity company- Are not company bound by provisions of Companies Act – (Pre amendment by Finance Act, 2012)-Provision is not applicable to a banking company , insurance & electricity cos- The mechanism provided for computing book profit in terms of S. 115JB(2) is wholly unworkable for a banking company- When the machinery provision fails, the charging section also fails-Provision is not applicable -The anomaly was removed by the Finance Act, 2012-However, the amendments are neither declaratory nor clarificatory but make substantive and significant legislative changes which are applicable prospectively.
CIT v. Union Bank of India ( 2019) 177 DTR 305/ 308 CTR 797/ 263 Taxman 685 (Bom)(HC).www.itatonline.orgEditorial: SLP is granted to the revenue PCIT v. Union Bank of India ( 2019) 418 ITR 9 (St) (SC)/ ( 2020) 269 Taxman 487 (SC)