S. 48 : Capital gains-Computation-Full value of consideration-Adoption of fair market value based on guidelines issued by Government is justified. [S. 45, 50D]
PCIT v. Sarojini M. Kushe (Smt.) (2022) 442 ITR 327 / 210 DTR 172 / 286 Taxman 253 (Karn.)(HC)
Digest of case laws
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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
Click here to download the pdf versions of the Digest of case laws S. 44BB : Mineral oils-Computation Presumptive Tax-In connection with-Transportation of equipment from assessee’s yard to offshore site, Inextricably connected with prospecting, extraction or production of mineral oils-Hire charges paid for tugs and barges to transport integral part of execution of contract-Payments taxable on presumptive basis. [S. 9(1)(vi), 195, 264, Art. 226]
Larsen & Toubro Ltd. v. Girish Dave DIT(IT) (2022) 442 ITR 217 / 212 DTR 433 / 326 CTR 194 / 286 Taxman 267 (Bom.)(HC)S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Raw hides and skins purchased from trader-Disallowance is not valid. [S. 133(6), R. 6DD(e)]
PCIT v. Standard Leather Pvt. Ltd. (2022) 442 ITR 177 / 287 Taxman 31 (Cal.)(HC)S. 37(1) : Business expenditure-Wholly and exclusively-And Expenditure benefitting third person-Incurred for the purpose of business-Allowable as deduction.
PCIT v. South Canara District Central Co-Operative Bank Ltd. (2022) 442 ITR 338 (Karn.)(HC)S. 37(1) : Business expenditure-Loss on account of fluctuations in rate of Foreign exchange-Deductible.
PCIT. v. United Spirits Ltd. (2022) 442 ITR 451 / 284 Taxman 568 (Karn.)(HC) PCIT v. Mcdowell and Co. Ltd. (2022) 442 ITR 451 284 Taxman 568 (Karn.)(HC)S. 36(1)(vii) : Bad debt-Required to debit profit and loss account and also to simultaneously reduce loans of debtors in balance sheet-Matter remanded. [S. 254(1)]
PCIT. v. United Spirits Ltd (2022) 284 Taxman 568 / 442 ITR 451 (Karn.)(HC) PCIT v. Mcdowell and Co. Ltd. (2022) 284 Taxman 568 / 442 ITR 451 (Karn.)(HC)S. 11 : Property held for charitable purposes-Trust not registered-Corpus fund in form of voluntary contributions made with specific direction-Liable to tax as income-Equity and taxation cannot co-exist. [S. 2(24)(iia), 11(1)(d), 12A, 12AA, 56(2)(v)]
Rasipuram Rotary Club Trust v. ITO (2022)442 ITR 185 (Mad.) (HC) Rasipuram Kannda Sainigar Samuga Pradama Sangam Educational Trust v. ITO (2022) 442 ITR 185 (Mad.)(HC)S. 10(5) : Travel concession or assistance-Exemption confined to amount of Air economy fare by shortest route by National carrier-Exemption not available in respect of travel to Foreign country as part of journey to destination in India. [S. 133A, 182, 201(1), 201(1A), R. 2B]
State Bank of India v. ACIT (TDS) (2022) 442 ITR 363 (Karn.)(HC)S. 68 : Cash Credits – Penny Stock –Capital gains – Shares with increased value of about 2823% -Genuineness of price hike to be established – Onus on the assessee- Order of Tribunal is reversed – Addition as cash credit is affirmed – Revision is held to be valid . [S. 10(38], 45, 263 ]
PCIT v. Swati Bajaj and Ors ( 2022) 446 ITR 56 /288 Taxman 403 / 216 DTR 25/ 327 CTR 496( Cal )( HC) www.itatonline .org Editorial : Refer Udit Kalra v.ITO( Delhi) (HC) (2019)) 176 DTR 249/ 308 CTR 50 ( Delhi) (HC)/CIT v. Shyam R.Pawar ( 2015) 229 Taxman 256 ( Bom)( HC)S. 281 : Certain transfers to be void-Priority of debt-Mortgage executed prior to initiation of action by department-Matter to be investigated by Tax Recover Officer. [S. 226, Rule, 11, Schedule II Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Recovery of Debts and Bankruptcy Act, 1993]
State Bank of India v. TRO (2022) 441 ITR 516 (Mad.)(HC)