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. 80G : Donation-Registration-Religious nature-Granting registration is held to be valid. [S. 80G(5)]

CIT v. Rajkot Jilla Gayatri Parivar Trust (2020) 117 taxmann.com 121 (Guj.)(HC) Editorial : SLP of revenue is dismissed, CIT v. Rajkot Jilla Gayatri Parivar Trust (2020) 272 Taxman 99 (SC)

S. 80G : Donation-Exemption cannot be denied on the ground that the assessee is generating surplus and spending only the small portion for charitable purposes-Order of Tribunal is affirmed. [S. 12AA, 80G(5)(vi)]

CIT (E) v. Seth Vinod Kumar Somani Charitable Trust (2020) 113 taxmann.com 142 (P. & H.) (HC) Editorial : SLP of revenue is dismissed, CIT(E) v. Seth Vinod Kumar Somani Charitable Trust (2020) 269 Taxman 59 (SC)

S. 80 : Return for losses-Return filed under old form-Carry forward of loss cannot be denied. [S.139(1)]

CIT v. Zila Sahkari Bank Ltd. (2019) 112 taxmann.com 403 (All.)(HC) Editorial : SLP of revenue is dismissed, CIT v. Zila Sahkari Bank Ltd (2020) 269 Taxman 55 (SC)

S. 73 : Speculation business-Dividend income-Stock in trade-Can be set off against loss suffered in share trading business. [S. 56, 70, 71]

Torrent Finance (P.) Ltd. v. ACIT (2020) 115 taxmann.com 256 (Guj.)(HC) Editorial : SLP of revenue is dismissed, ACIT v. Torrent Finance (P.) Ltd (2020) 272 Taxman 190 (SC)

S. 69C : Unexplained expenditure-Failure to explain source of capitation fee paid to a medical college for admission of son-Addition is held to be justified.

Sushil Bansal v. PCIT (2020) 115 taxmann.com 225 (Delhi) (HC) Editorial : SLP of revenue is dismissed, Sushil Bansal v. PCIT (2020) 274 Taxman 1 (SC)

S. 69A : Unexplained money-Huge cash withdrawal-Failure to explain satisfactorily the source of cash deposit-Addition is held to be justified.

Shashi Garg v. PCIT (2020) 113 taxmann.com 92 (Delhi) (HC) Editorial : SLP of assessee is dismissed, Shashi Garg v. PCIT (2020) 269 Taxman 26 (SC)

S. 69A : Unexplained money-Gift from brother-Received through banking channel-Deletion is held to be justified.

PCIT v. Mubarak Kasam Momin (2020) 117 taxmann.com 133 (Bom.)(HC) Editorial : SLP of revenue is dismissed due to low tax effect, PCIT v. Mubarak Kasam Momin (2020) 272 Taxman 103 (SC)

S. 68 : Cash credits-Share capital-Genuineness of identities of investor companies is established-Deletion of addition is held to be justified.

PCIT v. Emm Vee Infrastructures (India) (P.) Ltd. (2020) 114 taxmann.com 194 (All.)(HC) Editor : SLP of revenue is dismissed due to low tax effect, PCIT v. Emm Vee Infrastructures (India) (P.) Ltd (2020) 269 Taxman 470 (SC)

S. 68 : Cash credits-Commission-Received through banking channels-Deletion of addition by Tribunal is held to be valid. [S. 260A]

PCIT v. Manishaben N. Mashru (2020) 117 taxmann.com 119 (Guj.)(HC) Editorial : SLP of revenue is dismissed due to low tax effect, PCIT v. Manishaben N. Mashru (2020) 272 Taxman 94 (SC)

S. 68 : Cash credits-Share application money-Investment was sufficiently explained-Deletion of addition is held to be justified. [S. 69]

PCIT v. A.I. Developers (P.) Ltd. (2020) 117 taxmann.com 147 (Delhi) (HC) Editorial : SLP of revenue is dismissed due to low tax effect, PCIT v. A.I. Developers (P.) Ltd. (2020) 272 Taxman 105 (SC)