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. 10B : Export oriented undertakings-Brought forward unabsorbed depreciation and losses-Not eligible unit-Cannot be setoff against current profit of eligible unit for computing deduction.

CIT v. Ganesh Polychem Ltd. (2020) 120 taxmann.com 270 (Bom.)(HC) Editorial : SLP of revenue is dismissed as withdrawn due to low tax effect, CIT v. Ganesh Polychem Ltd. (2020) 274 Taxman 455 (SC).

S. 10B : Export oriented undertakings-Entitled to claim exemption on interest income earned from inter-corporate loans and deposits lying in EEFC account.

PCIT v. Rajesh Exports Ltd. (2020) 114 taxmann.com 93 (Karn.) (HC) Editorial : SLP is granted to the revenue, PCIT v. Rajesh Exports Ltd. (2020) 270 Taxman 172 (SC)

S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Fees for technical services-Court had not answered question of payment of royalty on merits-Matter should be restored to High Court-OECD Model convention, 12. [S. 9(1)(vii), 260A]

Intel Technology India (P) Ltd (2020) 275 Taxman 592/(2021) 197 DTR 455 / 319 CTR 68 (SC)

S. 4 : Charge of income-tax-Income paid to Government as per bye-laws of society-Income is taxable though the Trust is not registered. [S. 12AA]

PCIT v. H.P. Excise & Taxation Technical Service Agency (2020) 113 taxmann.com 86 (HP)(HC) Editorial : SLP of revenue is dismissed, PCIT v. H.P. Excise & Taxation Technical Service Agency (2020) 269 Taxman 20 (SC)

S. 2(22)(e) : Deemed dividend-Advance received-Not able to establish for purchase of land-Assessable as deemed dividend.

Vikram Krishnan v. PCIT (2020) 114 taxmann.com 196 (Delhi) (HC) Editorial : SLP of assessee is dismissed Vikram Krishnan v. PCIT (2020) 269 Taxman 477 (SC)

S. 2(22)(e): Deemed dividend-Loans and advances to shareholders-Amount received as share application money by companies from companies in both of which assessee had beneficial interest, was not loan and advances-Addition cannot be made as deemed dividend. (S.260A)

PCIT v. Vikas Oberoi (2020) 115 taxmann.com 260 (Bom.) (HC) Editorial : SLP of revenue is dismissed PCIT v. Vikas Oberoi (2020) 272 Taxman 188 (SC

S. 23 : Income from house property – Annual value – Annual value should be restricted to municipal ratable value – Estimate at 6% of cost of value of flat was held to be not justified . [ S. 22, 23 (1)(c) ]

Amit Balakrishna Jalan v . ACIT ( Mum) ( Trib) www.itatonline.org

Prohibition of Benami Property Transactions Act, 1988

S.3: Prohibition of benami transactions – Right to recover property held benami – Onus of establishing that a transaction is benami is upon one who asserts it . [ S.4 ]

Prohibition of Benami Property Transactions Act, 1988

S.3: Prohibition of benami transactions – Right to recover property held benami – Onus of establishing that a transaction is benami is upon one who asserts it . [ S.4 ]

Fair Communication & Consultants v. Surendra Kardile ( 2020 ) 269 Taxman 453 (SC)

S. 115JB : Book profit – Provision for doubtful debts – Written back and allowed – Not to be added for book profit .

BOB Financial Solutions Ltd v. DCIT ( 2021 ) BCAJ-April – P. 56 (Mum) ( Trib)

S.54F : Capital gains- Investment in a residential house – Sale consideration was not deposited in a bank as per capital gain account scheme – Investment in acquisition of house was made with in the time prescribed – Denial of exemption was held to be not justified [ S.45 54F(4) ]

Ashok Kumar Wadhwa v. ACIT ( 2021) BCAJ – April – P. 56 ( Delhi ) ( Trib)