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. 14A : Disallowance of expenditure-Exempt income-Interest has no nexus with investment in mutual funds and shares-Disallowance not attracted-Administrative expenses-Disallowance is attracted. [R. 8D, ITAT R. 34(5)]
Megha Property Developers Ltd. v. ITO (2020) 84 ITR 406 (Mum.)(Trib.).
S. 14A : Disallowance of expenditure-Exempt income-Satisfaction not recorded-Deletion of addition is held to be justified. [R. 8D]
JCIT (OSD) v. Rare Enterprises (2020) 84 ITR 164/(2021) 187 ITD 65 (Mum.)(Trib.)
S. 4 : Charge of income-tax-Capital or revenue-Liquidated Damages for intangible assets-Liquidated damages received are capital receipts. [S. 28(iv)]
Vedanta Ltd. v. ACIT (2020) 84 ITR 84 (Delhi)(Trib.)
S. 272A : Penalty-Default in delivering statement of tax deducted at source-Affidavit stating it had not paid any amount or deducted any tax at source during years in question-Penalty is not leviable. [S. 200(3), 272A(2)(K), Form 26Q, 27EQ]
District Mining Officer v. JCIT(TDS) (2020) 84 ITR 54 (SN) (All.) (Trib.)
S. 271AAA : Penalty-Search initiated on or after 1st June, 2007-Addition deleted-Penalty does not survive.
Roop Kishore Madan v. Dy.CIT (2020) 84 ITR 36 (SN) (Delhi)(Trib.)
S. 271AA : Penalty-Failure to keep and maintain books of accounts-Documents-International transaction-Transfer pricing-Information regarding international Transactions maintained properly in Transfer Pricing Report-Deletion of penalty is held to be justified. [S. 92, 92C, 92D, 92E, R. 10D, Form 3CEB]
ACIT v. Micromax Informatics Ltd. (2020)84 ITR 19 (SN) (Delhi) (Trib.)
S. 271(1)(c) : Penalty-Concealment-Bona fide and inadvertent reporting of lower Book profits in return-Levy of penalty is not valid. [S. 115JB]
Vanshee Builders and Developers P. Ltd. v. Dy.CIT (2020) 84 ITR 1 (SN) / (2021) 187 ITD 361 (Bang.)(Trib.)
S. 271(1)(c) : Penalty-Concealment-Capital gains-Transfer of book adjustment-Income resulting to loss-Inadvertent mistake-Levy of penalty is held to be not justified. [S. 45]
Advent Computer Services Ltd. v. ACIT (2020) 84 ITR 29 (SN) (Chen.)(Trib.)
S. 271(1)(c) : Penalty-Concealment-Depreciation on digital set top box and control room equipment at sixty per cent-Restricted to fifteen per cent-Levy of penalty is not valid.
Abs Entertainment Pvt. Ltd. v. Dy.CIT (2020) 84 ITR 20 (SN) (Mum.)(Trib.)