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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Wealth-Tax Act , 1956
S. 2(e ) (a) : Asset — Urban land — Urban land on which construction has been prohibited — Not an asset for purposes of wealth -Tax .[ S.16(3) ]
PCIT v. M. Balasubramaniam (2020)429 ITR 556/ ( 2021 ) 201 DTR 333 (Mad)(HC) CIT v. Sushila Devi Kejriwal (Smt.) (2020) 429 ITR 552 (Mad)
S. 43D : Public financial institutions -Accrual of income — Non-Banking financial company —Interest on non-performing assets — Cannot be assessed on accrual basis . [ S. 36(1) (vii), 36(1)(viia) ]
Bhind District Co-Operative Central Bank Ltd. v Income-Tax Department (2019) 177 DTR 196/309 CTR 316/ (2020)429 ITR 121 (MP) (HC)
S. 254(2): Appellate Tribunal-Rectification of mistake apparent from the record – For computing the period of limitation the date of service of the order to be considered and not the date of the order [ S.254(3)]
Anil Kumar Nevatia v.ITO ( 2021) The Chamber’s Journal – February – P. 165 ( ( Cal) (HC)
S. 237 : Refund -Excess deposit of advance tax – Mistake in the preparation of challan – Refund can be claimed only after due course of law . [ Art . 226 ]
Seema Jain ( Smt) v. PCIT ( 2021) The Chamber’ s Journal – February – P. 170 ( MP) (HC)
S. 192 : Deduction at source – Salary – Leave travel allowance – Failure to deduct at source – Travel to foreign country and as well as to destinations in India in a composite itinerary -Cannot be considered as assessee in default for failure to deduct tax at source [ .S.10(5) ]
State Bank of India v .ACIT ( 2021) 123 taxmann.com 447 ( Mum) (Trib)
S. 90 :Double taxation relief – Notification dated 18 -7 -2005 – Reducing the tax rate from 15% to 10% – Applicable for the entire year – DTAA- India – Singapore [ Art . 12 ]
DIT v. Autodesk Asia Pvt Ltd ( 2020) 275 Taxman 319/ 120 taxmann.com 324 / ( 2021) The Chamber’s Journal – February -P. 167 ( Karn) (HC)
S. 56 : Income from other sources – Award received in recognition of services to Indian Cricket From BCCI is exempt [ S. 12AA,56(2))(vii) ]
Maninder Singh v. ACIT ( 2021) BCAJ- February -P.47 ( Delhi) (Trib)
S. 56 : Income from other sources – Bonus shares – Fair market value of the bonus shares computed as per Rule 11U and IIUA of the Income -tax Rules cannot be assessed as income from other sources [ S.56(2)(vii)(c )]
PCIT v.Dr. Ranjan Pai ( 2021) The Chamber’s Journal – February – P. 168 ( Karn) (HC)
S. 55A : Capital gains – Reference to valuation officer – Finance Act, 2012 , w.e.f 1-7 2012 –Value as on 1 -4-1981 – Less than fair market value – Operates prospectively [ S.45 ]
Ranchodbhai C.Patel v.ITO ( 2021) 186 ITD 523/ 123 taxmmann.com 215 ( Surat ) (Trib)