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. 54F : Capital gains-Investment in a residential house-Possession of flat was taken within period of two years from date of transfer of original asset-Entitled for benefit. [S. 45]

Rajiv Madhok v. ACIT (2020) 184 ITD 378/ 80 ITR 427 (Delhi)(Trib.)

S. 54B : Capital gains-Land used for agricultural purposes-Purchase of new agricultural land prior to due date of filing return-Entitle to exemption. [S. 45, 139(1)]

Anil Kumar Nuwal v. ACIT (2020) 184 ITD 760/196 DTR 113/208 TTJ 637 (Jodhpur)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Capital gains not utilised within period of three years-Chargeable ro capital gain year in which period of 3 years from date of transfer of original asset expires. [S. 45]

Deepak Bhardwaj. v. ITO (2020) 184 ITD 470 (Delhi)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Substantially complied with provisions-Some delay in depositing amount in CGAS-Denial of exemption is held to be not justified. [S.45, 139(1)]

ITO v. Rekha Shetty (Smt.) (2020) 184 ITD 38 /81 ITR 1(SN) (Chennai) (Trib.)

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Agreement fixing amount of consideration and date of registration of property is different-Stamp valuation on date of agreement was to be taken for purposes of computing full value of consideration. [S. 45]

Ramesh Govindbhai Patel. v. ITO (2020) 184 ITD 731 (Ahd.) (Trib.)

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Disputing the stamp valuation-Matter should be referred to DVO for valuation of the said property. [S. 45]

Anant Raj Ltd. v. ACIT (2020) 184 ITD 820/191 DTR 32/206 TTJ 101 (Delhi)(Trib.)

S. 45 : Capital gains-Sale of land-Possession was not handed over-Execution of cancellation deed-No Transfer not liable to capital gains tax-Capital gain is not liable to be taxed though offered in the return of income. [S. 2(47)(v), Transfer of Property Act, 1882, S. 53A]

Futura Polyster Ltd. v. ITO (2020) 184 ITD 158 / 213 TTJ 625 (Mum.)(Trib.)

S. 44D : Foreign companies-French airlines-Shipping, inland waterways transport and air transport-Technical services-Handling services-Pool member and providing service in that capacity to guest members would come under purview of Article 8(2) of DTAA between India and France-DTAA-India-France-Addition confirmed by the CIT(A) was deleted. [S. 9(1)(vii), 90, 115A, Art. 7, 8(2)]

Air France v. ACIT (IT) (2020) 82 ITR 301 / 184 ITD 412 / 208 TTJ 912 (Delhi) (Trib.)

S. 43B : Deductions on actual payment-VAT and excise duty-Closing balance of earlier years cannot be added back.

Futura Polyster Ltd. v. ITO (2020) 184 ITD 158/( 2021) 213 TTTJ 625 (Mum.)(Trib.)

S. 43(5) : Speculative transaction-Forward contract-Hedging currency-loss due to fluctuation in foreign exchange-Not speculative-Allowable as business loss. [S. 28(i), 37(1)]

DCIT v. DML Exim (P.) Ltd. (2020) 184 ITD 432 (Rajkot)(Trib.)