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. 37(1) : Business expenditure–Amortization of investment ‘held to be maturity’–Tribunal is justified in allowing the claim. [S. 145]

CIT v. Ing Vysya Bank Ltd (2020) 422 ITR 116 /186 DTR 193 / 313 CTR 69/ 270 Taxman 162 (Karn.)(HC)

S. 14A : Disallowance of expenditure-Exempt income–No expenditure incurred – Disallowances cannot be made–Rule 8D cannot be made applicable assessment year prior to AY. 2008-09. [R. 8D]

CIT v. Syndicate Bank (2020) 186 DTR 200 / 313 CTR 576 (Karn.) (HC)

S. 12A : Registration –Trust or institution-Objects of the trust are for the advancement of the business of TPA, it would not ipso facto render the trust to be non-charitable-Entitle to registration. [S. 2(15), 11]

CIT v. Association of third party Administration (2020) 186 DTR 129 / 114 Taxman 534 (Delhi)(HC)

S. 12A : Registration–Trust or institution-Registration cannot be refused on the ground that the Trust deed is not having any provision in relation to disbursement of balance funds in the eventuality of the dissolution of Trust. [S. 2(15), 11, 115TD (c), Code of Civil Procedure, S, 91, 92]

CIT(E) v. Shri NarsinghjiKa Mandir (2020) 185 DTR 30 / 312 CTR 307/ 274 taxman 446(Raj.)(HC) CIT(E) v. SHRI Agarwal Panchayat(2020) 185 DTR 30 / 312 CTR 307 / 274 Taxman 446(Raj.)(HC)

S. 11 : Property held for charitable purposes–Accumulation of income-Order of rejection by CIT (E) was set aside. [S. 11(2), 12AA, 119(2)(b), 139(4A), 143(1), Form No 10, Art. 226]

St. Thomos Orthodox Syrain Church v. CIT (E) 2020) 185 DTR 326 / 312 CTR 430 (Bom.) (HC)

S. 4 : Charge of income-tax-Subsidy–Capital or revenue-Technology Upgradation Fund-Focus Market Scheme-Electricity Duty Subsidy-Held to be capital receipts. [S. 28(i)]

PCIT v.Nitin Spinners Ltd. (2020) 185 DTR 110 / 312 CTR 540/116 taxmann.com 26 (Raj.)(HC). Editorial : SLP of revenue dismissed ,PCIT v. Nitin Spinners Ltd. (2021) 283 Taxman 2 (SC)

S. 263 : Commissioner – Revision of orders prejudicial to revenue – No loss to revenue – Assessment after detailed inquiry – Revision is held to be not valid [S. 45(2), 143(3)]

PCIT v. Rakesh Kumar Agarwal (2020) BCAJ-March – P.54(Bom)(HC)

S. 263 : Commissioner – Revision of orders prejudicial to revenue -Business income or other sources- Income should be taxed as business income or as arising from the other source ia a debatable issue – Revision is held to be not justified. [ S.28(i), 56 ]

PCIT v. Canara Bank Securities Ltd (Bom)(HC)(UR) Editorial: SLP of revenue is dismissed (SLP No.24546 of 2019 dt.14/10/2019) (2019) 418 ITR 17 (St.)(SC)

S.254(2) : Rectification of mistake apparent on record –Recall of order—Appellate Tribunal remand matter to the Assessing Officer If order of the Tribunal is correct, there is no reason or necessity for recalling such correct order just because Co-ordinate Bench decision was not mentioned or discussed in the order. [ ITAT R. 24 ]

CIT v . Ronak Parikh (HUF) (2020) 426 ITR 203 /191 DTR 36 / 316 CTR 490(Bom)(HC)

S.244A: Interest on refund – held to be allowable to the Assessee on the self-assessment tax refunded.(244(1)(b))
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PCIT v. Bank of India (Bom)(HC)(UR) Editorial: SLP granted to the revenue. (CA No. 7426 of 2019 13/09/2019)(2019) 418 ITR 17(St.)(SC)