S. 68 : Cash credits–Share application money-Cash was deposited before issue of cheque-Genuineness of transaction is not established –Addition is held to be justified.
Badrinath Steels P. Ltd. v. ITO (2020) 77 ITR 465 (SN) (Hyd.)(Trib.)S. 68 : Cash credits–Share application money-Cash was deposited before issue of cheque-Genuineness of transaction is not established –Addition is held to be justified.
Badrinath Steels P. Ltd. v. ITO (2020) 77 ITR 465 (SN) (Hyd.)(Trib.)S. 56 : Income from other sources-Estimation of business income and also making separate addition as income form other sources – Held to be not valid. [S. 28 (i)]
ACIT v. Nadella Venkata Nageswara Rao (2020) 77 ITR 94 (SN) (Vishakha)(Trib.)S. 56 : Income from other sources-Deeming income from receipt of immovable property without consideration-Not applicable to a purchase transaction of immovable property prior to amendment for which full consideration is paid-Registration at a later date-Amended provision is not applicable. [S. 56(2)(viib)]
Bajrang Lal Naredi v. ITO (2020) 77 ITR 91 (SN) / 203 TTJ 925 / 187 DTR 49 (Ranchi)(Trib.)S. 54F : Capital gains-Investment in a residential house-Date of transfer of land was date of joint development agreement and on this date no flats owned by assessee-Bar does not apply. Acquisition of new residential house can be more than one-More than one unit of residential house eligible for exemption. [S. 45]
Prathap Kumar N. v. CIT (2020) 77 ITR 66 (SN) (Bang.)(Trib.)S. 54 : Capital gains-Profit on sale of property used for residence-No requirement that construction of house should have been completed within specified time-Matter remanded for verification. [S. 45]
Rakesh Kumar Kalra v. ITO (2020) 77 ITR 36 (SN) (Delhi)(Trib.)S. 54 : Capital gains-Profit on sale of property used for residence-Purchase of residential house-Land purchased admeasuring 4973.125 square Feet-Building constructed of 150 square feet-only 25 per cent. of total plot area to be considered as land appurtenant thereto. [S. 45]
Maduranthagam Selvaraj Ravi v. Dy. CIT (2020) 77 ITR 6 (SN) (Chennai)(Trib.)S. 48 : Capital gains–Computation–Cost of acquisition-Accrued-Value of equity share capital-All other items of balance-sheet other than equity capital and free reserve be considered in net asset value of equity shares-Capitalisation of interest cost-Not part of cost of acquisition. [S. 45, 50C, 50D, 55(2)(aa), 56(2)(x)]
Neelu Analjit Singh (Mrs.) v. Add.CIT (2020) 77 ITR 220/ 189 DTR 163/ 204 TTJ 540 (Delhi)(Trib.)S. 45 : Capital gains–Business income–Selling three flats and parking lot-Flats appearing in the balance sheet as investments–Assessable as capital gains and not as business income.[S. 28 (i)]
Haresh Khiamal Nanwani v. ACIT (2020)77 ITR 24 (SN) (Mum.) (Trib.)S. 43B : Deductions on actual payment-Employees’ contribution to provident fund and employees’ state insurance fund-Payment was made before due date of filing of return–Entitle to deduction. [S. 139(1)]
Arihant Constructions v. ACIT (2020)77 ITR 171 (Vishakha)(Trib.)S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits–Cash paid for labour charges and purchases-Business in a remote area-Disallowance is held to be not valid-Machine hire charges–less than Rs. 20000 per day–AO is directed to verify and decide. [S. 40(a)(ia)]
Debjyoti Dutta v. ITO (2020)77 ITR 17(SN) (Cuttack)(Trib.)