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. 10(13A) : House rent allowance-Qualifying amount-Ten Per Cent. of Salary-Performance bonus-Does not form part of salary for purpose of S.10(13A) Entitled to allowance at ten Per cent. of salary excluding performance bonus. [R. 2A]
Sudip Rungta v. Dy.CIT (2020) 77 ITR 63 (SN) (Kol.)(Trib.)
S. 2(42A) : Short-term capital asset-Shares of unlisted company– Holding shares for more than 12 months and transferring them prior to 31-03 2014 to be treated as long term capital gains-Holding Shares for more than 12 months and transferring them prior to 31-3-2014-Entitled to benefit of shorter period of holding-Gains to be Treated as long-term. [S. 2(29A), 2(29B), 45]
Neelu Analjit Singh (Mrs.) v. Add.CIT (2020) 77 ITR 220/ 189 DTR 163/ 204 TTJ 540 (Delhi)(Trib.)
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. 268A : Appeal-Monetary limit-Less than Rs 1 crore-Appeal is dismissed. [S. 260A]
PCIT v. Mangal Tirth Estates Ltd. (2020) 269 Taxman 80 (Mad.)(HC)
S. 271(1)(c) : Penalty- Concealment-Capital gains on sale of land-Revised return prior to issue of notice u/s 153C-Deletion of penalty is held to be justified. [S. 45, 139(3), 153C ]
PCIT v. Prabhjot Kaur Chhabra. (2020)113 taxmann.com 140 / 269 Taxman 35 (MP) (HC) Editorial: SLP of revenue is dismissed ; PCIT v. Prabhjot Kaur Chhabra. (2020) 269 Taxman 34 (SC)
S. 264 : Commissioner-Revision of other orders-Rejection of application on the ground that availability of remedy of appeal-Commissioner is directed to decide the application on its merits. [Art. 226]
Hirdey Ram v. CIT (2020) 421 ITR 4 (P&H) (HC)
S. 264 : Commissioner-Revision of other orders-Expenses or payments not deductible-Cash payments exceeding prescribed limits-Use of electronic clearing system through bank account-Deposit of cash directly in beneficiary’s bank account beyond prescribed limit-Transaction not through clearing house of electronic mode-Business expediency is not established-Disallowance is held to be justified. [S. 40A(3), R.6DD, Art. 226]
Ajai Kumar Singh Khaldelial v. CIT (2020) 421 ITR 6/186 DTR 57 / 312 CTR 473/(2021) 277 Taxman 91 (All.)(HC)