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. 127 : Power to transfer cases-Reasons for transfer to be recorded and communicated and an opportunity of hearing is mandatory-Transfer order and consequent proceedings is quashed. [S. 127(2), 132(4), Art.226]
Athena Trade Winds Pvt. Ltd. v. CIT (2020) 421 ITR 267/ 186 DTR 347/ 316 CTR 219 (MP) (HC)
S. 92C : Transfer pricing-Arm’s length price-Loan syndication fee received from associated enterprise-Tribunal remitting matter to AO-Not erroneous.[S. 254(1), 260A]
CIT v. RBS Financial Services (India) Pvt. Ltd. (2020) 421 ITR 1 (Bom.)(HC )
S. 80P : Co-operative societies-Interest received from another Co-operative bank-Deduction allowed on gross interest in earlier years-Department has not challenged the decision of the Tribunal in another assesee-Department is not entitled to challenge its correctness in case of another assessee without good reason. [S. 80P(2)(d)]
Surat Vankar Sahakari Sangh Ltd. v. ACIT (2020) 421 ITR 134 (Guj.)(HC)
S. 80HHC : Export business-Business profits-Receipts by way of reassortment charges and labour commission-Cannot be excluded from business profits for purpose of computation of business profits- Prior to amendment with effect from April 1, 1992.
Seven Stars v. DCIT (2020) 421 ITR 16 (Bom.)(HC)
S. 54B : Capital gains-Land used for agricultural purposes- Sale of land to builder- Order of the AO is set aside. [S. 45, 264, Art. 226]
S. Sundaramurthy v. PCIT (2020) 269 Taxman 107 (Mad.)(HC)