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. 271C : Penalty-Failure to deduct at source-Assessee in default-Fixed deposit-Form 15G-Reasonable cause-Levy of penalty is not valid. [S. 201(1), 201(IA), Form 15G]

Bank of India v. JCIT (2020) 83 ITR 412 (SN.) (Jaipur)(Trib.)

S. 271AAB : Penalty-Search initiated on or after Ist day of July 2012-
Charge not specified in the notice-Penalty not sustainable-Returned income accepted-Levy of penalty is not justified. [S. 132(4), 143(3) & 274]

Rashmi Jalan (Smt.) v. ACIT (2020) 83 ITR 19 (SN) (Kol.)(Trib.)

S. 271(1)(c) : Penalty-Concealment-Disallowance of set-off of loss from purchase and sale of shares treating it as speculation loss-Disallowance of claim-Penalty not sustainable. [S. 73]

TIL Investments P. Ltd. v. ITO (2020) 83 ITR 77 (SN) (Mum.)(Trib.)

S. 271(1)(c) : Penalty-Concealment-Disallowance of interest on estimate basis-Penalty not leviable. [S. 36(1)(iii)]

Electron Colour Chem Pvt. Ltd. v. ITO (2020) 83 ITR 73 (SN) (Ahd.)(Trib.)

S. 271(1)(c) : Penalty-Concealment-Failure to specify the specific charge in the show cause notice -Penalty levied was quashed.

Akhil Meditech Pvt. Ltd. v. CIT (2020) 83 ITR 68 (SN) (Delhi)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue- Business income or income from house property-Amendment bringing to tax notional annual value of property held as stock-in-trade-Not applicable to prior years-Revision is held to be not valid. [S. 22, 23(5)]

Tata Housing Development Company Limited v. PCIT (2020) 83 ITR 59 (SN) (Mum.)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue- Depreciation-Different treatment for leased assets for book purposes and Income tax return-Revision is held to be valid. [S. 32]

NXP India P. Ltd. v. PCIT (2020) 83 ITR 52 (SN) (Bang.)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue- Depreciation-Different treatment for leased assets for book purposes and Income tax return-Revision is held to be valid. [S. 32]

NXP India P. Ltd. v. PCIT (2020) 83 ITR 52 (SN) (Bang.)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Long term capital gains-Penny stock-Sale of shares-Acceptance of declaration-Plausible view-Revision is held to be not sustainable. [S.10(38) 45, Income Declaration Scheme, 2016]

Manisha Ajay Shah (Mrs.) v. PCIT (2020) 83 ITR 75 (SN) (Mum.) (Trib.)

S. 254(1) : Appellate Tribunal-Duties-Additional evidence-Failure by department to show why documents needed or explain connection of documents with controversy in question-Additional evidence not to be admitted. [ITAT R, 1963, 29]

ITO v. Aravali Prime Consultants P. Ltd. (2020) 83 ITR 2 (SN) (Jaipur) (Trib.)