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. 143(3) : Assessment-Income from undisclosed Sources-Difference in stock-Books of account not rejected-Reconciliation of stock filed-Addition is held to be not valid. [S. 69, 132]

SMC Food Ltd. v. ACIT (2020) 83 ITR 6 (SN) (Delhi)(Trib.)

S. 143(3) : Assessment-Malmanagement company-Sponsorship and promotional income-Power and fuel Charges-Marketing income considered net of expenses and not separately credited to profit and loss account-Addition is held to be not valid-Security charges, matter remanded. [S. 28(i)]

Orion Property Management Services Ltd. v. ITO (2020)83 ITR 4 (SN) (Bang.)(Trib.)

S. 143(3) : Assessment-Amalgamation of Companies-Assessing Officer required to take successor entity on record and authorised representative required to file Power of Attorney duly authorised by amalgamated entity-Assessment made on non existent entity void ab-initio.

Haryana Gramin Bank v. Dy. CIT (2020) 83 ITR 8 (SN) (Delhi)(Trib.)

S. 115JB : Book profit-Profit on sale of agricultural land-Direction of CIT(A) to exclude sum from book profits-Held to be proper. [S. 10, 115JB(2)(k)(ii)].

ITO v. Buniyad Developers Pvt. Ltd. (2020) 83 ITR 23 (SN) (Delhi)(Trib.)

S. 115JB : Book profit-Disallowance under Section 14A not to be included while computing book profit. [S. 14A]

Ameya Logistics Pvt. Ltd. v. Dy. CIT (2020) 83 ITR 46 (SN) (Mum.) (Trib.)

S. 92C : Transfer pricing-Arm’s length price-Comparable-Matter remanded-Adjustment for working capital difference nor working provided-Addition is held to be justified.

Open Solutions Software Services Pvt. Ltd. v. Add.CIT (2020) 83 ITR 21 (SN) (Delhi)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-Working capital adjustment granted-Outstanding receivables part of working capital-No separate benchmarking warranted.

Dy. CIT (LTU) v. EXL Service.Com (India) Pvt. Ltd. (2020) 83 ITR 11 (SN) (Delhi)(Trib.)

S. 80P : Co-operative societies-Business of Banking and disbursement of agricultural loans-Assessing Officer director to examine each loan disbursement to determine its purpose-Matter remanded. [S. 80P(2)]

Mugu Service Co-Operative Bank Ltd. v. ITO (2020) 83 ITR 85 (SN) (Cochin)(Trib.)

S. 80IA : Industrial undertakings -Initial Assessment year-Option given by CBDT to assessee to choose initial Assessment year-Prior period depreciation on investment in premises. [S. 80IA (4)(iv)(a) , 119]

ACIT v. Suma Shilp Ltd. (2020)83 ITR 39 (SN) (Pune)(Trib.)

S. 80IA : Industrial undertakings-Infrastructure development- Development, Maintenance and operation of Industrial Park. [S. 80IA(4)(iii)]

Dy. CIT v. Marigold Premises Pvt. Ltd. (2020)83 ITR 32 (SN) (Pune)(Trib.)