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. 115JB : Book profit-Waiver of part of loan and entire interest- Waiver of interest by IREDA could not be considered as withdrawal of a provision and could not be reduced from the book profits-Order of Tribunal is affirmed.[S. 41(1)]

Kilara Power Pvt. Ltd. v. ITO (2020) 429 ITR 534/ ( 2021 ) 279 Taxman 437 (Karn.)(HC)

S. 115JAA : Book profit-Deemed income-Tax credit includes surcharge and cess-Appellate Tribunal-Monetary limit-Includes surcharge and cess. [S. 2(43), 115WA, 253]

PCIT v. Scope International Pvt. Ltd. (2020)429 ITR 500 (Mad.)(HC)

S. 115JAA : Book profit-Deemed income-Tax credit-Includes surcharge and education cess.

CIT v. Saint Gobain Glass India Ltd. (2020) 429 ITR 505 (Mad.)(HC)

S. 115BBE : Tax on income referred in section 68, or section 69 or section 69B or section 69C or section 69D-Unexplained expenditure- Matter remanded to the Tribunal. [S. 69C]

CIT v. Hussain Mohideen Ibrahim Sha (2020) 429 ITR 160 (Mad.)(HC)

S. 115AC : Capital gains-Bonds-Global Depository-Foreign currency-Cost of acquisition-Computation of capital gains-Conversion of Foreign currency convertible bonds into equity shares-Order of Tribunal is affirmed.

DIT (IT) v. Intel Capital (Cayman) Corporation (2020) 429 ITR 45 / 195 DTR 382 / 317 CTR 702 / (2021) 276 Taxman 118 (Karn.)(HC)

S. 80IB(10) : Housing projects-Pro rata deduction is eligible. [S. 80IB(10)(c)]

Models Construction Pvt. Ltd. v. Dy. CIT (2020)429 ITR 605 / ( 2021) 279 Taxman 247(Bom.)(HC)

S. 80IB(10) : Housing projects-Condition coming into effect from 19-8-2019-Allotments made prior to that date-Entitled to pro-rata deduction. [S. 80IB(10)(f)]

Kamat Constructions Pvt. Ltd. v. CIT (2020) 429 ITR 609 / 277 Taxman 640(Bom.)(HC)

S. 80IB(10) : Housing projects-Eligible deduction on proportionate basis.

Devashri Nirman Ltd. v. ACIT (2020) 429 ITR 597 / ( 2021 ) 277 Taxman 408 (Bom.)(HC) PCIT v Devashri Nirman Ltd. (2020) 429 ITR 597 / ( 2021 ) 277 Taxman 408(Bom.)(HC)

S. 80IB(10) : Housing projects-Single approval from local authority for development and construction of residential units more and less than 1500 Sq. Ft. in area-Entitled to deduction. [S. 80IB(10)(c)]

PCIT v. Pratham Developers (2020) 429 ITR 114 (Guj.)(HC)

S. 80IB(10) : Housing projects-Proportionate deduction in respect of individual units permissible.

CIT v. Brigade Enterprises Ltd. (No. 2) (2020) 429 ITR 615 / (2021) 197 DTR 319 / 318 CTR 325 / 278 Taxman 81 (Karn.)(HC)