S. 56 : Income from other sources – Bonus shares – Fair market value of the bonus shares computed as per Rule 11U and IIUA of the Income -tax Rules cannot be assessed as income from other sources [ S.56(2)(vii)(c )]
PCIT v.Dr. Ranjan Pai ( 2021) The Chamber’s Journal – February – P. 168 ( Karn) (HC)
Digest of case laws
Online digest of latest case laws
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
Click here to download the pdf versions of the Digest of case laws S. 55A : Capital gains – Reference to valuation officer – Finance Act, 2012 , w.e.f 1-7 2012 –Value as on 1 -4-1981 – Less than fair market value – Operates prospectively [ S.45 ]
Ranchodbhai C.Patel v.ITO ( 2021) 186 ITD 523/ 123 taxmmann.com 215 ( Surat ) (Trib)S. 50C : Capital gains – Full value of consideration – Stamp valuation – Insertion of the proviso and subsequent enhancement in its limits to 10% – Curative in nature – Relates back to the date when the statutory provision of section 50C was enacted . i. e . 1 st April , 2003 [ S.43CA, 45, 56 ]
Maria Fernandes Cheryl v. ITO ( 2021) BCAJ – February – P. 47 ( Mum) (Trib)S. 11 : Property held for charitable purposes – Funds in equity of a non profit company to carry on its objectives more effectively on account of Central Government policy – Denial exemption is not justified . [ S. 11(5) , 12 , 12AA, 13(1)(d), Companies Act , 1956 , S. 25 ]
ACIT v. Indian Broadcasting Foundation ( 2021) 186 ITD 241 /122 taxmann.com 123 ( Delhi) (Trib)S. 10A : Free trade zone – Unabsorbed losses – Assessing Officer cannot reject the claim allowable under law even if it was not claimed in the return [ S. 32 (2), 72, 139(1),154 ]
Mistral Solutions Pvt Ltd v .DCIT ( 2021) 123 taxmann.com 125 / 200 DTR 140( Bang) (Trib)Indian Succession Act , 1925
S. 32 : Devolution of such property – Partition-Family and Personal Laws – Relinquishment of right – Accepting money and ornaments in lieu of share in family property – Not entitle to claim share in family property thereafter [ S. 33 ]
Pharez Johan Abraham ( Dead) by Legal Representatives v. Arul Jothi Sivasubramaniam K . & Ors ( 2020) 13 SCC 711S. 276C : Offences and prosecutions-Willful attempt to evade tax- Delay in payment of tax-Admission of liability in return and subsequent payment of tax-Criminal proceedings quashed. [S. 276(2)]
Bejan Singh Eye Hospital Pvt. Ltd. and Ors. v. IT Department (2020) 428 ITR 206 (Mad.)(HC)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Appellate Tribunal-Power-Revision on ground pf lack of enquiry by Assessing Officer-When the Tribunal agreeing with Commissioner, the Tribunal has no power to set aside the order, when it’s is not subject matter of appeal. [S. 11, 12AA, 3(8), 80IB(10), 254(1)]
DIT(E) v. India Heritage Foundation (2020) 428 ITR 299 / 196 DTR 241 (Karn.)(HC) Editorial: All issues are open for consideration , India Heritage Foundation v. DIT (E) (2022)449 ITR 154 (SC)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Purchase of three units-Possible view -Revision is held to be not valid [S. 54, 54F]
PCIT v. Minal Nayan Shah (2020) 428 ITR 23/ 275 Taxman 540 (Guj.)(HC)S. 263 : Commissioner-Revision of orders prejudicial to revenue- Export of computer software-Development of software at client’s site outside India-Assessing Officer taking one of two plausible views-Revision is held to be not valid. [S. 10A]
CIT v. Aztec Software Technology Ltd. (2020) 428 ITR 245/ 275 Taxman 206 (Karn.)(HC)