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. 144C : Reference to dispute resolution panel -Draft Assessment Order —Order in name of non-existing person — Not valid – Mistake neither procedural irregularity nor rectifiable [ S.292B ]

Boeing India Pvt. Ltd. v .ACIT (2020)81 ITR 94 (SN) ( Delhi ) (Trib)

S. 143(3): Assessment – Search and Seizure — Unaccounted income — Medical college — Donations and capitation fees — Onus upon revenue – Addition based on statement by Chairman of Trust — No Cross-Examination Allowed- Addition is deleted [S. 69 , 132, 147 , 148 ]

Sulekh Chand Singhal v. ACIT (2020) 81 ITR 26 (SN) ( Delhi) (Trib)

S.143(3): Assessment – Unverifiable purchases — Bogus purchases- Sales accepted- Failure by some parties to respond to notice- Entire purchases cannot be disallowed – Directed to estimation of gross profit rate on the turnover . [ S.37(1), 69C ]

Silburn Papers Pvt. Ltd. v ITO (2020)81 ITR 85 (SN)( Delhi)(Trib)

S.143(3) : Assessment -Revision — Addition made pursuant to revisional order — Tribunal quashing revisional order — Resultant Proceedings would not survive [ S.14A, 115JB , 254(1), 263 ]

ACIT v .Oscar Investment Ltd. (2020) 81 ITR 81 (SN) (Delhi) (Trib)

S. 132(4) : Search and seizure – Statement on oath – Short term capital gains- Offered in statement recorded during search – Brought forward capital loss of earlier years – Eligible to be set off against short term gains of current year – Set off of loss not to be denied on ground that not claimed in statement recorded during search [ S. 74 ]

Roop Kishore Madan v .Dy. CIT (2020) 81 ITR 55 (SN) ( Delhi ) (Trib)

S.92C: Transfer pricing -Arm’s length price — Exchange rate fluctuations —Taken part of operating margin [ S.92CA ]

Vitech Systems Asia Pvt. Ltd. v. ITO (2020) 81 ITR 58 (SN) (Hyd) (Trib)

S.92C: Transfer pricing — Arm’s Length Price — Delay in realisation of trade debts — Uniform policy -Associated enterprises and non- enterprises — Addition of notional interest is held to be not justified . [ S.92B ]

S. Vinodkumar Diamonds P. Ltd. v Dy. CIT (2020) 81 ITR 46 (SN) (Mum) (Trib)

S.92C: Transfer pricing — Arm’s length price — Manning service fee —Addition is deleted .

Wilhelmsen Ship Management India Pvt. Ltd. v .Dy. CIT (2020) 81 ITR 14 (SN) ( Mum) (Trib)

S. 92C : Transfer pricing – Arm’s length price – Huge related party transactions — Unreliable financials — Not Comparables [

Dy. CIT v. Cadence Design Systems (India) P. Ltd. (2020) 81 ITR 35 (SN) ( Delhi ) (Trib)

S. 92C : Transfer pricing – Arm’s length price -A debt-free company — No interest paid to creditor or supplier nor interest earned from unrelated party- Adjustment of interest is held to be not warranted .

Boeing India Pvt. Ltd. v .ACIT (2020)81 ITR 94 (SN) ( Delhi ) (Trib)