S. 147 : Reassessment –With in four years- Existence of material- Reassessment notice is held to be valid [ S.148 Art .226 ]
Precision Engineering v. ACIT(2020)427 ITR 198 /196 DTR 371 (Chhattisgarh) (HC) Aaditya Construction v. PCIT (2020)427 ITR 198/196 DTR 371 (Chhattisgarh) (HC) Editorial : Affirmed by division bench , Precision Engineering v . ACIT ( 2021 ) 319 CTR 217 / 198 DTR 311 (Chhattishgarh )(HC) Aaditya Construction v. PCIT ( 2021 ) 319 CTR 217 (Chhattishgarh )(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. 144 : Best judgment assessment -Arbitrary estimation is held to be not justified – Matter remanded
CIT v. S. Albert and Co. P. Ltd. (2020) 427 ITR 145 (Mad) (HC)S. 80IB: Industrial undertakings – Fraudulent transactions – Denial of tax holiday – Principles of natural justice is not applicable in cases of fraud . [ S. 80IB ,80IB(11C, 115JC , 153A )
S. Gurushankar v .CIT(Appeals) (2020) 427 ITR 175/ ( 2021) 277 Taxman 180/ 199 DTR 44/ 319 CTR 410 (Mad) (HC).Editorial: refer ,Gurushanakar S. v .CIT ( 2021 ) 199 DTR 42 ( Mad)) (HC) observation of single judge on merit was set aside .S.80HHC: Export business – Explanation (baa) applicable only to receipts similar to brokerage, commission, interest, rent or charges
Ingersoll-Rand (India) Ltd v .CIT (2020) 427 ITR 158 /192 DTR 369(Karn)(HC)S.80HHC : Export —Reduction of 90 Per Cent. of net (and not gross) Income from interest, commission and technical services — Income from technical services cannot be reduced by 90 Per Cent.
CIT(LTU) v. Asea Brown Boveri Ltd. (2020) 427 ITR 166 / 192 DTR 376/272 Taxman 224 (Karn)(HC)S. 72A : Carry forward and set off of accumulated loss and unabsorbed depreciation – Filing of Form 62 not a condition precedent for set off [ ITRules 9C ]
PCIT v. Lotte India Corporation Ltd. (2020) 427 ITR 80/ 194 DTR 7/ 317 CTR 330/ 274 Taxman 63 (Mad) (HC)S. 70 : Set off of loss – One source against income from another source – Tax Avoidance -Same head of income – Penny stock- Capital gains-Short-term capital loss —Beneficiary of bogus accommodation entries —Disallowance proper [ S. 4, 45 ,68, 69C 115BBEE ]
Sanjay Kaul v. PCIT (2020) 427 ITR 63 / 274 Taxman 301/ 119 taxmann.com 470 / 193 DTR 57 / 316 CTR 337 (Delhi)(HC) Editorial : Order in is approved , Sanjay Kaul. v. ITO (2020) 181 ITD 146 / 206 TTJ 176 (Delhi) (Trib.).S. 54 : Capital gains – Profit on sale of property used for residence –
Purchase of two residential properties in different locations -—Entitled to exemption. — Amendment substituting “A” By “One” — Applies prospectively. [ S.45 ]
S.47(vii): Capital gains- Transfer by a share holder in a scheme of amalgamation- Gains assessable as business income if shares held as stock-in-trade — No factual finding regarding nature of holding — Matter remanded [ S. 2 (47), 28, 45 ]
CIT v . Nalwa Investment Ltd. (2020)427 ITR 229 /192 DTR 393/316 CTR 97/273 Taxman 276 (Delhi)(HC)/CIT v. Abhinandan Investments Ltd. (2020) 427 ITR 229 / 192 DTR 393 / 316 CTR 97 / 273 Taxman 276 (Delhi)(HC) CIT v. Jindal Equipment Leasing Consultancy Services Ltd (2020) 427 ITR 229 /192 DTR 393 / 316 CTR 97 / 273 Taxman 276 (Delhi)(HC) CIT v. Mansarovar Investments Ltd. (2020) 427 ITR 229 / 192 DTR 393 / 316 CTR 97 / 273 Taxman 276 (Delhi)(HC) Editorial : Notice issued in SLP filed by the assessee, operation of judgement and order presently under challenge shall remain stayed Jindal Equipment Leasing Consultancy Services Ltd v. CIT ( 2021) 280 Taxmann 3 / 127 taxmann.com 278 (SC)S.43B: Deductions on actual payment – Custom duty – Allowable in year in which actually paid .
CIT(LTU) v. Asea Brown Boveri Ltd. (2020) 427 ITR 166 / 192 DTR 376/272 Taxman 224 (Karn)(HC)