S.54F : Capital gains- Investment in a residential house -Claim of exemption cannot be denied even though the House property which the assessee had purchased as co-¬owner had been
demolished before completing 3 years of purchase and no new house property was constructed.-Does not violate section 54F(3) of the Act. [ S. 2(47) 45, 54F(3) ]
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. 45 : Capital gains – Full value of consideration – Valuation report of DVO was less than the stamp valuation – Valuation report given by the DVO cannot be ignored and directs that the value as determined by the DVO be adopted for the purpose of determining the full value of consideration received on transfer of capital asset for computing LTCG as laid down in S..50C(3) of the Act [ S.50C(2)(b) , 50C(3) ]
Benedicta Mary Mendonce ( Ms.) v ITO ( Bang ) (Trib) www.itatonline .orgS. 40A(3) :Expenses or payments not deductible – Cash payments exceeding prescribed limits – Commercial expediency – Not eligible deduction [ R.6DD ]
Vaduganathan Talkies v. ITO ( 2020) 428 ITR 224/275 Taxman 599 ( Mad ) (HC)/ Lena Talkies v. ITO( 2020) 428 ITR 224/ 275 Taxman 599 ( Mad ) (HC)S. 32 : Depreciation – Rate of depreciation – FSI – Intangible asset-FSI purchased from Government of Maharashtra- held eligible for depreciation at the rates applicable to the Building @ 10% and not to Intangible assets @ 25% [ S.32(1)(ii), 43(6)(c ) ]
PCIT v. V .Hotels Ltd 429 ITR 54/ 275 Taxman 106/ 317 CTR 377 / 194 DTR 369 ( Bom) (HC) ( Bom) (HC) www.itatonline.org. Delhi Sales Tax Act, 1975
S. 4: Rates of tax- Lottery tickets –Right to participate in lottery is actionable claim – No sale of goods with in the meaning of the sales tax Act – Whether ratio of H. Anraj is still valid so far as it splits the rights attached to a lottery ticket into right to participate and right to win-former held as goods and latter as actionable claim-whether is a composite right [Constitution of India, Art. 246(3), 366(12), 366(29A) Sale of Goods Act, 1930,
S. 4(1), Transfer of Property Act, 1882, S. 3, 130]
Central Sales Tax Act, 1956
S. 3: When is sale or purchase of goods said Movement of goods in the course of import or inter-state or commerce – Deemed sale – when can be held to be covered by Section 3(a) and Section 5(2) of the CST Act, 1956 [S. 3(a), 5(2), Constitution of India, Art. 286(2), Delhi Value Added Tax Act, 2004, S. 7, 74]
Central Excise Act, 1944
S. 11B: Claim for refund of duty – Excise – Refund – Excise duty paid under mistake of law – Maintainability of suit or writ petition – Unjust enrichment – Salutary principle – to be held applicable [Constitution of India, Art. 265, Indian Contract Act, S. 72]
Central Excise Act, 1944
S. 11AB: Interest on delayed payment of duty – Interest on short levy or short payment – Escalation in price with retrospective date – Attracts interest on differential liability as per section 11AB of the Act
Central Excise Act, 1944
S. 4: Valuation of excisable goods for purpose of charging of duty of excise – Valuation – Related person- Where the two companies/firms etc., belong to the same group then the test of mutuality is established and satisfied [S. 4(4)(c)]
Central Excise Act, 1944
S. 4: Valuation of excisable goods for purpose of charging of duty of excise – Valuation – Dharmada collected along with the price of goods – Not a part of transaction value