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. 2(42A) : Short-term capital asset-Shares of unlisted company– Holding shares for more than 12 months and transferring them prior to 31-03 2014 to be treated as long term capital gains-Holding Shares for more than 12 months and transferring them prior to 31-3-2014-Entitled to benefit of shorter period of holding-Gains to be Treated as long-term. [S. 2(29A), 2(29B), 45]

Neelu Analjit Singh (Mrs.) v. Add.CIT (2020) 77 ITR 220/ 189 DTR 163/ 204 TTJ 540 (Delhi)(Trib.)

S. 263 : Commissioner – Revision of orders prejudicial to revenue – No loss to revenue – Assessment after detailed inquiry – Revision is held to be not valid [ S. 45(2), 143(3) ]

PCIT v . Rakesh Kumar Agarwal ( 2020) BCAJ -March – P. 54 ( Bom) (HC)

S. 268A : Appeal-Monetary limit-Less than Rs 1 crore-Appeal is dismissed. [S. 260A]

PCIT v. Mangal Tirth Estates Ltd. (2020) 269 Taxman 80 (Mad.)(HC)

S. 11 : Property held for charitable purposes-Charitable purpose-Activities of relating to providing services of relief to poor, education and medical relief would fall within scope of general public utility-Entitle to exemption. [S.2(15,) 12, 12A, 80G]

CIT v. Praxis Institute For Participatory Practices. (2020) 113 taxmann.com 148/ 269 Taxman 39 (Delhi) (HC) CIT v. Praxis Institute For Participatory Practices. (2020) 113 taxmann.com 147/ 269 Taxman 39 (Delhi) (HC) Editorial: SLP is granted to the revenue; CIT v. Praxis Institute For Participatory Practices. (2020) 113 taxmann.com 149/ 269 Taxman 38 (SC)

S. 271(1)(c) : Penalty-Concealment-Deletion of penalty on the basis of order of sister concern is held to be justified-No question of law. [S. 260A].

PCIT v. Synbiotics Ltd. (2019) 112 taxmann.com 399 / (2020) 269 Taxman 51 (Guj.)(HC) Editorial : SLP of revenue is dismissed; PCIT v. Synbiotics Ltd. (2020) 269 Taxman 50 (SC)

S. 271(1)(c) : Penalty- Concealment-Capital gains on sale of land-Revised return prior to issue of notice u/s 153C-Deletion of penalty is held to be justified. [S. 45, 139(3), 153C ]

PCIT v. Prabhjot Kaur Chhabra. (2020)113 taxmann.com 140 / 269 Taxman 35 (MP) (HC) Editorial: SLP of revenue is dismissed ; PCIT v. Prabhjot Kaur Chhabra. (2020) 269 Taxman 34 (SC)

S. 271(1)(c) : Penalty-Concealment-Depreciation-Claim was withdrawn in the course of search proceedings-Deletion of penalty by the Tribunal is held to be justified. [S. 32, 132(4), 153A]

PCIT v. Financial Technologies India Ltd. (2019) 112 taxmann.com 398 / (2020) 269 Taxman 33 (Bom.)(HC) Editorial : SLP of revenue is dismissed ; PCIT v. Financial Technologies India Ltd. (2020) 269 Taxman 32 (SC)

S. 264 : Commissioner-Revision of other orders-Rejection of application on the ground that availability of remedy of appeal-Commissioner is directed to decide the application on its merits. [Art. 226]

Hirdey Ram v. CIT (2020) 421 ITR 4 (P&H) (HC)

S. 264 : Commissioner-Revision of other orders-Expenses or payments not deductible-Cash payments exceeding prescribed limits-Use of electronic clearing system through bank account-Deposit of cash directly in beneficiary’s bank account beyond prescribed limit-Transaction not through clearing house of electronic mode-Business expediency is not established-Disallowance is held to be justified. [S. 40A(3), R.6DD, Art. 226]

Ajai Kumar Singh Khaldelial v. CIT (2020) 421 ITR 6/186 DTR 57 / 312 CTR 473/(2021) 277 Taxman 91 (All.)(HC)

S. 254(2A) : Appellate Tribunal-Stay-Order of Tribunal granted the stay is affirmed-Appeal is held to be misconceived. [S.253, 260A]

CIT v. MSD Pharmaceuticals (P.) Ltd. (2020) 113 taxmann.com 136 / 269 Taxman 49 (Delhi) (HC) Editorial : SLP of revenue is dismissed; CIT v. MSD Pharmaceuticals (P.) Ltd. (2020) 269 Taxman 48 (SC)