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. 69 : Unexplained investments–Search and Seizure-Unexplained cash and jewellery-Benefit is given as per circular No 1016 dt 5-11-1994-Explanation is not satisfactory–Addition is held to be justified. [S. 132]
Bishan Bansal v. Dy.CIT (2020) 77 ITR 95 (SN) (Delhi)(Trib.)
S. 68 : Cash credits-Purchase of site-Transaction has not materialized–Addition is held to be not justified.
P. Ramachandra Reddy v. ITO (2020) 77 ITR 49 (SN) (Hyd.)(Trib.)
S. 68 : Cash credits-Failure to prove creditworthiness of the creditor –Addition is held to be justified.
Dibyajyoti Chemicals P. Ltd. v. Dy. CIT (2020) 77 ITR 40 (SN) (Cuttack)(Trib.)
S. 68 : Cash credits-Identity and creditworthiness is established– Addition is held to be not justified.
Debjyoti Dutta v. ITO (2020)77 ITR 17 (SN) (Cuttack)(Trib.)
S. 68 : Cash credits–Additional evidence–AO is given sufficient opportunity to examine the additional evidence–Deletion of addition s held to be justified. [S.151, R.46A]
Dy.CIT v. NIC Construction P. Ltd. (2020)77 ITR 78 (SN) (Indore) (Trib.)
S. 68 : Cash credits–Information from bank statements of creditors-Finding recorded on the basis of another creditor–Information not furnished to the assesee-Violation of principle of natural justice-Remanded to CIT(A) to decide the issue after obtaining the remand report from the AO. [R. 46A]
Balwinder Kumar Sharma v. ACIT (2020) 77 ITR 380 (SN) (Chd.)(Trib.)
S. 68 : Cash credits–Share application money-Cash was deposited before issue of cheque-Genuineness of transaction is not established –Addition is held to be justified.
Badrinath Steels P. Ltd. v. ITO (2020) 77 ITR 465 (SN) (Hyd.)(Trib.)
S. 56 : Income from other sources-Estimation of business income and also making separate addition as income form other sources – Held to be not valid. [S. 28 (i)]
ACIT v. Nadella Venkata Nageswara Rao (2020) 77 ITR 94 (SN) (Vishakha)(Trib.)
S. 56 : Income from other sources-Deeming income from receipt of immovable property without consideration-Not applicable to a purchase transaction of immovable property prior to amendment for which full consideration is paid-Registration at a later date-Amended provision is not applicable. [S. 56(2)(viib)]
Bajrang Lal Naredi v. ITO (2020) 77 ITR 91 (SN) / 203 TTJ 925 / 187 DTR 49 (Ranchi)(Trib.)
S. 54F : Capital gains-Investment in a residential house-Date of transfer of land was date of joint development agreement and on this date no flats owned by assessee-Bar does not apply. Acquisition of new residential house can be more than one-More than one unit of residential house eligible for exemption. [S. 45]
Prathap Kumar N. v. CIT (2020) 77 ITR 66 (SN) (Bang.)(Trib.)