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. 68 : Cash credits–Gifts from father–Source explained–Addition is deleted.

Kuldeep Singh v. ITO (2020) 180 ITD 749/ 185 DTR 10/ 203 TTJ 242 (Chd.)(Trib.)

S. 68 : Cash credits–Sundry creditors-From earlier years-No addition can be made.

ITO v. Swati Housing & Construction (P.) Ltd. (2020) 180 ITD 854 (Delhi)(Trib.)

S. 68 : Cash credits–Books of account-No addition can be made owing to difference in income based on Form No. 26AS and income as reflected in books of account maintained by assessee. [S. 145]

D M Estates (P.) Ltd. v. DCIT (2020) 180 ITD 813 (Bang.)(Trib.)

S. 54F : Capital gains-Investment in a residential house-Perpetual lease–Purchase of property-Entitle for exemption. [S. 2(47)(vi), 45, 269UA]

N. Ramaswamy v. ITO (2020) 180 ITD 702 / 190 DTR 374/ 205 TTJ 803(Chennai)(Trib.)

S. 54F : Capital gains-Investment in a residential house-Purchase of flat-Mere fact that assessee was one of associated parties in said concern which was developing housing project, could not be a ground to deny benefit of deduction.[S. 45]

Lalitkumar Kesarimal Jain v. DCIT (2020) 77 ITR 394 / 180 ITD 832 / 190 DTR 424/ 205 TTJ 753 (Pune)(Trib.) Kruti Lalit Kumar Jain v. DCIT (2020) 77 ITR 394/ 180 ITD 832/ 190 DTR 424/ 205 TTJ 753 (Pune) (Trib.) Pranay Lalit Kumar Jain v. DCIT (2020) 77 ITR 394/ 180 ITD 832 / 190 DTR 424/ 205 TTJ 753 (Pune) (Trib.)

S. 47(iv) : Capital gains-Transaction not regarded as transfer – Subsidiary –Parent company is not holding whole share capital of subsidiary – Capital gains on buy back is taxable. [S. 45 46A]

Acciona Wind Energy (P.) Ltd. v. DCIT (IT) (2020) 180 ITR 792 /185 DTR 280 / 203 TTJ 377 (Bang.)(Trib.)

S. 45(2) : Capital gains-Conversion of a capital asset in to stock-in-trade–Year of taxability-Capital gains arising from such conversion was to be brought to tax when transfer/sale of such asset took place and not on date of converting capital asset into stock-in-trade. [S. 45]

Union Company (Motors) (P.) Ltd. v. ACIT (2020) 180 ITD 799/ 204 TTJ 11 (UO) (Chennai)(Trib.)

S. 45 : Capital gains-Sale of assets used for research and development-Not eligible to claim short-term capital loss or long-term capital loss on sale of assets used for research and development activities for which deduction under S. 35 had already been allowed.[S.2(29A), 2(29B), 2(42B), 35]

Mahindra & Mahindra Ltd. v. DCIT (2020) 180 ITD 776 (Mum.) (Trib.)

S. 44AD : Presumptive taxation-Trader in medicine-Undisclosed cash credits–Bank account-Addition is held to be not justified. [S. 68, 69A, 115BBE]

Thomas Eapen v. ITO (2020) 180 ITD 741 (Cochin)(Trib.)

S. 43(6) : Written down value-WDV of building had been revised on account of disallowance of depreciation in past years-Depreciation on such higher revised opening WDV of building was to be allowed. [S. 32]

ACIT v. Crompton Greaves Ltd. ( 2019) 75 ITR 17 (SN )/ (2020) 181 ITD 40 / 203 TTJ 94(Mum.)(Trib.)