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.92C: Transfer pricing- International Transactions – Arm’s length price – comparable – Investment advisor or sub – advisor cannot be compared with a merchant banker or investment banker.

PCIT v. Blackstone Advisors India Pvt. Ltd, (Bom)(HC)(UR) Editorial: SLP of revenue is dismissed (SLP No.24300 of 2019 dt.04/10/2019) (2019) 418 ITR 13 (St.)(SC)/ ( 2020) 269 Taxman 484 (SC)

S. 80IB(10) : Housing projects- Complied all the conditions- Failure to complete the project attributable to the assesee- Entitle to deduction .

PCIT v. Kewal Real Estate Pvt Ltd.(Bom)(HC)(UR) Editorial: SLP of revenue is dismissed (SLP No.18492 of 2019 dt.02/08/2019)(2019) 416 ITR 129 (St.)(SC)

S.80IB (10): Housing projects – Deduction could not be denied on the ground that project was not completed within prescribed time limit.

PCIT v. Yash Associates (2020) 423 ITR 215 (Bom) (HC) Editorial: SLP of revenue is dismissed (SLP No.18066 of 2019 dt.29/07/2019)(2019) 417 ITR 60 (St.)(SC)

S. 80IB: Industrial undertakings – Initial assessment year – Commenced manufacture in accounting year relevant to Assessment Year 2002-03 — Assessee cannot claim subsequent assessment year as year for initial deduction. [S.80IB(4), 80IB(14)]

Teracom Ltd . v. ACIT (2020) 420 ITR 1 /113 taxmann.com 233 / 187 DTR 440/ 315 CTR 402(Bom) (HC)

S.80I : Deduction for Industrial undertaking – deduction should be given on profit without reducing the deduction u/s.80HH .[ S.80HH ]

CIT v. Hindustan Lever Ltd. (Bom)(HC)(UR) Editorial: SLP is granted to the revenue (C A No. 2015 of 2019)(2019) 413 ITR 320(St.)(SC)

S.68 : Cash credits – Share Application Money -In the absence of incriminating material found during search – No addition can be made. [ S. 132, 153C ]

PCIT v. Dhananjay International Ltd (2020) 114 taxmann.com 317 (Bom.)(HC) Editorial: SLP granted to the revenue. ( tagged along with 4090 of 2016 ) (CA No. 7600 of 2019, 16/09/2019)(2019) 418 ITR 17(St.)(SC) /(2020) 114 taxmann.com 351 (SC)

S.45(3) : Foreign exchange forward contract loss – Allowable as business loss and setoff against loss. [ S.28(i) ]

PCIT v. Rikin Exports (Bom)(HC)(UR) Editorial : SLP of revenue is dismissed. (SLP18517/2019 dt.24/02/2020)

S.45: Capital gains – No cost of acquisition of TDR (Development rights) – Not liable to capital gain tax.

PCIT v. Manohar H. Kakwani. (Bom) (HC) (UR) Editorial: SLP of revenue is dismissed (SLP No.18498 of 2019 dt.02/08/2019)(2019) 416 ITR 125 (St.)(SC)

S. 45: Capital gains – Land – Survey – Statement -There was no building on the land which was subject to depreciation – Rent was received only in respect of land – Provision of S.50 cannot be applied merely on the basis of statement in the course of survey [ S.50 ,133A, 194I ]

PCIT v. Firoz Tin Factory (Bom)(HC)(UR) Editorial: SLP of revenue is dismissed (SLP No.21694 of 2019 dt.06/09/2019)(2019) 417 ITR 56 (St.)(SC)

S. 44: Insurance business – Loss from Jeevan Suraksha fund cannot be added while computing the income from insurance business. [(S. 10(23AAB) ]

PCIT v. Life Insurance Corporation of India. (Bom)(HC)(UR) Editorial : SLP granted to the revenue (CA No.7335 of 2019 dt.06/09/2019)(2019) 418 ITR 14 (St.)(SC)