S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Certificate in the month of April/May 1995-started telecommunication services after 1-4-1995 and would be eligible for deduction-Interest and miscellaneous income-Allowable deduction. [S. 80IA(4)(ii), 80IA(2A)]
Dy. CIT v. Vodafone India Ltd. (2023) 222 TTJ 217 / 152 taxmann. com 660 (Mum)(Trib)
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. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Agreement with State Government /Statutory bodies-Developing new infrastructure facilities. i. e. irrigation projects-Entitle to deduction-Interest on mandatory fixed deposit as security against bank guarantee-Eligible for deduction. [S. 80IA(4)(i)]
Infab Infrastucture (P) Ltd v. Dy. CIT(2023) 222 TTJ 421 (Ahd)(Trib)S. 80G : Donation-Religious purpose-Registered under section 12AA-Directed to grant approval under section 80G(5) of the Act. [S. 12AA, 8OG(5) (vi))]
Santshrehtha Gnjajan Maharaj Sevabhavi Sanstha v. CIT (2023) 221 TTJ 251 (Pune)(Trib)S. 69A : Unexplained money-Undisclosed professional receipts-40% of expenses are allowed on estimate basis-Interest income from bank addition is justified. [S. 28(i), 37(1)]
Vijay Gautam v. Asst. CIT (2023) 222 TTJ 191 / 151 Taxmann. com 485 (All)(Trib)S. 69 : Unexplained investments-Income from undisclosed sources-Assessment-Bogus purchases-Order of CIT(A) restricting disallowance of purchases to 5 per cent of alleged bogus purchases is affirmed. [S. 143(3)]
Dy. CIT v. Hi-Tech Engineers (2023) 222 TTJ 785 (Mum)(Trib)S. 68 : Cash credits-Sale of ancestral gold and savings-Addition is deleted-Reassessment notice is not justified. [S. 147, 148]
Dhanpat Raj Khatri v. ITO (2023) 222 TTJ 382 / 154 Taxmann. com 58 (Jodhpur)(Trib)S. 68 : Cash credits-Search and survey-Demonetization-Cash deposits-Negligible stock-in-trade-Annonymous buyers-Addition is affirmed. [S. 131, 292C, Indian Evidence Act, 1872, S. 26, 31, 34, 92]
Vaishnavi Bullion (P.) Ltd. v ACIT (2023) 222 TTJ 909 / 145 Taxmann. com 197 (Hyd)(Trib) Musaddila Gems & Jewels P. Ltd v ACIT (2023) 222 TTJ 909 / 145 Taxmann. com 197 (Hyd)(Trib)S. 68 : Cash credits-Creditworthiness and genuineness of transaction is established-Addition is deleted.
Alwar General Finance Co (P) Ltd v. ACIT (2023) 222 TTJ 665 (Jaipur) (Trib)S. 68 : Cash credits-All parties appeared in response to summons and submitted income tax return and bank statements-Order of CIT(A) deleting the addition is affirmed.
Dy. CIT v. Hi-Tech Engineers (2023) 222 TTJ 785 (Mum)(Trib)S. 68 : Cash credits-Explanation of source of deposit is accepted partially and remaining addition is affirmed.
Farsha S. Kadri v ITO (2024) 222 TTJ 31 (SMC)(Surat)(Trib)