S. 263 : Commissioner-Revision of orders prejudicial to revenue– Cash credits- Sale of goods-Produced statement of bank account, copies of bills issued to purchasers as also books of account showing entries of deposits made in bank-Revision is held to be not valid. [S. 68]
PCIT v. Dilip Kumar Swami (2019) 264 Taxman 33 (Raj.)(HC)
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. 251 : Appeal – Commissioner (Appeals)–Powers-Stay was granted by depositing 20% of tax in dispute–High Court reduced to 50 per cent of amount directed in order passed by Commissioner (Appeals) and time to make the payment. [S. 226]
Popular Traders. v. ACIT (2019) 106 taxmann.com 88 / 264 Taxman (Ker.) (HC) Editorial : SLP is dismissed, since time to make payment of first instalment was expiry further time of two weeks was granted to the assessee to make the payment . Popular Traders v. ACIT (2019) 264 Taxman 3 (SC)S. 220 : Collection and recovery-Assessee deemed in default–Stay-Issue decided in favour of assessee by CIT(A) in other proceedings-Pendency of appeal before CIT(A)-AO cannot pass the order to deposit 20% of tax in dispute-Stay was granted against recovery of demand.
ARCIL Retail Loan Portfolio 001-D-Trust v. Pr. CIT (2019) 264 Taxman 61 (Bom.)(HC)S. 201 : Deduction at source-Failure to deduct or pay-Rs. 10 Million US Dollars in escrow account- TDS liability-Notices issued under S 201 and 201(1A) would stand stayed during pendency of proceedings.[ S.195, 201(1), 201(IA)]
Business Process Outsourcing, LLC v. AAR (2019) 264 Taxman 59 (Bom.)(HC)S. 147 : Reassessment–Second reassessment-High Court set aside the reassessment on one issue–Second reassessment on another ground is held to be not valid. [S. 32, 148]
Rallies India Ltd ( 2018) 411 ITR 452 / 89 taxmann.com 88 (Bom.) (HC) Editorial : SLP of revenue is dismissed, DCIT v. Rallis India Ltd. (2019) 264 Taxman 25 (SC)S. 147 : Reassessment-After the expiry of four years-No failure to disclose all material facts–Reassessment is bad in law. [S.80IB(10), 148]
Akshar Anshul Construction LLP v. ACIT (2019) 264 Taxman 65 (Bom.)(HC)S. 145 : Method of accounting-Estimating profit rate of 15% per cent which was arrived at with consensus between both parties- Addition is held to be justified.
Mayur Sheet Grah (P.) Ltd. v. CIT (2019) 106 taxmann.com 129/ 264 Taxman 18 (All.) (HC) Editorial: SLP of the assessee is dismissed , Mayur Sheet Grah (P.) Ltd. v. CIT (2019) 264 Taxman 17 (SC)S. 132(4) : Search and seizure-Statement on oath–Addition made on the basis of statement on oath–Subsequent retraction- Statement recorded during the course of action which was in presence of independent witness has overriding effect over the subsequent retraction- Addition is held to be valid. [S. 131, 132, 292C]
Bannalal Jat Constructions (P.) Ltd. v. ACIT (2019) 106 taxmann.com 127 / 264 taxman 6 (Raj.)(HC) Editorial: SLP of assessee is dismissed, Bannalal Jat Constructions (P.) Ltd. v. ACIT (2019) 264 Taxman 5 (SC)S. 92C : Transfer pricing–Arm’s length price–Interest-11.30 per cent interest paid by assessee to its AE was very much within arm’s length rate- Deletion of addition is held to be valid.
PCIT v. India Debt Management (P.) Ltd. (2019)417 ITR 103/ 264 Taxman 42/ 178 DTR 223 / 309 CTR 32 (Bom.)(HC) .Editorial , SLP was dismissed on account of delay in filing , PCIT v. India Debt Management (P) Ltd (2021) 277 Taxman 405 (SC)S. 80G : Donation-Charitable activities–Application of u/s. 80G(5) cannot be rejected when registration continued. [S. 11AA, 12A, 80G(5)]
CIT v. Babbar Charitable Trust. (2019) 106 taxmann.com 159 / 264 Taxman 30 (All)( HC) Editorial: SLP of revenue is rejected, CIT v. Babbar Charitable Trust. (2019) 264 Taxman 29 (SC)