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. 80IB: Industrial undertakings-Production of aluminium products-Allowable deduction.

Hindalco Industries Ltd. v. Dy. CIT (2024)114 ITR 502 (Mum)(Trib)

S.80IA: Industrial undertakings-Enterprises engaged in infrastructure development-Captive power plant-Supply of power to own unit-Sale of small portion to State grid corporation-Rate to be adopted-Market value-Rate at which State Electricity Board supplies to industrial consumers. [S.80IA(8)]

Hindalco Industries Ltd. v. Dy. CIT (2024)114 ITR 502 (Mum)(Trib)

S. 80HHC : Export-Turnover in excess of Rs. 10 Crores-In Terms Retrospective amendment-Struck down by High Court and affirmed by Supreme Court-Substantive amendment with retrospective operation-Effective only from date of amendment.[S.80HHC(3)]

Hindalco Industries Ltd. v. Dy. CIT (2024)114 ITR 502 (Mum)(Trib)

S. 69 :Unexplained investments-Alleged purchase of land-No land is purchased it was only proposal-Addition is deleted.[S. 132]

ACIT v. Jindal Poly Films Ltd. (2024)114 ITR 72 (SN)(Delhi)(Trib)

S. 69 :Unexplained investments-Survey-Surrender of income-Stock offered as business income-Assessable as business income-Special rate of tax cannot be applied. [S.115BBE, 133A]

Milkhi Mal Des Raj Jain v. ACIT (2024)114 ITR 17 (Amritsar)(Trib)

S. 68 : Cash credits-Cash deposits-Demonetisation period-Books of account not rejected-Addition cannot be made on suspicion, conjectures-Additional ground is admitted.[S.115BBE, 143(3),ITATR. 11]

Vijay Kumar Jain v. ITO (2024)114 ITR 20 (SN)(Delhi)(Trib)

S. 68 : Cash credits-Sale of agricultural land-Dishonour of cheque-Receiving back advance payment by cash-Sale not materialised-No long term capital gains-Matter remanded to for verification. [S. 45]

Ranveer Singh Chauhan v. ITO (2024)114 ITR 18 (SN)(Delhi)(Trib)

S. 68 : Cash credits-Cash deposits in bank account-Demonetisation-Cash sales and opening balance-Advance salary to employees-Addition is deleted. [S.115E]

Cottage Arts Emporium v. ACIT (2024)114 ITR 69 (SN.) (Chennai)(Trib)

S. 68 : Cash credits-Share capital-Share premium-Loss making company-Genuineness of transaction is not proved-Addition is affirmed-Reassessment is affirmed. [S. 143(3) 147, 148]

ACIT v. Prasanna Purple Mobility Solutions P. Ltd. (2024)114 ITR 62(SN) (Pune)(Trib)

S. 68 : Cash credits-Income from undisclosed sources-Capital gains-Penny stock-Securities transaction tax-Payments through banking channels-DMAT account-Burden discharged transactions cannot be held to be bogus-Entitle to exemption. [S. 10(38) 45, 69]

Dy. CIT v. Pavankumar Bachhraj Chandan (2024)114 ITR 364 (Mum)(Trib)