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. 68 : Cash credits-Established identity, creditworthiness and genuineness of creditor —Addition is deleted.

ITO v. Umed Meghraj Jain (2023)108 ITR 58 (SN) (Ahd) (Trib)

S. 68 : Cash credits-Unsecured loans-Proved identity, creditworthiness and genuineness of transaction-Order of CIT(A) deleting the addition is affirmed.

Asst. CIT v. Ecocat India P. Ltd. (2023)108 ITR 30 (SN)(Delhi) Trib)

S.68: Cash credits —Deposits in the bank-Cash sales-Addition is deleted.

Himalaya Spinning Mills v. ITO (2023)108 ITR 694 (Amritsar) (Trib)

S. 68 : Cash credits-Share capital-Established source and source of source-Addition is deleted.

Dy. CIT v.Qcap Securities P. Ltd. (2023)108 ITR 228 (Surat) (Trib) Dy.CIT v. Quant Capital P. Ltd (2023)108 ITR 228 (Surat) (Trib)

S. 68 : Cash credits-Unsecured loans —Commercial transactions-Genuineness is proved-Addition is deleted.

Asst. CIT v. Evermore Stock Brokers P. Ltd. (2023)108 ITR 13 (Delhi) (Trib)

S. 50C : Capital gains-Full value of consideration-Stamp valuation Only where sale consideration is less than value adopted by Stamp Valuation Authorities-Sale consideration is more than stamp valuation-Reference to Valuation Officer is not sustainable-Addition is not justified.[S. 45]

Akash Garg v Dy. CIT (IT) (2023)108 ITR 69 (SN)/ (2024) 204 ITD 507 (Delhi)(Trib)

S. 48 : Capital gains-Mode of Computation-Cost of improvement-Payment to sub-contractor-Not given opportunity to cross-examine sub-contractor-Payment is allowable as deduction. [S. 45, 131]

Meridian Telesoft Ltd. v. Asst. CIT (2023)108 ITR 37 (SN)(Ahd) (Trib)

S. 48 : Capital gains-Mode of Computation-Brokerage —Allowed as deduction. [S.45]

Ashok Singh v. Asst. CIT (2023)108 ITR 49 (SN)(Jaipur) (Trib)

S. 44BB : Mineral oils-Computation-Presumptive tax-Revenue received on account of provision of facilities and services of seismic data acquisition, planning and carrying out of pre-survey study, taking marine data and confirming prospects, maintenance/upgradation/support of software licences-Not fees for technical services-Reimbursement of service tax-Not includible in gross turnover for computing taxable income. [S. 9(1)(vii), 44DA]

Dy. CIT (IT) v. Western Geco International Ltd. (2023)108 ITR 23 (SN)/225 TTJ 1009 / 157 taxmann.com 736(TM) (Delhi) (Trib)

S. 41(2) : Profits chargeable to tax-Balancing charge-Sale of machinery-Once profit embedded in sales taxed, same sales cannot be taxed again-Income from undisclosed-Once sales are accepted purchases cannot be disallowed-Disallowance is deleted.[S. 69C]

Asst. CIT v. Northern India Alcobru Systems (2023)108 ITR 1 (SN)(Surat) (Trib)