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-Shares-Long term capital gains-Offline purchase-Penny stock-Accommodation entries-Opportunity of cross examination is not given-Addition is deleted.[S.10(38), 45]

Jayantilal Bhagwanchand v. ITO (2024) 209 ITD 23 (Bang)(Trib.)

S. 57 : Income from other sources-Deductions-Interest income-Burden is on assessee-Burden is on assessee to provide sufficient details to show that expenses were incurred wholly and exclusively for purpose of making or earning interest income.[S. 56, 57(iii)]

Vinayak Kalani v. DCIT (2024) 209 ITD 501 (Indore)(Trib.)

S. 57 : Income from other sources-Deductions-Brokerage to broker-Refund of investment (Principal amount and interest)-Cancellation of project-No bifurcation or split of this expenditure relating to recovery of principal and recovery of interest-Proportionate disallowance under section 57(iii) of brokerage expenses relating to principal amount is not justified.[S. 56, 57(iii)]

Deepak N. Sippy. v. ACIT (2024) 209 ITD 103 (Mum.)(Trib.)

S. 56 : Income from other sources-Premature surrender of pension policies-No deduction was claimed under section 80CC-Matter remanded to Assessing Officer to examine eligibility of proceeds from surrender of policy for exemption under section 10(10D). [S.10(10D),80CC(1), 80CC(2), 143(1), 147, 148]

Dipendu Bapalal Shah v. CIT(A) (2024) 209 ITD 315 (Mum.)(Trib.)

S. 54F : Capital gains-Investment in a residential house-Ownership of property-Sale of ancestral property-Invested in for construction of a residential house on a plot of land which was in name of her husband-Eligible for exemption. [S. 45]

Rekha Rajendra Shah v. NFAC (2024) 209 ITD 393 (Surat)(Trib.)

S. 54F : Capital gains-Investment in a residential house-Purchase of two adjacent flats-Revised plan-Used as a single unit-Entitle to exemption. [S. 45]

Nakul Aggarwal v. ACIT (2024) 209 ITD 342 (Mum.)(Trib.)

S.54F : Capital gains-Investment in a residential house-Sale of vacant land-Purchase of house property-Time limit-Delay in registration-Beyond prescribed time limit of 24 months-Denial of exemption is not valid.[S.45]

ACIT v. Siva Jyothi Palam. (2024) 209 ITD 352/232 TTJ 514 /243 DTR 265 (Visakha)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-declared income under head business or profession-No declaration of capital gains-Denial of exemption by the AO, which is up held by the CIT(A) is affirmed. [S. 28(i), 54F, 143(1)]

Rajan Arputharaj Vincent Naveen. v. ACIT (2024) 209 ITD 114 (Chennai)(Trib.)

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Transfer of tenancy rights-Permanent alternate accommodation-Provisions of section 50C would not apply in case of transfer of tenancy rights. [S. 45(1)]

Girdharlal Brothers. v. Addl. CIT (2024) 209 ITD 285 (Mum.)(Trib.)

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Fes for technical services-Sales commission-Not liable to deduct tax at source-DTAA-India-USA.[S. 195, Art. 12]

DCIT v. Algonomy Software (P.) Ltd. (2024) 209 ITD 564 (Bang) (Trib.)