S. 2(14)(iii) : Capital asset-Agricultural land-Capital gains-Land not situated within jurisdiction of Municipality-Population of village was 907 persons as per latest published census of 2011-Long term capital gains on sale of land cannot be taxed as capital gains. [S. 2(14)(iii)(a), 45, 54F]
Kulwant Singh v. ITO (2024) 112 ITR 719 / 165 taxmann.com 383. (Chd)(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. 144B : Faceless Assessment –Show cause notice less than 7 days -Personal hearing through video conference is not granted – All replies are considered – Alternative remedy – Writ petition is dismissed .[S,143(3), Art. 226 ]
Anandkumar Rathod v. UOI. WP/1147/2023(Bom.)(HC) www.itatonline.org .S. 68 : Cash credits – Purchase and sales through book entries with sub -broker -Commodity exchange – Futures Speculative transactions- Forward market commission-Accommodate bogus loss- Transaction with sub -broker – Addition is deleted .
Vijay Maneklal Banushali v. ITO ( Mum)( Trib)(www.itatonline .orgS. 11 : Property held for charitable purposes – Belated filing of return – Denial of exemption is not justified- Addition made under Section 143(1)(a)(ii) of the Act is deleted – Directed to accept the returned income- Circular of CBDT is binding on Revenue .[ S. 12,12A(1)(b),119, 139(1),139(4) ,143(1)(a)(ii)]
Shri Panchmurti Education Society v. ITO ( Nag )( Trib) www.itatonline .org .S. 119 : Central Board of Direct Taxes- Circular – Condonation of delay of 1585 days – Revised return – Principle of natural justice -No personal hearing was granted – In the absence of any provision to the contrary, such principles should be read into the unoccupied interstices of a statute- Order of rejection is set aside and directed to pass the order after granting the personal hearing . [ S.119(2)(b), 139(5) Art. 226 ]
Bharat Education Society v. UOI ( Bom( HC) www.itatonline .orgPrevention of Money Laundering Act, 2002 .
S. 2 (1)(u): “Proceeds of crime” means any property derived or obtained directly by property derived or obtained directly or indirectly ,by any person as a result of criminal activity relating to a schedule offence or value of any such property – Offence of money laundering – Punishment for money -laundering – Allowing the Criminal Revision application the Court awarded exemplary cost Rs 1 lakh each on complainant and Enforcement Director ( ED) for invoking criminal action and harassing the Developer with criminal action – Breach of agreement – Purchaser and Developer –Law Enforcement Agencies like ED should conduct them selves within parameters of law and that they cannot take law in to their own hands without application of mind and harass citizens. [S. 3, 4, Indian Penal Code 1860 , S 120B, 406 , 418 , 420 ]
Goods and Service Tax Act , 2017
S.73 :Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful -misstatement or suppression of facts – Challenge against show cause notice under the CGST – Writ against show cause notice is dismissed – Alternative remedy –No violation of principle of natural justice – Frivolous petition only to avoid recourse to statutory remedy and take its chance with filing petition in High Court – Cost of Rs 5 lakh is awarded on the petitioner to be paid to the Maharashtra Legal Services Authority within four weeks. . [ Maharashtra Goods and Services Tax Act, 2017, Art . 226 ]
S. 254(2): Appellate Tribunal-Rectification of mistake apparent from the record – Review of order is not permitted – Writ petition is dismissed . [ Art. 226 ]
Vijay Channabasav Suttatti v. ACIT [2024] 166 taxmann.com 384 (Bom)( HC) Editorial : SLP of assessee is dismissed , Vijay Channabasav Suttatti v. ACIT (2024) 301 Taxman 236 (SC)S. 153C : Assessment – Income of any other person – Search and seizure – Satisfaction note pertained to non-searched entity and material which was alluded to pertained to assessment year 2019-20 only- Notice pertaining to AYs 2014-15, 2015-16, 2016-17, 2017-18, 2018-19 and 2020-21 is quashed and set aside. [S. 132 , Art. 226 ]
Dev Technofab Ltd v. Dy.CIT ( [2024] 166 taxmann.com 514 /471 ITR 423 ((Delhi)( HC) Editorial : SLP of Revenue is dismissed , Dev Technofab Ltd. v. DCIT, [2024]301 Taxman 72/471 ITR 430 (SC)S. 147 : Reassessment –With in four years-Accommodation entries – Sale of shares – All material with respect to transaction at time of original assessment – Assessing Officer was satisfied with the explanation- Change of opinion – Reassessment notice and order disposing the objection is quashed . [ S. 68, 132, 148 , Art. 226 ]
AIM Fincon (P) Ltd v. ACIT( 2024) 166 taxmann.com 680 ( Guj)( HC) . Editorial : SLP of Revenue is dismissed for failure to explain the delay of 489 days in filing of SLP , ACIT v. AIM Fincon (P.) Ltd. (2024) 301 Taxman 169 (SC)