S.28(i): Business loss-Penny stocks-Bogus purchases-Genuineness of transactions are proved-No control over on share prices-Losses are deleted. and moreover assessee had no control whatsoever on share prices-No substantial question of law.[S. 260A]
PCIT(Central) v. Affluence Commodities (P.) Ltd. (2024) 471 ITR 252 /161 taxmann.com 476 (Guj) (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.14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed the exempt income-No substantial question of law.[S. 260A]
PCIT(Central) v. Affluence Commodities (P.) Ltd. (2024) 471 ITR 252 /161 taxmann.com 476 (Guj) (HC)S. 12AB: Procedure for fresh registration-Reasonable opportunity-Violation of principle of natural justice-Alternative remedy-Writ petition is dismissed. [S. 12AB(4), Art. 226]
Myadam Kishan Rao Charitable Trust v. CIT (E) (2024) 471 ITR 334 (Telangana) (HC)S. 10(10AA) : Leave salary-Employee of the Central Government or State Government-State Bank of India-Retired employee of State Bank of India-Not violative of Article 14 of Constitution of India.[Art. 14, 15, 226, Central Civil Services (Leave)Rules 1972]
Purnendu Shekhar Sinha v. UOI (2024) 471 ITR 186 /159 taxmann.com 746 (Patna) (HC)S. 4 : Charge of income-tax-Capital or revenue-Amount received under non-compete agreement is capital receipt.[S. 28(i)]
CIT v. Saeed Mustafa Shervani (2024)471 ITR 777 (Delhi) (HC)S. 276C : Offences and prosecutions-Wilful attempt to evade tax-Search and seizure-Jewellery found during search-Revision order-Pendency of assessment proceedings-Pendency of adjudication proceeding is not a bar on prosecution-Petition to quash the prosecution is dismissed. [S. 132, 153C, 263, 271(1)(c), 276C(1), 277, Art. 226]
R. Revathy(2024)470 ITR 69 (Mad) (HC)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Penalty-Concealment-Doctrine of merger-No merger-Revision order is affirmed-VDI Scheme, 1997. [S. 271(1)(c), 274]
R. Revathy v. ACIT (2024)470 ITR 56 / 160 taxmann.com 464 (Mad) (HC)S. 263 : Commissioner-Revision of orders prejudicial to revenue-limited scrutiny-Method of accounting-When the Assessing Officer could not have possibly examined issue which is not subject matter limited scrutiny-Commissioner cannot revise the order-Order of Tribunal is affirmed. [S.40A((3), 145, 260A]
PCIT v. Shark Mines and Minerals (P.) Ltd. (2024) 470 ITR 76 /151 taxmann.com 71 (Orissa) (HC) Editorial: Shark Mines and Minerals (P.) Ltd v. PCIT (2014) 117 ITR 67 (Cuttack)(Trib)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Order of Tribunal quashing the revision order is affirmed-No substantial question of law. [S. 254(1), 260A]
PCIT v. Earth Minerals Co. Ltd (2024) 470 ITR 567/162 taxmann.com 272 (Orissa) (HC) Editorial : SLP of Revenue is dismissed, PCIT v. Earth Minerals Co. Ltd. (2024)470 ITR 569 /162 taxmann.com 273 (SC)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Order of Tribunal quashing the revision order is affirmed by High Court-SLP of Revenue is dismissed. [S. 254(1), Art. 136]
PCIT v. Earth Minerals Co. Ltd. (2024)470 ITR 569 /162 taxmann.com 273 (SC) Editorial : PCIT v. Earth Minerals Co. Ltd (2024) 470 ITR 567/162 taxmann.com 272 (Orissa) (HC)