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. 68 : Cash credits-Capital gains-Long term capital gains on sale of shares-Demat account for more than 12 months-Entry operator-Sold through stock exchange after payment of security transactions tax-Denial of opportunity of cross examination-Entitle to exemption-Tribunal is justified in deleting the addition-SLP of Revenue is dismissed. [S. 10(38), 45, Art. 136]

PCIT v. Kishore Kumar Mohapatra (2024) 298 Taxman 648 (SC) Editorial : PCIT v. Kishore Kumar Mohapatra(2024) 162 taxmann.com 4 (Orissa)(HC)

S. 56 : Income from other sources-DCF method-Valuation report by a merchant banker-Assessing Officer is not empowered to value the shares on net valuation method-Directed to exercise of valuation afresh in accordance with DCF method.[S. 56(2)(viib), 56(2)(viic), 260A, R.11UA(2)]

Agra Portfolio (P.) Ltd. v. PCIT (2024) 298 Taxman 685 / 464 ITR 348 (Delhi)(HC) Editorial : Agra Portfolio (P.) Ltd. v. PCIT Agra Portfolio (P.) Ltd. v. PCIT(2018) 171 ITD 74 (Delhi)(Trib)

S. 55 : Capital gains-Cost of improvement-Cost of acquisition-Fair market value-Indexed cost-Lease hold land-Rule ID [S. 2(22B), 45, 55(2)(b))(ii), 260A]

PCIT v. Dr. Karan Singh (2024) 298 Taxman 610 /337 CTR 609 (J&K and Ladakh)(HC)

S. 54 : Capital gains-Profit on sale of property used for residence-Under construction flat-Possession had been completed within a three years from date of sale of residential house-Entitle to deduction. [S. 45, 260A]

CIT(IT) v. Reema Chawla (2024) 298 Taxman 704 (Delhi)(HC)

S. 44BB : Mineral oils-Computation-Payment received for providing various services in connection with mining activity would not be chargeable to tax as fees for technical services. [S. 9(1))(vii), 44AD]

CIT (IT) v. Technip France SAS (2024) 298 Taxman 119 (Delhi)(HC)

S. 43B : Certain deductions only on actual payment-Excise duty-Included in closing stock-No double deduction-Allowable as deduction.[S.145, 260A]

Johnson and Johnson Ltd. v. Dy. CIT (2024) 298 Taxman 388 (Bom.)(HC)

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Genuineness of transaction was in doubt-Order of High Court is affirmed-SLP of assessee is dismissed. [R.6DD(j), Art. 136]

Rajesh Kumar v. CIT (2024) 298 Taxman 753 / 463 ITR 328 (SC) Editorial : Rajesh Kumar v. CIT (2024) 296 Taxman 540/463 ITR 320 (Delhi)(HC)

S. 37(1) : Business expenditure-Provision for salary and wages-Justice Palekar Award-Ex-gratia bonus-Allowable as expenditure. [S. 36(1)(ii), 260A, Payment of Bonus Act, 1965]

Indian Express Newspapers (Bombay) Ltd. v. CIT (2024) 298 Taxman 507(Bom.)(HC)

S. 37(1) : Business expenditure-Payment to Haryana State Agricultural Board-Statutory functioning-Application of income-Allowable as deduction-Penalty order is quashed as the quantum disallowance is deleted. [S.260A, 271(1(c)]

Market Committee v. ACIT (2024) 298 Taxman 473 /467 ITR 118 (P&H)(HC)

S. 37(1) : Business expenditure-Cpmpensation-340 days delay-SLP is dismissed.[Art. 136]

PCIT v. Industrial Development Corporation of Orissa Ltd. (2024) 298 Taxman 743 (SC) Editorial: PCIT v. Industrial Development Corporation of Orissa Ltd (2023) 147 taxmann.com 298 (Orissa)(HC)