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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Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
S. 43 : Penalty for failure to furnish return of income or furnish inaccurate particulars of an asset ( Including financial interest in any entity ) outside India- Non-disclosure of foreign assets – Use of word “may” in section 43 is directory and not mandatory – Assessing Officer has discretion to impose or waive penalty depending on facts – Mere failure to disclose foreign investment does not automatically warrant penalty – Interpretation of statutes . [S. 46(3)]
Vinil Venugopal v. DDIT (Inv.), FAIU-4(1) ( SB ) (Mum) ( Trib) www.itatonline .org Ranjeeta Vinil v. DDIT (Inv.), FAIU-4(1)( SB ). ( Mum)( Trib) www.itatonline .org
S. 80G : Donation – Provisional registration – Delay in filing Form No. 10AB – Technical glitch – Tribunal and CIT(E) empowered to condone the delay – Mere enabling clause to apply funds outside India cannot be ground to reject registration – Delay condoned – Matter restored to CIT(E) for fresh consideration on merits.
[S. 11(1)(c), 12A(1)(ac)(iii), 80G(5)(iii), Form No. 10AB]
Mohanji Bharat Welfare Foundation v. CIT(E) (Mum.)(Trib.) [www.itatonline.org]
S. 254(1) : Appellate Tribunal-Powers-Tribunal remanding matter with cost-Cost of ₹50,000 imposed on small trader held to be harsh and unjustified-Order of Tribunal set aside. [S. 250(6), 254(2B), 260A]
Abdul Mannan v. ITO (Cal)(HC) www.itatonline.org
S. 245 : Refunds-Setting off against tax due-Stay application- Pendency of appeal – Adjustment of refunds for AYs 2021-22 and 2024-25 against demand for AY 2017-18 is bad in law when appeal for AY 2017-18 is pending; such demand ought to be stayed till disposal of the appeal. [S. 246A, Art. 226]
Rajeshwar Bullion Trading v. ACIT [2025] 175 taxmann.com 889 (Bom)(HC)
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Credits pertaining to earlier years-Transaction explained-Reassessment notice and order disposing the objection was quashed. [S. 68, 147, 148, 148A(b), 148A(d), Art. 226]
Ajay Cotspin Industries v. ITO [2025] 178 taxmann.com 64 (Guj)(HC)
S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Income tax refund-Interest on excess payment of tax-Income derived from eligible business-Eligible for deduction- No substantial question of law. [S. 260A]
PCIT (Central)-1 v. Hiranandani Builders, (Bom)(HC)www.itatonline.org
S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Derived-Interest income on fixed deposits kept for contractual obligations and Interest on wrongful deduction of TDS refund-Eligible for deduction as profits derived from infrastructure facility. [S. 56 , 80IA(ii), 254(2), 260A, Art. 226]
Gateway Terminals India Pvt. Ltd. v. DCIT [2025] 177 taxmann.com 707 (Bom) (HC)
S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Deduction-Rectification application of revenue was dismissed. [S. 80P(2)(d)]
ITO v. Bhoomi Classic Co-op HSG. Soc. Ltd. (Mum.)(Trib.)(UR)
S. 151 : Reassessment – Sanction for issue of notice –Order passed by ignoring revised return filed by assessee – No satisfaction recorded by Pr. CIT before granting approval- Reassessment order was quashed and set aside. [ S. 147 , 148 ]
Pradeep Kumar Banerjee v. CIT (A) (Kol.)(Trib) (UR )
S. 80P : Co-operative societies-Commission income from MSEDCL Bill Collection-Services rendered to members-Entitle to exemption. [S. 80P(2)(c)]
DCIT v. Jaimuni Sahakari Patpedhi Maryadit, (Mum)( Trib)