S. 69 : Unexplained investments-Bogus purchases-Purchase from grey market-Trading in gold and diamond jewellery-Sales accepted-Books of account not rejected-Order of Tribunal estimating addition of 13.05 per cent of gross profit is affirmed-No substantial question of law. [S. 145, 260A]
PCIT v. Sunil Mittal HUF (2024) 300 Taxman 288 (Guj.)(HC)
Digest of case laws
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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-Established identity capacity and genuineness of Transactions-Order of Tribunal is affirmed-No substantial question of law.[S. 133(6), 260A]
PCIT, Central v. Mukul Kakar (2024) 300 Taxman 618 (MP)(HC)S. 68 : Cash credits-Share premium-Proved identity and creditworthiness of investor and genuineness of transactions-Order of Tribunal confirming the addition is set aside. [S. 143(1), 147,148, 260A]
Cornerstone Property Investments (P.) Ltd v. ITO (2023) 152 taxmann.com 256 (Karn)(HC) Editorial : Delay of 325 days, SLP of Revenue is dismissed, ITO v. Cornerstone Property Investments (P.) Ltd. (2024) 300 Taxman 85 (SC)S. 68 : Cash credits-Share premium-Proved identity and creditworthiness of investor and genuineness of transactions-Order of Tribunal confirming the addition is set aside-Delay of 325 days-SLP of Revenue is dismissed. [S. 143(1), 147,148, Art. 136]
ITO v. Cornerstone Property Investments (P.) Ltd. (2024) 300 Taxman 85 (SC) Editorial : Cornerstone Property Investments (P.) Ltd v. ITO (2023) 152 taxmann.com 256 (Karn)(HC)S. 115JB : Book profit-Disallowance under substantive provision i.e. section 14A had been deleted-No adjustment can be made to book profit.[S. 14A, 260A, R.8D]
PCIT, Central v. Shapoorji Pallonji and Co. Ltd. (2024) 164 taxman.com 707 (Bom)(HC) Editorial : SLP of Revenue is dismissed, PCIT, Central v. Shapoorji Pallonji and Co. Ltd. (2024) 300 Taxman 182 (SC)S. 115JB : Book profit-Disallowance under substantive provision i.e. section 14A had been deleted by Tribunal is affirmed by High Court-SLP of Revenue is dismissed. [S. 14A, 260A, R.8D, Art. 136]
PCIT, Central v. Shapoorji Pallonji and Co. Ltd. (2024) 300 Taxman 182 (SC) Editorial : PCIT, Central v. Shapoorji Pallonji and Co. Ltd. (2024) 164 taxman.com 707 (Bom)(HC)S. 43B : Certain deductions only on actual payment-LIC Mutual Fund purchased unsecured debentures of assessee-company-Interest on unsecured debenture payable by assessee to LIC Mutual Fund is not covered by section 43B-Allowable as deduction.[S. 37(1), Companies Act 1956, S.4A, The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (SEBI Mutual Funds Regulations), clause 2(q), Life Insurance Corporation Act, 1956. S. 3, Indian Trust Act, 1882, S.6]
V2 Retail Ltd. v. Dy. CIT (2024) 300 Taxman 575 (Cal.)(HC)S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Salary-Order giving effect to the order of Tribunal-Once Tribunal had accorded relief to assessee on account of payment of salary to expatriate employees in foreign currency and outside India, deduction was liable to be allowed by Assessing Officer-DTAA-India-Japan.[S. 254(1, Art. 7, Art. 226]
MUFG Bank Ltd v.ACIT (2024)300 Taxman 424 (Delhi)(HC)S. 37(1) : Business expenditure-Capital or Revenue-Lease hold building-Failure to produce any material-Capital expenditure-Depreciation is allowed. [S. 32(1), Explanation.]
Hotel Allied Trades (P.) Ltd. v. Addl. CIT (2024) 300 Taxman 61 / (2025) 475 ITR 178 (Ker)(HC)S. 37(1) : Business expenditure-Compensation-Subsidiaries-Captive use-Allowable as revenue expenditure.[S. 260A]
PCIT v. Industrial Development Corporation of Orissa Ltd(2023) 147 taxmann.com 298 /(2023) 22 ITR -OL 167 (Orissa )(HC) , 2022 SCC Online . Orissa 3940(Orissa)(HC) Editorial : SLP of Revenue is dismissed, as there was delay of 526 days, delay was not properly explained, PCIT v. Industrial Development Corporation of Orissa Ltd. (2024) 300 Taxman 603 / 469 ITR 395(SC)