S. 148A: Reassessment – Conducting inquiry, providing opportunity before issue of notice – Information must be definite and not vague – Validity of notice can be challenged by filing writ petition .[ S. 147 , 148, 148A(b) 148A(d) , Art. 226 ]
Alkem Laboratories Ltd. v . PCIT (2023)459 ITR 551 /152 taxmann.com 133 / 333 CTR 793 (Pat)(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. 80P : Co-operative societies-Claim for deduction must be made in return filed within time-Return Non est-Not eligible for deduction. [S.80AC, 80A(5), 139(1), 139(4), 142(1)), 148]
Nileshwar Range Kallu Chethu Vyavasaya Thozhilali Sahakarana Sangham v. CIT (2023)459 ITR 730/152 taxmann.com 347 / 333 CTR 655(Ker)(HC)S. 80P : Co-operative societies-Banking business-Interest earned from funds utilised for statutory reserves-Entitle to deduction. [S. 80P(2)(a)(i)]
CIT v. Paschim Banga Gramin Bank (2023)459 ITR 491/(2024) 158 taxmann.com 460 (Cal)(HC)S. 80HHC : Export business-Profits of business-Derived from-Must be derived from export of goods and merchandise-Foreign remittances credited into exchange earners foreign currency account-Gains from foreign currency fluctuations-Not derived from export but independent of export earnings-Cannot be treated as income from business of export eligible for deduction-Interpretation Of Taxing Statutes-Strict construction. [Foreign Exchange Regulation Act, 1973, S.73(3), Notification No. FERA.112/92/RB Dated 12-3-1992(1972) 74 Comp Cas 144 (St)
Shah Originals v. CIT (2023) 459 ITR 385 / 156 taxmann.com 695/ 335 CTR 745 (SC) Editorial : Refer, CIT v. Shah Originals (2010) 327 ITR 19 /191 Taxman 81 / 39 DTR 145 / 232 CTR 228 (Bom)(HC)S. 68 : Cash credits-Advanced by partners of Firm-Unexplained Cash credits cannot be treated as income of firm.[S. 260A]
Nova Medicare v. ITO (2023)459 ITR 477 /150 taxmann.com 363/ 333 CTR 748 (Telangana)(HC)S. 43A : Rate of exchange-Foreign currency-Capital assets-Amendment with effect from 1-4-2003-Adjustment on account of Foreign Exchange rate fluctuation required to be made to actual cost at end of every year-Not liable to tax. [S. 145]
PCIT v. Bangalore International Airport Ltd. (2023) 459 ITR 158 / 154 taxmann.com 394 (Karn.)(HC)S. 37(1) : Business expenditure-Year of allowability-Method of accounting-Amortised in the accounts-Upfront loan processing fee expenses-Allowable as deduction. [S. 145]
PCIT v. Indus Towers Ltd. (2023)459 ITR 719/(2024) 296 Taxman 387 (Delhi)(HC) Editorial : Refer, Dy.CIT v. Indus Towers Ltd (2019) 73 ITR 17 (SN) (Delhi)(Trib)S. 37(1) : Business expenditure-Accrued or contingent liability-Award of damages with interest-Arbitration made Rule of Court by Single Judge-Pendency of award before Division Bench-Grant of stay by Division Bench does not relieve assessee of liability to pay interest-Entitled to deduction of interest-SLP of Revenue is dismissed. [S. 145, Art. 136]
CIT. v. National Agricultural Co-Operative Marketing Federation of India Ltd. (2023) 459 ITR 593 / 154 taxmann.com 658 (SC) Editorial: Refer National Agricultural Co-Operative Marketing Federation of India Ltd v. CIT (2017) 393 ITR 666(Delhi)(HC), National Agricultural Co-Operative Marketing Federation of India Ltd v. JCIT (2015) 44 ITR 275 (SB) (Delhi) (Trib)S. 36(1)(iv) : Contribution towards a recognized provident fund-
Contribution to medical benefit fund of retired employees-Not disallowable.[S.36(1)(v),36(1)(va), 40A(9)]
S. 36(1)(iii) : Interest on borrowed capital-Joint venture company-Entitle to deduction.
PCIT v. Indus Towers Ltd. (2023)459 ITR 719/(2024) 296 Taxman 387 (Delhi)(HC) Editorial : Refer, Dy.CIT v. Indus Towers Ltd (2019) 73 ITR 17 (SN) (Delhi)(Trib)