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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S. 80IA : Industrial undertakings-Infrastructure development-Market value of electricity supplied by CPP Unit to general unit would be same being charged by GEB from consumers and it ignored rate on which power generating company supplied its power to GEB.[S.80IA(8)]

PCIT v. Gujarat Flurochemicals Ltd. (2023) 459 ITR 242 / 295 Taxman 200 (Guj.)(HC)

S. 69 : Unexplained investments-Undisclosed liability-Deletion of addition by the Tribunal is affirmed. [S.69A, 69B, 69C, 132]

PCIT (Central) v. Regent Beers & Wines Ltd. (2023) 295 Taxman 565 (MP)(HC)

S. 69 : Unexplained investments-Capital-Loan-No incriminating material was found-Block assessment order-Deletion of addition by the Tribunal is affirmed by the High Court on merit. [S. 68, 148, 260A]

CIT v. Deepsons Southened (2023) 295 Taxman 506 (Delhi)(HC)

S. 68 : Cash credits-Settlement Commission-Undisclosed income-Bogus share capital-Undisclosed income taxed in the assessment of flagship company-Deletion of addition by the Tribunal is affirmed. [S. 132(4), 245D, 260A]

PCIT, Central v. Surya Agrotech Infrastructure Ltd. (2023) 295 Taxman 745 (Delhi)(HC)

S. 56 : Income from other sources-Valuation of shares-Book value of assets-.Formula adopted by the Assessing Officer is not applicable to the relevant assessment year-Order of Tribunal deleting the addition is affirmed by the High Court. [S. 56(2)(viib), R.11UA]

PCIT v. Minda SM Technocast (P.) Ltd. (2023) 295 Taxman 517/ 334 CTR 920 / (2024) 460 ITR 7 (Delhi)(HC)

S. 54F : Capital gains-Investment in a residential house-Non-resident India-Sale of residential flat-Invested sale proceeds from same, in a residential house in USA within specified period-Entitle to exemption-Amendment in section 54F by Finance (no.2) Act of 2014 imposing condition that assessee should invest sale proceeds arising out of a sale of capital asset in a residential property situated ‘in India’ within stipulated period is prospective in nature-Rejection of revision application is not valid-Entitle to exemption..Interpretation – Legistaive intend – Amending the provision- Retrospectivity – Not unless expressly stated and clearly implied .[S. 5(2), 139(5), 143(1), 254, 264, Art. 226]

Hemant Dinkar Kandlur v. CIT (IT) (2023) 295 Taxman 644 /(2024) 462 ITR 67 /337 CTR 991(Bom.)(HC)

S. 54B : Capital gains-Land used for agricultural purposes-Purchased land in name of wife-Not entitle to exemption. [S. 45]

Bahadur Singh v. CIT (Appeals) (2023) 154 taxmann.com 456 (P& H)(HC) Editorial: SLP dimissed, Bahadur Singh v. CIT (Appeals) (2023) 295 Taxman 313 (SC)

S. 54B : Capital gains-Land used for agricultural purposes-Purchased land in name of wife-Not entitle to exemption-Order of High Court affirjed-SLP dismissed. [S. 45]

Bahadur Singh v. CIT (Appeals) (2023) 295 Taxman 313 (SC) Editorial: Bahadur Singh v. CIT (Appeals) (2023) 154 taxmann.com 456 (P& H)(HC)

S. 45 : Capital gains-Long term capital gains from equities-Penny stocks-Shares of Shree Nath Commercial and Finance Ltd-No evidence available on record suggesting that assessee or his broker was involved in rigging up of price of script-Order of Tribunal allowing the exemption is affirmed.[S. 10(38),56, 260A]

PCIT v. Mamta Rajivkumar Agarwal (2023) 295 Taxman 512 (Guj.)(HC)

S. 45 : Capital gains-Transfer-Possession was handed over-Subsequent termination of contract by mutual consent and returned back the sale consideration received-Liable to capital gains tax in the year of handing over of possession of property-Benefit of the tax scheme (Vivad se Vishwas Scheme-SLP dismissed. [S. 2(47)(v), Transfer of Property Act,1929, S.53A,Registation Act 1908, 17(1A)]

Harbour View v. CIT (2023) 295 Taxman 405 //(2024) 460 ITR 493 (SC) Editorial: SLP dismissed, CIT v. Harbour View (2018) 409 ITR 599/ 261 Taxman 330 (Ker)(HC)