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-Share capital-Ready to submit relevant documents-Matter remanded to Assessing Officer for fresh consideration. [S. 260A]

Chandan Credits Ltd. v. ACIT (2024)462 ITR 171 (Mad)(HC) Gugnani Leasing and Hire purchase Pvt Ltd v. ACIT (2024)462 ITR 171 (Mad)(HC) Growth Hire and Purchase Finance Ltd v. ACIT (2024)462 ITR 171 (Mad)(HC) Lokesh Secfin Pvt Ltd v. ACIT (2024)462 ITR 171 (Mad)(HC)

S. 68 : Cash credits-Proved genuineness of transactions-Order of Tribunal deleting the addition is affirmed. [S. 260A]

PCIT v. Karnavati Merchandize Pvt. Ltd. (2024) 462 ITR 178 (Guj)(HC)

S. 50B : Capital gains-Slump sale-Sale of business as running concern —Sale is not of itemised assets-Transfer of goodwill and know-how did not give rise to capital gains as no cost of acquisition ascertainable-Not liable to tax. [S. 2(42C), 41(2), 45, 50(2), 50B(2) 55(2)(a), 260A]

CIT v. Shri Ganga Nagar Bottling Co. (2024)462 ITR 12 (Raj)(HC) Editorial : SLP dismissed, CIT v. Shri Ganga Nagar Bottling Co. (2024) 462 ITR 32 (SC)

S. 50B : Capital gains-Slump sale-Sale of business as running concern-Sale is not of itemised assets-Not liable to tax-SLP of Revenue is dismissed. [S. 2(42C), 41(2), 45, 50(2), 50B(2) 55(2)(a), Art. 136]

CIT v. Shri Ganga Nagar Bottling Co. (2024)462 ITR 32 (SC) Editorial : CIT v. Shri Ganga Nagar Bottling Co. (2024)462 ITR 12 (Raj)(HC)

S. 37(1): Business expenditure-Capital or revenue – Purchase of software – Not necessary that income must be earned because of such expenditure.[S. 28(i)]

PCIT v. Hike Pvt. Ltd. (2024)462 ITR 183./158 taxmann.com 162 (Delhi)(HC)/Editorial : SLP dismissed , PCIT v. Hike (P.) Ltd. (2024) 299 Taxman 447 // 299 Taxman 178 / 464 ITR 394 (SC)

S. 12AB: Procedure for fresh registration Cancellation of registration with retrospective effect-On writ filed by the petitioner, the Court granted the interim stay-SLP of Revenue is dismissed. [S. 12A, 12AA, 12AB(4), Art. 136]

PCIT v. Centre for Policy Research [2024] 297 Taxman 135 / 462 ITR 1 (SC) Editorial: Centre for Policy Research v. PCIT (Central) (2023) 156 taxmann.com 279 / (2024) 461 ITR 540 (Delhi)(HC)

S. 12AA : Procedure for registration-Trust or institution-Charitable purpose-Object and genuineness of Trust-Tribunal justified in directing the Commissioner to grant registration and also approval under section 80G(5)(vi) of the Act. [S. 11, 80G(5)(vi), 254(1)]

CIT (E) v. Nanak Chand Jain Charitable Trust (2024)462 ITR 283/ 339 CTR 566 (P&H) (HC)

S. 271FAA : Penalty-Furnishing inaccurate statement of financial transaction or reportable account-Rectified the defects-Revised Form No 61B within the time allowed under section 285BA(4)-Penalty is deleted. [ S. 285BA(4), Form No 61B]

Keb Hana Bank v. JDIT (2023) 226 TTJ 1 (UO) (Chennai)(Trib)

S.271D: Penalty-Takes or accepts any loan or deposit-Loan from its director-Purchase of lands in name of company-Current account transaction-Neither loan or deposit-Penalty is deleted. [S. 269SS]

Thamira Green Farm (P.) Ltd. v Add. CIT (2023) 155 taxmann.com 320/ 226 TTJ 1052 (Chennai)(Trib.)

S. 271(1)(c) : Penalty-Concealment-No addition to the returned income-Making a wholistic view of factual panorama of case and circumstances, in which return for year could not be filed within stipulated time, it could be said that there was a reasonable cause, bringing case out of purview of Explanation 3 to 271(1)(c).[ S. 11, 12A, 12AA, 153]

Association of Oral Maxillofacial Surgeons of India v. ITO (2023) 225 TTJ 740 / 156 taxmann.com 332 (Pune)(Trib)