S. 68 : Cash credits – Long term capital gains – Penny stock –Not subjected to any enquiry by SEBI – Sold through DMAT account – STT paid – Purchased at a rate as low as Rs.2.5/- to Rs.3/- per share and they were sold at a rate extremely as high as Rs.125/- to Rs.185/- per share- Order of Tribunal deleting the addition is affirmed . [ S. 10(38), 45, 260A ]
PCIT v. Ziauddin Walve (Bom)(HC) www.itatonline .org
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 – Long term capital gains – Penny stock –Information from Investigation wing from Kolkata- Estimation of commission – Not subjected to any enquiry by SEBI -Statement of the assessee – Sold through DMAT account – Addition as cash credits and estimation of commission is deleted . [ S. 10(38), 45 , 69C, 131 ]
Chirag Tejpraksh Dangi v.ITO (Mum)( Trib)www.itatonline .orgS. 281B : Provisional attachment-Should be exercised in judicial manner-Order modified. [S.133A(3)(ia), Art. 226]
FCS Manufacturing (India) Pvt. Ltd. v Dy. CIT (Inv) (2023) 456 ITR 89/ 330 CTR 151/ 221 DTR 64/(2022) 145 taxmann.com 393 (Guj)(HC)S. 276C : Offences and prosecutions-Wilful attempt to evade tax-Acquittal after 29 years of launching of prosecution-No finding against assessee in penalty proceedings-Trial Court is justified in a. 277]
ITO v. Nagendranath Khuntia (2023)456 ITR 631 (Orissa)(HC)S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source-Failure to issue notice treating director as Principal Officer of company-Cannot be decided in writ proceedings. [S. 2(35), 278B, Art. 226]
Dr. A. M. Arun (2023)456 ITR 110 / 154 taxmann.com 661 (Mad)(HC) Meera Arun (Smt.) v. ITD(2023)456 ITR 110 / 154 taxmann.com 661 (Mad)(HC)S. 273 : Penalty-Advance tax-false estimate-Failure to pay-Mere mistake in mentioning particular provision-Subsequent correction of mistake-Order of penalty is valid. [S. 273(2)(a), 273(2)(aa)]
Industrial Cables (India) Ltd. v. CIT (2023) 456 ITR 798 (P&H)(HC)S. 271AAA : Penalty-Search initiated on or after 1st June, 2007-Surrender of undisclosed income-Cover discrepancies-Levy of penalty is not valid.[S. 132]
PCIT v. Ind Swift Laboratories Ltd. (2023)456 ITR 270 /153 taxmann.com 763 / 335 CTR 1105(P&H)(HC)S. 271(1)(c) : Penalty-Concealment-Capital or revenue-Debatable-Deletion of penalty is held to be justified.
CIT v. S. Kumar Tyres Manufacturing Co. Ltd. (2023)456 ITR 637 /147 taxmann.com 49 (MP)(HC)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Two views-Interest receivable is written off-Explanation 2 is prospective in application-Prior to 1-6-2015 inadequacy of enquiry cannot be the ground for passing the revision order.
PCIT v. Shivshahi Punarvasan Prakalp Ltd. (2023)456 ITR 336 /155 taxmann.com 408 (Bom)(HC)S. 260A : Appeal-High Court-Jurisdiction-Assessment order passed by the Calcutta-Madras High Court had no jurisdiction. [S. 127, 143(3) 147]
PCIT v. Ojasvi Motor Finance Pvt. Ltd. (2023)456 ITR 655 (Mad)(HC)