S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Corporate guarantee-Standby Letter of credit-Acquisition not taking place and entities not becoming Associated Enterprises-No requirement of benchmarking needed-Transfer Pricing adjustment is deleted-Interest on outstanding receivables from Associated Enterprises-Benchmarked separately-If bills realised beyond granted credit period interest to be imputed on bills . [ S.92B, 234D,244A ]
Phoenix Lamps Ltd. v. Dy. CIT (2023) (Delhi) 106 ITR 272/ 153 taxmann.com 4 (Delhi)(Trib)
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. 92C: Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Corporate guarantee-Transaction to be benchmarked adopting 0.5 Per Cent. [ S.92B]
Dy. CIT v. Bilcare Ltd. (2023)106 ITR 411/ 224 TTJ 655 / 151 taxmann.com 456 (Pune) (Trib)S. 69A : Unexplained money-Cash deposited in the bank account-Merely on the basis of statement of purchaser addition is not valid-Reassessment is valid. [S. 148, 151]
Harbans Singh v. ITO (2023) 106 ITR 20 (Amritsar) (Trib.)S. 69A : Unexplained money-Surrender in the course of survey-Business income-Income cannot be taxed at special rate. [S. 115BBE]
Deepak Setia v. Dy. CIT (2023) 106 ITR 125 / 155 taxmann.com 293 (Amritsar)(Trib)S. 69A: Unexplained money-Amount withdrawn-No evidence to justify deposit-Addition is justified.
Naresh Kumar Sharma v. Asst. CIT (IT ) (2023)106 ITR 77 (SN)(Delhi ) (Trib)S. 68 : Cash credits-Unexplained expenditure-Unsecured loans-Banking channel , account confirmation , Permanent Account Numbers , Bank statements and income-tax returns furnished-Addition is not justified-Interest expenses cannot be disallowed . [ S.69C ]
White Willow v. ITO (2023)106 ITR 56 (SN.)(Surat) (Trib)S. 68: Cash credits-Long-term capital gains-Penny stock-Information from investigation wing-Sale of shares through stock exchange and consideration received through stock broker in banking channels-Copies of physical share certificates produced-Sale consideration cannot be considered as unexplained cash credit-Entitle to exemption. [ S.10(38), 45 ]
Rehana Anwar Shaikh v . NFAC (2023)106 ITR 99 (SN)(Mum) (Trib)S. 68 : Cash credits-Unexplained money-Demonetisation period-Members-Addition is not justified. [S. 69A, 115BBE]
Merchants Credit Co-Operative Society Ltd. v . ITO (2023)106 ITR 80 (SN.)(Bang) (Trib)S. 68: Cash credits-Unsecured loan-Genuineness of cash credits proved-Addition is deleted-Re assessment is affirmed.[S.143(1), 147, 148]
M. P. Ferrous and Non-Ferrous India P. Ltd. v. Dy. CIT (2023)106 ITR 66 (SN)(Mum) (Trib)S. 68 : Cash credits-Partner-Firm declaring income under Income Declaration Scheme but not paying taxes thereon-Income belonging to firm whether disclosed or undisclosed to be taxed only in hands of firm and not in hands of partner-Share of income from firm not taxable in Assessee’s hands. [S.10(2A)-Income-Circular No. 8 of 2014, Dated 31-3-2014 [2014] 362 ITR(St) 33
Ketan Tokershi Shah v. Dy. CIT (2023)106 ITR 4 (SN)(Mum) (Trib)