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. 45 : Capital gains-Transfer-Date of transfer-Transfer of securities-Securities sold in physical form-The date of broker’s note that should be treated as the date of transfer in cases of sale transactions of securities provided such transactions are followed up by delivery of shares and the transfer deed-Dematerialised share scrips and the date of acquisition of shares would be date only when dematerialised shares are entered in the demat account with depository is incorrect-Order of Tribunal is set aside-Entitle to exemption. [S. 10(38), 45(2A), 260A]

Nawal Kishore Kejriwal v. CIT (2024)469 ITR 543/ 151 taxmann.com 117 (Cal)(HC)

S. 37(1) : Business expenditure-Capital or revenue-Advertisement expenses-Payments made under voluntary retirement scheme-Advance paid to project later shelved-Allowable as revenue expenditure-Allowance of workmen and staff welfare fund-Matter remanded by the Tribunal-No question of law. [S. 36(1), 40A(9), 260A]

PCIT v. Tata Chemicals Ltd. (No. 2) (2024)469 ITR 256 (Bom)(HC)

S. 37(1): Business expenditure-Division of expenditure-Sales return-Provision for sales return-No substantial question of law. [S. 10(1), 145, 260A]

PCIT v. Prabhat Agri Biotech Ltd. (2024)469 ITR 552 (Telangana)(HC)

S.37(1): Business expenditure-Bank-Interest-Capital or revenue-Broken period interest paid on purchase of securities-Allowable as revenue expenditure.[S. 260A]

CIT v. State Bank of Hyderabad (No. 2) (2024)469 ITR 325 (Telangana)(HC) Editorial : SLP of Revenue is dismissed, CIT v. State Bank of Hyderabad (2024) 469 ITR 332 (SC)

S. 37(1) : Business expenditure-Bank-Interest-Capital or revenue-Broken period interest paid on purchase of securities-Allowable as revenue expenditure-SLP of Revenue is dismissed.[Art. 136]

CIT v. State Bank Of Hyderabad (2024)469 ITR 332 (SC) Editorial : CIT v. State Bank of Hyderabad (No. 2) (2024)469 ITR 325 (Telangana)(HC)

S. 37(1) : Business expenditure-Banks-Government Securities-Purchased after interest date-Interest paid for broken period is not part of purchase price-Allowable as revenue expenditure.

CIT v. Standard Chartered Bank (2024)469 ITR 408 (SC) Editorial : CIT v. Standard Chartered Bank, ITR No. 87 of 1996 dt 16-7-2003 (Ker)(HC)

S.37(1): Business expenditure-Banks-Government Securities-Interest paid for broken period-Allowable as revenue expenditure.[Art. 136]

CIT v.Citi Bank N. A. (NO. 3) (2024)469 ITR 403 (SC) Editorial : CIT v. Citi Bank N. A ITR No. 191 of 1997 dt. 10-4-2003(Bom)(HC) CIT v. Citi Bank N. A. (No. 5) (2024)469 ITR 414 (SC) Editorial : CIT v. Citi Bank N. A. (ITA.No. 426 of 1998 dt. 10-4-2003 CIT v.Citi Bank N. A. (No. 7) (2024)469 ITR 417 (SC) Editorial: CIT v. Citi Bank N. A (ITR.No. 265 of 1997 dt. 10-4-2003)

S. 37(1) : Business expenditure-Banks-Government Securities-Interest paid for broken period-Allowable as revenue expenditure.

CIT v. Citi Bank N. A. (No. 1) (2024)469 ITR 273 (SC) Editorial : CIT v. Citi Bank N. A.(2003) 264 ITR 18 (Bom)(HC) CIT v.Citi Bank N. A. (No. 7) (2024)469 ITR 417 (SC) Editorial: CIT v. Citi Bank N. A (ITR.No. 265 of 1997 dt. 10-4-2003)

S. 28(i) : Business income-Income from house property-Object of developing commercial properties-Rental income assessable as business income. [S. 22, 260A].

PCIT v. M. P. Entertainment and Developers Pvt. Ltd. (2024)469 ITR 421 (MP)(HC) Editorial : PCIT v. M. P. Entertainment and Developers Pvt. Ltd. (2024) 469 ITR 428 (SC), SLP of Revenue is dismissed.

S. 28(i) : Business income-Interest on securities-Business income-Business expenditure-Salaries and perquisites-Disallowance is to be restricted to expenditure apportioned under profits and gains of business or profession and not under head interest on securities. [S. 18, 20(1(i), 36, 37(1), 40A(5),44C, Art. 136]

CIT v. Citi Bank N. A. (NO. 3) (2024)469 ITR 403 (SC) Editorial : CIT v. Citi Bank N. A ITR No. 191 of 1997 dt. 10-4-2003(Bom)(HC) CIT v. Citi Bank N. A. (No. 4) (2024)469 ITR 410 (SC) Editorial : CIT v. Citi Bank N. A (ITR No. 349 of 1995 dt. 5-3 2003 (Bom)(HC) CIT v. Citi Bank N. A. (No. 5) (2024)469 ITR 414 (SC) Editorial : CIT v. Citi Bank N. A. (ITA.No. 426 of 1998 dt. 10-4-2003 CIT v. Citi Bank N. A. (No. 6) (2024)469 ITR 416 (SC) Editorial : CIT v.Citi Bank N. A (ITA No. 1 of 1988 dt. 5-3-2003, ITR No. 232 of 1996 dt. 22-7-2003) CIT v. Citi Bank N. A. (No. 7) (2024)469 ITR 417 (SC) Editorial: CIT v. Citi Bank N. A (ITR.No. 265 of 1997 dt. 10-4-2003) CIT v. Citi Bank N. A. (No. 7) (2024)469 ITR 417 (SC) Editorial: CIT v. Citi Bank N. A (ITR.No. 265 of 1997 dt. 10-4-2003)