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. 68: Cash credits-SLP dismissed against High Court’s finding that additions were unjustified-Huge amounts deposited in foreign bank account in Geneva-Assessee pleaded that bank account belonged to nephew situated in UK-Assessee was an agriculturist and his name was struck from the bank account much prior to his visit to Geneva-SLP dismissed also on the ground of delay of 233 days, which was not explained properly.[Art. 136]
PCIT v. Joginder Singh Chatha [2025] 302 Taxman 5 (SC). Editorial : CIT v. Joginder Singh Chatha (2023) 156 Taxman.com 509 (P& H) (HC)
S. 68: Cash credits-AO made additions towards consideration received by assessee on sale of shares-Assessee had duly disclosed receipt of capital gains and offered for tax-No occasion for making addition-SLP to be dismissed on ground of low tax effect. [S. 153A, Art. 136].
PCIT v. Ahinsa Vinimay [2025] 302 Taxman 359 (SC). Editorial : PCIT v. Ahinsa Vinimay (P.) Ltd(2024) 169 taxamnn.com 134 (Orissa (HC)
S. 2(47) : Transfer-definition-Extinguishment of any right there in-Reduction of share capital by company amounts to reduction of rights of shareholder to share in distribution of net assets upon liquidation extinguished proportionately-Such reduction of rights is Transfer within the meaning of section 2(47) of the Act.[S. 45]
PCIT v. Jupiter Capital Pvt. Ltd. (2025) 472 ITR 616 /303 Taxman 95/342 CTR 552 / 246 DTR 1 (SC) Editorial : Pr CIT v. Jupiter Capital (P.) Ltd. [IT Appeal No. 299 of 2019 dated 20-2-2023] (para 10) affirmed. (2025) 472 ITR 561 (Karn.) (HC)
S.271D: Penalty-Takes or accepts any loan or deposit-Receipt of share application money in cash-The amount received by the assessee towards share application money did not fall under the purview of loan or deposits under S. 269SS and consequently, penalty under s. 271D was not leviable.[S.269SS]
Dy.CIT v. James Hotels Ltd. (2024) 232 TTJ 976 / 38 NYPTTJ 1283 (Chd) (Trib)
S. 271AAA : Penalty-Search initiated on or after 1st June, 2007-Undisclosed income-Surrender of additional income during search-No specific discrepancy-Penalty is deleted.[S. 132, 132(4)]
Ajay Kumar Sood Engineers & Contractors v. Dy.CIT (2024) 232 TTJ 90 /242 DTR 216 / 38 NYPTTJ 859 (Chd)(Trib)
S. 271(1)(c) : Penalty-Concealment-NCLT approved the plan-Penalty levied does not survive-Penalty is deleted. [S. 156, Insolvency and Bankruptcy Code 2016. 30(2), 31(1), 238]
Orchid Pharma Ltd v. ACIT (2004) 232 TTJ 125 (UO) (Chennai)(UO) (Trib)
S. 271(1)(c) : Penalty-Concealment-Deductions under sections 80C, 80CCF, 80D, 80DD and 80G ST and loss under the head Income from House Property-Return was filed after time-limit prescribed under s. 139(4) and was invalid return-Re assessment notice-Returned income and assessed income is same-Penalty is deleted.[S.139(4), 147, 148]
Ajoy Sharma v. Dy.CIT (2024) 232 TTJ 81 (UO) (Jaipur)(Trib)
S. 271(1)(c) : Penalty-Concealment-No incriminating material during search-Additional income declared is accepted-Foreign bank account-Explanation 5A to section 271(1)(c) is not applicable-Penalty is deleted. [S. 153A, Art.]
Rajinder Kumar v. ACIT (2024) 232 TTJ 261 / 243 DTR 297 / 38 NYPTTJ 776 (Delhi)(Trib)
S. 270A:Penalty for under-reporting and misreporting of income-Failure to establish the genuineness of donors-Anonymous donations-The issue is restored to the AO with a direction to give one more opportunity to the assessee to substantiate its case with evidences to his satisfaction regarding the identity and creditworthiness of the donors and the genuineness of the transaction. [S.270A(a)]
Adivasi Unnati Seva Mandal v. ACIT (E) (2024) 232 TTJ 51 (UO) (Pune) (Trib)