S. 142A : Estimate of value of assets by Valuation Officer-Reference to Department Valuation Officer-Unexplained expenditure-Reference for valuation of agricultural land purchased-Not valid-Commissioner (Appeals)-No power to change section under which Assessing Officer has assessed item of income. [S. 69, 69C 250, 251]
Toffee Agricultural Farms Pvt. Ltd. v. ITO (2022) 95 ITR 74(SN)/ 217 TTJ 850 / 213 DTR 337 / 141 taxmann.com 429 (SMC) (Delhi)(Trib)
Digest of case laws
Online digest of latest case laws
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. 142(2A) : Inquiry before assessment-Special audit-Not pointed out any complexity-Reference to special audit, therefore is an invalid reference, contrary to law-Consequently, the assessment order passed in the extended period is barred by limitation and hence void [S. 143(2), 153]
Haryana State Industrial & Infrastructure Development Corpn. Ltd. v. ACIT (2022) 220 TTJ 217 (Chd)(Trib)S. 133A: Power of survey-Assessment-Income from undisclosed source-Additions made solely on the basis of statement recorded during survey-Additions not justified. [S. 131, 143(3)]
Nitin A. Shah v. Dy. CIT (2022)97 ITR 63 (SN) (Mum) (Trib)S. 132(4) : Search and seizure-Statement on oath-Tax cannot be charged on notional income-Addition was deleted [S. 153A]
Ajaz Farooqi v. Dy. CIT(2022)95 ITR 188 (Hyd) (Trib)S. 132 : Search and seizure-Chartered accountant-Illegal search-Excess cash-Evidence can be used against the assessee-Assessee cannot allege search was to be conducted on another person and not him-Cash and balance of gold coins found in excess declared in the return to be added back.[S.69A, 69B, 143(3), 153A]
Sushil Kumar Singhal v. DCIT (2022) 220 TTJ 119/ 218 DTR 297 (Jabalpur) (Trib)S. 115VD : Shipping business-Qualifying ship-Exemption-Tonnage Tax-Ship not offshore Installation-CIT (A) justified in allowing exemption.
Dy. CIT v. Jagson International Ltd. (2022) 97 ITR 176 (Delhi) (Trib)S. 115VC : Shipping business-Presumptive tax-Tonnage tax-Core Activity-Income from excess provision written back-To be included in turnover of core activity-Reimbursement from managed vessels-Matter remanded for verification. [S. 115VJ]
Shipping Corporation Of India Ltd. v. Dy CIT(LTU) (2022)96 ITR 32 (SN) (Mum) (Trib)S. 115VC : Shipping business-Presumptive Tax-Tonnage Tax-Assessee Part Owner of Qualifying Ship-Entitled to benefit of tonnage tax claimed according to definite and ascertainable share in terms of agreement with other co-Owners. [S. 115VH]
ACIT v. Buhari Holdings Pvt. Ltd. (2022)96 ITR 41 (SN) (Chennai) (Trib)S. 115JC : Special provisions for payment of tax by certain persons other than a company-Housing project-Does not excludes its application in respect of housing projects approved under section 80IB(1) prior to its insertion-Appeal was dismissed.[S.80IB(1), 800IB(10)]
ACIT v. Vijay Tukaram Raundal (2022) 219 TTJ 641 /218 DTR 129 / (2023) 147 taxmann.com 53 (Pune)(Trib)S. 115JB : Book profit-Provision for bad and doubtful debts-Added back while computing book profit. [S.115HB(2)]
Piramal Enterprises v. Addl. CIT (2022) 216 TTJ 802 (Mum)(Trib) Editorial: CIT v. Tainwala Chemicals and Plastics India Ltd. [2013] 215 Taxman 153 (Bom.) (HC) distinguished.