S. 10 (23C): Educational institution-Interest earned on grants-Quantifying amount of grant-in-aid-Eligible to claim exemption. [10(23C) (iiiac), 11, 13, R. 2BBB]
CIT (E) v. Institute of Liver & Biliary Sciences (2023) 335 CTR 922 / 154 taxmann.com 401 (Delhi) (HC)
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. 10(1) : Agricultural income-Apportionment of expenses-Agricultural and trading-Order of Tribunal is affirmed. [S. 260A]
PCIT v. Prabhat Agri Biotech Ltd (2023) 333 CTR 439 (Telangana)( HC)S. 271C : Penalty-Failure to deduct at source-External development charges to Haryana Urban Development Authority (HUDA)-Not liable to deduct tax at source-Levy of penalty is not justified.
Regards Developers (P.) Ltd. v. ACIT (2023) 199 ITD 1 (Delhi) (Trib.)S. 271B :Penalty-Failure to get accounts audited-Builder and developer-Percentage completion of accounts-Gross receipts of were more than Rs. one crore-Levy of penalty is justified.[S.44AB]
Benchmarrk Realty LLP. v. DCIT (2023)199 ITD 511 (Pune) (Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Insurance business-Income/funds in shareholders account was taxable separately at rate of 30 per cent instead of 12 per cent-Revision order is quashed. [S.44, 115B]
Tata AIA Life Insurance Company Ltd. v. PCIT (2023) 199 ITD 247 (Mum) (Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Limited scrutiny-Civil contractor-Revision order is quashed. [S. 37(1)]
V.M. & Co. v. DCIT (2023) 199 ITD 142 (Chennai) (Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Real estate developer-Annual value-Deemed rent-Unsold flats as stock-in-trade for more than one year-Revision is not justified-Amendment to section 23 vide introduction of sub-section (5) by Finance Act, 2017 with effect from 1-4-2018 whereby property held as stock-in-trade was brought to tax, would be effective prospectively.[S. 22, 23]
Dhirajlal Amichand Shah. v. PCIT (2023] 199 ITD 686 (Mum) (Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash deposited-Demonetization-No enquiry was made in the assessment proceedings-Commissioner remanding the matter to Assessing Officer for de novo consideration is justified. [S.69A]
Hemant Kumar Mulchandani. v. PCIT (2023) 199 ITD 448 / 224 TTJ 239 (Jabalpur) (Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Profit on sale of property used for residence-Constructed house before one year from sale of flats-Revision order is not valid.[S. 54]
Dineshbhai Jivanbhai Sanspara. v. PCIT (2023) 199 ITD 698 (Surat) (Trib.)S. 253 : Appellate Tribunal-Appeals-Pendency of corporate insolvency proceedings under provisions of Insolvency and Bankruptcy Code, 2016-Appeal cannot be proceeded with.[S. 254 (1), Insolvency and Bankruptcy Code, 2016, S. 13, 14]
ACIT v. MSM Steels (P.) Ltd. (2023) 199 ITD 232 (Pune) (Trib.)