S. 32 : Depreciation-Option-No requirement of particular mode of exercising option-Option To Be Exercised Before Filing Return Or At Time Of Filing Return-Department Not Justified In Reducing Depreciation On Ground Assessee Had Not Specifically Opted For Written Down Value Method. [S. 139(1), Rules, 5(1)(IA)]
CIT v. Jindal Steel and Power Ltd (2023) 335 CTR 1017/. (2024)460 ITR 162/ 297 Taxman 253 (SC) CIT v. Reliance Industries Ltd 9 2023) 335 CTR 1017/. (2024)460 ITR 162/ 297 Taxman 253 (SC) Editorial : Decision of the Punjab and Haryana High Court in CIT v. Jindal Steel and Power Ltd( 2024) 460 ITR 159 (P&H) affirmed.
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. 28(i) : Business loss-Under invoicing of sales to sister concern-Books of account not rejected-Order of Tribunal is affirmed.[S. 4, 69, 145]
PCIT v. Bajaj Herbals (P.) Ltd. (2023) 335 CTR 530 / 148 taxmann.com 147 (Guj)( HC)S. 10(26) : Schedule Tribes-Income of member of Scheduled Tribe-Individual-Special Bench-Family-Matter remanded to the Tribunal with a request to the President of the Tribunal to constitute a Larger Bench without including either member who was a party to the order for the consideration of the entire gamut of the matter. [S. 2(31), 184, 254(1), 255, 260A]
Ri Kynjai Serenity By The Lake. v. PCIT (2023) 334 CTR 890 (Meghalaya) ( HC) Hotel Centre Point. v. PCIT (2023) 334 CTR 890 (Meghalaya) ( HC)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)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.)