S. 2(22)(e) : Deemed dividend-Advances from companies-Substantial shareholding-Lending money is the business-Advances cannot be assessed as deemed dividend.
DCIT v. Forum Projects (P.) Ltd. (2023) 202 ITD 51 (Kol) (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. 2(14)(iii) : Capital asset-Agricultural land-Vacant land-Sale to non agriculturist-Records maintained by State Government, certificate issued by Additional Tahsildar and Village Officer showed that the said land was an agricultural land and used for agricultural operations-Not capital asset-Not liable to be assessed as capital gains. [S. 45]
George Gee Varghese v. ITO (2023) 202 ITD 339 (Chennai) (Trib.)S. 271D : Penalty-Takes or accepts any loan or deposit-Sale of immovable property to agriculturist from small village-Banking facilities not available-Reasonable cause-Levy of penalty is deleted. [S. 273B]
Narendrakumar Chunilal Soni v. JCIT (2023)104 ITR 36 (SN) (Ahd) (Trib)S. 271B :Penalty-Failure to get accounts audited-Failure to show reasonable cause-Levy of penalty is affirmed. [S.44AB]
Space Centre Employees Co-Operative Society Ltd. v. ITO (2023)104 ITR 67 (SN.)(Cochin ) (Trib)S. 271B : Penalty-Failure to get accounts audited-University-Local authority-Failure to get accounts audited not to result in penalty but only in denial of exemption-Penalty not sustainable. [S. 10(23C)(iiiab), 12A(1)(b), 44AB]
National Law University v. Add. CIT (2023)104 ITR 56 (SN)(Delhi) (Trib)S. 271(1)(c) : Penalty-Concealment-Notice not specifying the charge-Notice not valid. [S. 274]
Right Tight Fastners P. Ltd. v. Dy. CIT (2023)104 ITR 41 (SN)(Mum) (Trib)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Interest paid to customer-No details are filed in the course of assessment proceedings.[S. 143(3)]
Madhya Bihar Gramin Bank v. P CIT (2023)104 ITR 70 (SN.)(Pat) (Trib)S. 254(1) : Appellate Tribunal-Powers-Revised grounds-Additional evidence-Matter remanded.
Prakalpa Automotives P. Ltd. v. ITO (2023)104 ITR 3 (SN)(Bang) (Trib)S. 253 : Appellate Tribunal-Appeals-Delay of 1005 days-Delay due to negligence, lethargy or inaction on part of assessee-Delay is not condoned. [S. 254]
Mass Awash P. Ltd. v. Add. CIT(IT) (2023)104 ITR 14 (SN)(Delhi) (Trib)S. 201 : Deduction at source-Failure to deduct or pay-Short deduction-Assessee in default-Retainership fees-Matter remanded.[S. 197-201(1), 201(IA)]
HT Mobile Solutions Ltd. v. JCIT (2023) 104 ITR 44 (SN) (Delhi) (Trib)