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. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Determination of ALP-Comparable-No question of law. [S. 260A]

PCIT v.Warburg Pincus India (P.) Ltd (2023) 153 taxmann.com 574 (Bom)(HC) Editorial : Matter remanded to High Court, PCIT v.Warburg Pincus India (P.) Ltd. (2023) 295 Taxman 417 (SC)

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Interest-Net monthly balance payable-Justified in not charging interest in delayed payments to non-AEs. [S. 260A]

PCIT v. Avery Dennison (I) (P.) Ltd (2023) 154 taxmann.com 454 (Delhi)(HC) Editorial : SLP of Revenue is dismissed, PCIT v. Avery Dennison (I) (P.) Ltd (2023) 295 Taxman 314 (SC)

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Comparable-TPO ought to have arrived at ALP of assessee’s sale to its AE by only comparing it with uncontrolled transaction of sale-SLP of Revenue is dismissed.[S. 92, Art. 136]

PCIT v. L and T Valves Ltd (2023) 295 Taxman 585/ (2024) 461 ITR 157 (SC) Editorial: PCIT v. Audco India Ltd (2019) 264 Taxman 237/(2024)461 ITR 152 (Bom)(HC)

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Interest-Net monthly balance payable-Justified in not charging interest in delayed payments to non-AEs-SLP of Revenue is dismissed.[Art. 136]

PCIT v. Avery Dennison (I) (P.) Ltd (2023) 295 Taxman 314 (SC) Editorial: PCIT v. Avery Dennison (I) (P.) Ltd (2023) 154 taxmann.com 454 (Delhi)(HC)

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Determination of ALP by Tribunal can be subjected to scrutiny by High Court in an appeal-Matter remanded to High Court. [Art. 136]

PCIT v.Warburg Pincus India (P.) Ltd. (2023) 295 Taxman 417 (SC) Editorial: PCIT v.Warburg Pincus India (P.) Ltd (2023) 153 taxmann.com 574 (Bom)(HC)

S. 80P : Co-operative societies-An apex co-operative society within meaning of State Act, 1984-Primary object is to provide financial accommodation to its members who were all other co-operative societies and not members of public-Not a co-operative Bank-Entitle to deduction. [S.80P(2)(a)(i), 80P(4), Banking Regulation Act, 1949, S.56, Kerala Co-operative Societies Act, 1969]

Kerala State Co-Operative Agricultural & Rural Development Bank Ltd. v. Assessing Officer (2023) 458 ITR 384 /295 Taxman 675 / 334 CTR 601(SC) Editorial: Reversed, Kerala State Co-Operative Agricultural & Rural Development Bank Ltd. v. Assessing Officer (2016) 238 Taxman 638/ 383 ITR 610(Ker)(HC), Kerala State Co-Operative Agricultural & Rural Development Bank Ltd. v. ITO (2019) 70 ITR 28 (SN) (Chochin)(Trib) Kerala State Co-Operative Agricultural & Rural Development Bank Ltd. v. ITO (2019)72 ITR 523 (Cochin)(Trib)

S. 80IB(10) : Housing projects-Sepaarate completion certificate to each unit-Eligible for deduction. [S.260A]

PCIT v. Shree Jivraj Township (2023) 295 Taxman 619 (Guj.)(HC)

S. 80IA : Industrial undertakings-Infrastructure development-Market value of electricity supplied by CPP Unit to general unit would be same being charged by GEB from consumers and it ignored rate on which power generating company supplied its power to GEB.[S.80IA(8)]

PCIT v. Gujarat Flurochemicals Ltd. (2023) 459 ITR 242 / 295 Taxman 200 (Guj.)(HC)

S. 69 : Unexplained investments-Undisclosed liability-Deletion of addition by the Tribunal is affirmed. [S.69A, 69B, 69C, 132]

PCIT (Central) v. Regent Beers & Wines Ltd. (2023) 295 Taxman 565 (MP)(HC)

S. 69 : Unexplained investments-Capital-Loan-No incriminating material was found-Block assessment order-Deletion of addition by the Tribunal is affirmed by the High Court on merit. [S. 68, 148, 260A]

CIT v. Deepsons Southened (2023) 295 Taxman 506 (Delhi)(HC)