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
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S. 143(3) : Assessment-Bogus purchases-Income from undisclosed sources-Report of Sales Tax Department-Appeal dismissed by High Court-SLP of revenue is dismissed. [S. 69C, 145(3), 260A, Art. 136]

JCIT v. Bhilai Engineering Corporation Ltd. (2023)454 ITR 540 (SC) Editorial : JCIT v. Bhilai Engineering Corporation Ltd (Chhatisgarh )(HC), (ITA No. 88 of 2017 dt 28-11-2018)affirmed

S. 143(3) : Assessment-Notice-Jurisdiction-High Court setting aside notice-Question of limitation is not to be raised-The High Court of the Orissa high court is modified. [S. 124(3), 142(1) 143(2)]

Dy. CIT(E) v. Kalinga Institute of Industrial Technology (2023)454 ITR 582 / 293 Taxman 493 (SC) Editorial : Decision of High Court modified, Kalinga Institute of Industrial Technology v. UOI (Orissa )(HC) (W.P. No 898 of 2017 dt.6-3-2019)

S. 119 : Central Board of Direct Taxes-Return-Delay in filing of return-Refund-Condonation of delay-Non-Resident-Aware of process of filing return of income-No genuine hardship or reasonable case fir late filing of the return-No violation of principles of natural Justice-Order sustainable. [S. 119(2)b), 139, 237 Art. 226]

Puneet Rastogi v. PCIT (IT) (2023)454 ITR 37 /148 taxmann.com 362 (Delhi)(HC) Editorial : SLP dismissed, Puneet Rastogi v. PCIT (IT) (2023)454 ITR 39/ 292 Taxman 69 (SC)

S. 119 : Central Board of Direct Taxes-Return-Delay in filing-Refund-Condonation of delay-Ignorance of law was not an excuse-High Court holding that there was no genuine hardship or reasonable cause for late filing of return. [S. 119(2b), 237, Art. 136]

Puneet Rastogi v. PCIT (IT) (2023)454 ITR 39/ 292 Taxman 69 (SC) Editorial : Puneet Rastogi v. PCIT (IT) (2023) 454 ITR 37 /148 taxmann.com 362 (Delhi)(HC)

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Management support service-Deletion of addition by the Tribunal is affirmed. [S. 260A]

PCIT v. Landis GYR(2023) 454 ITR 462 (Cal)(HC)

S. 80P : Co-operative societies-Credit societies giving credit to own members-Eligible deduction. [S.80P(4), Banking Regulation Act, 1949, Art. 136]

PCIT v. Annasaheb Patil Mathadi Kamgar Sahakari Pathpedi Ltd. (2023)454 ITR 117 / 293 Taxman 547 /332 CTR 486/ 225 DTR 209 (SC) Editorial : CIT v. Annasaheb Patil Mathadi Kamgar Sahakari Pathpedi Ltd (Bom)(HC) (ITA No. 933 of 2017 dt. 14-10-2019 ), affirmed.

S. 80P : Co-operative societies-Co-operative Bank-Entitled to deduction.[S.80P(2)(i), 80P(2)(d)]

PCIT v. Annasaheb Patil Mathadi Kamgar Sahakari Patpedhi Maryadit Ltd. (2023)454 ITR 528 (SC) Editorial: CIT v. Annasaheb Patil Mathadi Kamgar Sahakari Patpedhi Maryadit Ltd (Bom)(HC) (ITA No. 1574 of 2017 dt 9-1 2020 ), affirmed

S. 80HHC : Export business–Amendment in 1991 with Effect from 1-4-1992 is prospective-Sale of shares-Business income-to be included in total turnover-Interest earned from deposit of surplus funds in banks–Income from other sources”-to be excluded in computation of deduction. [S. 56, 80HHC(3)]

Magnum International Trading Co. (P.) Ltd. v.CIT (2023)454 ITR 141/ 293 Taxman 305 / 332 CTR 206/ 224 DTR 385 (SC) Editorial: Magnum International Trading Co. (P.) Ltd. v.CIT (Delhi)(HC) (ITA Nos. 1141/1149 /1150/ 1560 of 2006 dt. 29-10-2019 ).Applying the substantial and amended provision of section 80HHC (3) was unsustainable.

S. 72A : Carry forward and set off of accumulated loss and unabsorbed depreciation-Amalgamation-Demerger-Sale of windmills-SLP of Revenue is dismissed. [S. (2(19aa), 32, 72A(4)]

CIT v. KBD Sugars and Distilleries Ltd. (2023)454 ITR 800 (SC) Editorial : CIT v. KBD Sugars and Distilleries Ltd (2022) 20 ITR-OL-631 (Kran)(HC) is affirmed.

S. 69C : Unexplained expenditure-Search and seizure-Duplicate account-Yield in various years-Finding reversed relying on statement-Order of Tribunal is restored. [S. 132, 143(3)]

ACIT v. Kantilal Exports (2023)454 ITR 112/ 293 Taxman 531/ 332 CTR 610/ 225 DTR 357 (SC) Editorial : M. Kantilal Exports v. ACIT (2011) 330 ITR 185 (Guj)(HC), reversed. Miscellaneous application is rejected , ACIT v. Kantilal Exports Surat (2024) 300 Taxman 99 (SC)