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. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Difference between sale consideration of property and guideline value of property on date of registration-Revision justified. [S. 45, 50C]

Dhanalakshmi Mills Ltd v. Dy.CIT (2022)97 ITR 77 (SN) (Chennai) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Transfer Pricing adjustment-Addition was deleted by Tribunal-Capitalisation of Foreign Exchange fluctuation loss on long-term foreign currency Loan taken for capital expenditure-Revision is not valid [S.43A 92C 143(3)]

TCG Lifesciences Pvt. Ltd. v. PCIT (2022)100 ITR 52 (SN)(Kol.) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Undisclosed money-Firm-Remuneration to partners-On money-Survey-Declaration-Deduction allowed-Revision is not valid.[S.37,40(b),69A,115BBE]

Shivam Developers v. PCIT (2022)100 ITR 29 (SN) (Surat) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Provision for expenses-Method of accounting-Issue was examined by the Assessing Officer-Revision is not valid. [S. 37, 143(3) 145]

S. U. Enterprise v. PCIT (2022)100 ITR 27 (SN)(Surat) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash deposits-Demonetisation period-Withdrawal of appeal and issue settled under Direct Tax Vivad Se Vishwas Act, 2020-Revision is not valid. [S. 68, 143(2) Direct Tax Vivad Se Vishwas Act, 2020, S. 5(3), 8]

Pavan Kandkur v. PCIT (2022)100 ITR 47 (SN)(Bang) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Short term capital gain-Accommodation entries-Penny stock-Plausible view-Revision is not valid [S. 45]

Mohsin Zulfikar Koradia v. PCIT (2022)100 ITR 25 (SN)(Ahd) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Joint ownership-Revision is held to be not valid. [S. 54F]

Renu Poddar (Smt.) v. PCIT (2022) 100 ITR 602 (Jaipur)(Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Real estate business-Interest debited to profit and loss account included in capital work-in-progress-Project completion method [S. 145]

Rushabhdev Infra Project Pvt. Ltd. v. PCIT (2022)100 ITR 625 (Ahd)(Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Depreciation-Asset financing-Operating lease and Finance Lease-Entitle to depreciation-Excess interest-Rule of consistency-Revision was quashed. [S. 2(28A), 32]

Poonawalla Fincorp Ltd. v. PCIT (2022)100 ITR 151 (Kol) (Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Assessing Officer applying his mind and taking possible view-Revision order was quashed. [S.56(2)(vii), 92E, 92F]

Kalyan Buildmart Pvt. Ltd. v. PCIT (2022)100 ITR 642 ((Jaipur) (Trib)