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. 32 : Depreciation-Revised return-Withdrawing claim to depreciation-Assessing Officer granting depreciation under amended provisions-Held to be not permissible. [S. 32(1), Expln.5]

ACIT v. G. E. Lighting (I) P. Ltd (2023)454 ITR 285/ 293 Taxman 435/ 333 CTR 129/ 227 DTR 73 (SC) CIT v. Southern Petro-Chemical Industries (2023)454 ITR 285/ 293 Taxman 435/ 333 CTR 129/ 227 DTR 73 (SC) Editorial: Decision of Gujarat High Court and Madras High Court, affirmed. CIT v. G. E. Lighting (I) P. Ltd (Guj)(HC) (ITA No. 325 of 2009 dt.8-3-2010, CIT v. Southern Petro-Chemical Industries (Mad)(HC) (TA No. 442 of 2005 dt.25-4-2012)

S. 28(i) : Business loss-Shortage of coal-Deletion of addition is affirmed. [S. 260A]

PCIT v. Durgapur Projects Ltd. (2023)454 ITR 367/ 333 CTR 158/ 227 DTR 35 (Cal)(HC)

S. 28(i) : Business loss-Unabsorbed depreciation-Carry forward and set off-Amalgamation of companies-Relates back to appointed date-Business loss and unabsorbed depreciation of transferor company allowable. [S. 32, 72]

PCIT v. Intas Pharmaceuticals Ltd. (2023)454 ITR 421/ 293 Taxman 496/ 332 CTR 731/ 225 DTR 206 (SC) Editorial : Affirmed, CIT v. Intas Pharmaceuticals Ltd. (Guj)(HC) (ITA No. 311 of 2019 dt. 23-7-2019)

S. 28(i) : Business income-Capital gains-Full value of consideration-Stamp valuation-Capital asset-Business income or short-term capital gains-Sale of Development Rights in property-Stock in trade-Sale consideration received by builder was held to be assessable as business income-Provisions of S. 50C was held to be not applicable-Recorded in the balance sheet-Matter remanded to Tribunal for consideration afresh on merits to consider whether transaction a sale of capital assets or of stock-in-trade. [S. 2(14), 45,50C, 145, Art. 136]

CIT v. Glowshine Builders and Developers Pvt. Ltd. (2023) 454 ITR 249/ 293 Taxman 517/ 332 CTR 489/ 225 DTR 241 (SC) Editorial: CIT v. Glowshine Builders and Developers Pvt. Ltd (2018) 405 ITR 540 (Bom)(HC), order of High Court set aside and matter remanded to Tribunal.

S. 11 : Property held for charitable purposes-Object of general public utility-Urban Development Authority-Entitled to exemption. [S. 2(15), 11(1)(a), 11(2), 12, 260A]

CIT (E) v. Gandhinagar Urban Development Authority (2023)454 ITR 40 / 292 Taxman 516 (Guj)(HC) Editorial: SLP of Revenue, dismissed, CIT (E) v Gandhinagar Urban Development Authority (2023)454 ITR 43 / 292 Taxman 70 (SC)

S. 11 : Property held for charitable purposes-Registration-Does not ipso facto entitle to exemption-Other conditions to be satisfied-Matter remanded to the Assessing Officer. [S. 12, 12A, 12AA, 13]

CIT v. Chennai Port Trust (2023)454 ITR 674 /335 CTR 928 (Mad)(HC)

S. 11 : Property held for charitable purposes-Object of aiding development of industries-Statutory board set up by State-Entitled to exemption-SLP of revenue dismissed.[S. 2(15), Art. 136]

CIT(E) v. Karnataka Industrial Area Development Board (2023) 454 ITR 8 / 293 Taxman 505 (SC) Editorial : Decision of High Court affirmed, CIT (E) v. Karnataka Industrial Area Development Board, (Karn)(HC) (ITA No. 130 of 2021 dt.27-10-2021)

S. 11 : Property held for charitable purposes-Transfer of fund to infrastructure development fund-Order of High Court affirmed-SLP of Revenue is dismissed. [S. 2(15), Art. 136]

CIT (E) v. Ghaziabad Development Authority (2023)454 ITR 803/ 293 Taxman 449 (SC) Editorial : CIT (E) v. Ghaziabad Development Authority (2022) 448 ITR 342 (All)(HC), affirmed.

S. 11 : Property held for charitable purposes-Object of general public utility-Accumulation of income-Urban Development Authority-Entitled to exemption. [S. 2(15), 11(1)(a), 11(2), 12]

CIT (E) v Gandhinagar Urban Development Authority (2023)454 ITR 43 / 292 Taxman 70 (SC) Editorial: CIT (E) v. Gandhinagar Urban Development Authority (2022) 454 ITR 40 / 292 Taxman 516 (Guj)(HC), affirmed.

S. 10A : Free trade zone-Provisions written back-Gains on foreign exchange fluctuation-Entitle to exemption-Turnover-Communication charges-SLP of Revenue is dismissed. [Art. 136]

CIT v. Cognizant Technology Solutions Of India Pvt. Ltd. (2023)454 ITR 1 / 293 Taxman 500 (SC) Editorial : CIT v. Cognizant Technology Solutions of India Pvt. Ltd (Mad)(HC)(TCA No. 83 of 2017 dt. 20-11-2020)