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. 69B : Amounts of investments not fully disclosed in books of account-Inflated stock shown in stock statement submitted to bank-Cash credit facility-Physically stock was not verified-Order of Tribunal confirming the addition was deleted.

Chitta Ranjan Bera v. ITO (2023) 293 Taxman 408 (Cal.)(HC)

S. 69A : Unexplained money-Undisclosed purchases and sales-Tribunal reduced the addition to 10 percent towards purchase on undisclosed sales-Order of Tribunal is affirmed. [S. 147, 148, 260A]

Durgesh Chandra Sarkar v. CIT (2023) 293 Taxman 91 (Cal.)(HC)

S. 45(4) : Capital gains-Distribution of capital asset-Transfer-Dissolution of firm-Revaluation of assets and credit to capital accounts of partners-Introduction of new partners-Withdrawal of credit from capital account-Otherwise-Firm is liable to pay capital gains tax- Review petition is dismissed . [S. 2(47)(ii), 47(ii), 50]

Mansukh Dyeing and Printing Mills v. CIT (2023) 293 Taxman 516/ 334 CTR 4799 (SC) Editorial : Refer CIT v. Mansukh Dyeing and Printing Mills (2022) 449 ITR 439 / 220 DTR 189 / 329 CTR 673 / 145 taxmann.com 151/ / (2023) 290 Taxman 354 (SC)

S. 45 : Capital gains-Long term capital gains from equities-Survey-Report from investigation wing-Accommodation entries-Kolkata based companies-Order of Tribunal allowing the claim is affirmed. [S. 10(38), 68, 69, 133A]

PCIT v. Dipansu Mohapatra (2023) 293 Taxman 173 / (2024) 463 ITR 678 (Orissa)(HC) Editorial : SLP of Revenue is dismissed , delay is not condoned , leaving the questions of law, if any ,open , PCIT v .Dipansu Mohapatra (2024)463 ITR 681 (SC)

S. 43B : Deductions on actual payment-Any sum received from employees-No deduction is available to employer in respect of deposit of employees’ contribution of PF and ESI beyond due date prescribed in relevant Acts. [S. 36(1)(va), 260A)

Diversified Services v. ITO (2023) 293 Taxman 48 (Guj.)(HC)

S. 37(1) : Business expenditure-Repairs and maintenance-Details produced-Disallowance of expenditure is held to be not justified.

Sidhant Leather Exports (P.) Ltd. v. CIT (2023) 459 ITR 318 / 293 Taxman 412 (Cal.)(HC)

S. 37(1) : Business expenditure-Capital or revenue-Current repairs-Steel rolling mill-Expenditure incurred for replacement of steel rolls is revenue expenditure. [S. 31]

CIT v. Jindal India Ltd. (2023) 293 Taxman 478 (Cal.)(HC)

S. 28(i) : Business loss-Burden of proof-Search-Order of Tribunal allowing the loss is held to be perverse-Order of Tribunal is set aside.[S. 132, 153A, 254(1)]

PCIT v. Rajesh Exports Ltd. (2023) 293 Taxman 94 (Karn)(HC)

S. 14A : Disallowance of expenditure-Exempt income-Not recording of satisfaction-Own funds-Order of Tribunal deleting the addition is affirmed. [R. 8D (2)(ii)]

PCIT v. Century Enka Ltd. (2023) 459 ITR 190/293 Taxman 471 (Cal.)(HC)

S. 12AA : Procedure for registration-Trust or institution-Genuineness of activities-Order of Tribunal directing the Commissioner to grant registration is affirmed. [S. 12A]

CIT v. D.N Memorial Trust (2023) 293 Taxman 735 /335 CTR 601 (J&K and Ladakh)(HC)