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. 115AC : Capital gains-Bonds-Global Depository-Foreign currency-Transfer of Shares covered by scheme-Computation of capital gains to be made under provisions of scheme-Subsequent Amendment of provisions in Income-tax Act is not applicable.-Transaction not regarded as transfer-Capital gains-Transfer by way of conversion of bonds in to shares or debentures-Date of acquisition – Foreign currency bonds-Date of acquisition to be date of conversion of bonds into shares – Amendments in 2008 is not applicable – SLP is dismissed. [S. 2(42A) 47, 47(xa), 49(2A), Foreign Currency Convertible Bonds and ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993, Clause 7(4)]
CIT (IT) v. Kingfisher Capital Clo Ltd. (2023)456 ITR 775 /294 Taxman 700 /334 CTR 9 (SC) Editorial : Kingfisher Capital Clo Ltd v.CIT (IT) (2019) 413 ITR 1/ 263 Taxman 198 / 308 CTR 537 / 177 DTR 225 ((Bom)(HC) is affirmed.
S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-TNMM-CUP method-Payment of royalty-Determnetal to the interest of both assessee and Revenue-Addition was delted. [S. 260A]
Cummins India Ltd v. ACIT (2023) 294 Taxman 619/ 335 CTR 387 /(2024) 470 ITR 184(Bom)(HC)
S. 90 : Double taxation relief-Taxes deemed to have been payable-Eligible to tax credit- Tax payable -Income by way of dividend, received from its subsidiary in Thailand-Income deemed to accrue or arise in India-DTAA-India-Thailand. [S. 9(1)(i),9(1)(iv), Art. 23(3), 23(5)]
PCIT v. Polyplex Corporation Ltd (2023) 457 ITR 195/ 294 Taxman 751/ 334 CTR 665(Delhi)(HC)
S. 80IA : Industrial undertakings-Infrastructure development-Survey-Incumbent on part of Assessing Officer to grant deduction once the Central Government has granted approval. [S. 80IA(4)(iii), 133A, 153A]
PCIT (C) v. Punit Chettiar alias Punit Balan (2023) 457 ITR 32 / 294 Taxman 567 / (2024) 337 CTR 753(Bom.)(HC)
S. 69C : Unexplained expenditure-Bogus purchases-No discrepancy between purchases shown and sales declared-Only gross profit ratio can be applied-Order of Tribunal is affirmed. [S.260A]
PCIT v. Anil Jagannath Tiwari (2023) 153 taxmann.com 539 (Bom)(HC) Editorial : SLP of Revenue is dismissed due to low tax affect, PCIT v. Anil Jagannath Tiwari (2023) 294 Taxman 517 (SC)
S .69C : Unexplained expenditure-Survey-Bogus purchases-Statement retracted-Deletion of addition by the Tribunal is affirmed. [S.131, 133A 260A]
PCIT v. Yog Oil Traders (2023) 294 Taxman 480 (Bom.)(HC)
S. 69B : Amounts of investments not fully disclosed in books of account-Sauda Chithhi-Dumb documents-Incriminating documents-Sale of land-Land was not transferred-Deletion of addition by the Tribunal is affirmed. [S. 45, 260A]
PCIT (C) v. Prabodhchandra Jayantilal Patel (2023) 294 Taxman 440 (Guj.)(HC)