S. 37(1) : Business expenditure-Electricity charges-Allowable as deduction.
CIT v. Tube Investments of India Ltd. (2023) 292 Taxman 465 (SC) CIT v. Tube Investments of India (P.) Ltd. (2023) 292 Taxman 546 (SC) Editorial : CIT v. Tube Investments of India Ltd (2022) 446 ITR 676/ 288 Taxman 524 (Mad)(HC)
Digest of case laws
Online digest of latest case laws
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
Click here to download the pdf versions of the Digest of case laws S. 32 : Depreciation-Earth moving vehicles-Business of hire-Entitle depreciation at 30%. [S. 263]
CIT v. Bothra Shipping Services (2023) 292 Taxman 447 (Cal.)(HC)S. 28(i) : Business loss-Interest on NPAs-Accrual basis-Interest on NPAs was rightly taxed by the Revenue-Guidelines of RBI binding on Banking Companies-Appeal of the assessee is dismissed. [S. 36(1)(vii), 43D, 119,260A, Reserve Bank of India, Banking Regulation Act, 1949, S. 21]
State Bank of Hyderabad v. Jt. CIT (2023) 458 ITR 79/ 292 Taxman 526 / 335 CTR 304 (Telangana)(HC)S. 12AA : Procedure for registration-Trust or institution-Commencement stage-Only has to examine whether the object of the Trust is charitable or not-Order of Tribunal directing to grant the registration is affirmed.[S. 2(15), 11]
DIT(E) v. She Foundation (2023) 292 Taxman 216 (Cal.)(HC)S. 11 : Property held for charitable purposes-Accumulation of income-Revenue cannot insist on a copy of resolution being furnished regarding amount being accumulated for charitable activities. [S. 11(2), R. 17(2), Form No.10]
CIT v. Paradeep Port Trust (2023) 292 Taxman 347 (Orissa) (HC)S. 4 : Charge of income-tax-Transfer of rights-Value of any benefit or perquisites-Business income-Transfer is genuine-Set off credit-No evidence-Deletion of addition is valid. [S. 28(iv)]
CIT v. Tube Investments of India Ltd. (2023) 292 Taxman 465 (SC) CIT v. Tube Investments of India (P.) Ltd. (2023) 292 Taxman 546 (SC) Editorial : CIT v. Tube Investments of India Ltd (2022) 446 ITR 676/ 288 Taxman 524 (Mad)(HC)S. 2(22)(e) : Deemed dividend-Advances to directors-Joint owner of property-Advance to be adjusted for sale consideration-Matter remanded to the Tribunal for reconsideration. [S. 254(1)]
Rinku Chakraborthy (Smt.) v. Dy. CIT (2023) 292 Taxman 353 (Karn.)(HC)S. 2(22)(e) : Deemed dividend-Unsecured loan from company-Partner of firm shareholder-Dividend is taxable in hands of Individual and not in the name of firm-Remand by the Tribunal is set aside. [S. 254(1)]
Mahimananda Mishra v. ACIT (2023)455 ITR 449/292 Taxman 49 (Orissa)(HC)Right to Information Act, 2005
S.8: Exemption from disclosure of information- Donation – CBDT- Shri Ram Janmabhoomi Teerth Kshetra Trust- CPIO having made out a prima facie case for grant of interim relief, order shall remain stayed till next hearing and no coercive steps shall be taken against CPIO, pursuant to same . [ S.8(1)(e), 8(1)(j) , 11, 19(4)(ii), Income -tax Act , 1961 , S.80G(2)(b) , 119 , 138, Art.226 ]
Central Public Information Officer v. Kailash Chandra Moondra (2023) 292 Taxman 385 (Delhi)(HC)Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015 .
S.50: Punishment for failure to furnish return of income –Information about an asset – located outside India – Punishment for wilful attempt to evade tax – Foreign asset – Prosecution – Pendency of appeal before CIT(A) – Criminal provision of sections 50 and 51 could not have a retrospective effect – Stay of criminal proceedings- Notice was issued to Advocate General regarding petition filed by petitioner and stay granted earlier to be extended till next date of hearing . [ S. 51 , Income -tax Act , 1961 , S.276C , Art . 226 ]
Anil Dhirajlal Ambani v. UOI (2023) 292 Taxman 17 (Bom.)(HC)