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. 68 : Cash credits-Long term capital gains-Penny stock-No adverse comment by stock exchange-Order of Tribunal is affirmed. [S. 10(38) 45, 260A]

PCIT v. Renu Aggarwal (Smt) (2023) 153 taxmann.com 578 (All)(HC) Editorial : SLP of Revenue is dismissed, PCIT v. Renu Aggarwal (Smt) (2023) 456 ITR 249 /294 Taxman 521 (SC)

S. 68 : Cash credits-Long term capital gains-Penny stock-No adverse comment by stock exchange-Order of High Court is affirmed-SLP of Revenue is dismissed. [S. 10(38) 45, Art. 136]

PCIT v. Renu Aggarwal (Smt) (2023) 456 ITR 249 /294 Taxman 521 (SC) Editorial: PCIT v. Renu Aggarwal (Smt) (2023) 153 taxmann..com 578 (All)(HC)

S. 68 : Cash credits-Bank deposit-Failure to prove the nature of the source-Order of High Court is affirmed-SLP of assessee dismissed. [Art. 136]

Rupal jain (Mrs) v. CIT (2023) 454 ITR 813 / 294 Taxman 261 (SC) Editorial : Affirmed, Rupal jain (Mrs) v. CIT (2023) 152 taxmann.com 345 (All)(HC)

S. 43A : Rate of exchange-Foreign currency-Gain arising on account of exchange fluctuation is not liable to tax as it is on capital account foreign exchange.

PCIT v. Bangalore International Airport Ltd. (2023) 459 ITR 158 459 ITR 158 / 154 taxmann.com 394 (Karn)(HC) Editorial : SLP of Revenue is dismissed, PCIT v. Bangalore International Airport Ltd. (2023) 294 Taxman 590 (SC)

S. 37(1) : Business expenditure-Bonus to employees-Not doubted bona fide in creation of trust or that expenditure was not incurred wholly and exclusively for employees-Order of Tribunal allowing the expenditure is affirmed. [S. 36(1)(iv), 36(v), 40A(9)]

PCIT v. State Bank of India (2023) 153 taxmann.com 389 (Bom)(HC) Editorial : SLP of Revenue is dismissed, PCIT v. State Bank of India (2023) 294 Taxman 428 (SC)

S. 37(1): Business expenditure-liquidated damages provision-Matter remanded to Tribunal for fresh consideration. [S. 145 254(1)]

PCIT v. Nokia Solutions and Networks India (P.) Ltd. (2023) 294 Taxman 615 (Delhi)(HC)

S. 37(1) : Business expenditure-Capital or revenue-Security deposit for lease premises-Foregone in dispute with lessor-Capital expenditure.

Mahle Anand Filter Systems (P.) Ltd. v. ACIT (2023) 153 taxmann.com. 139/ (2019) 13 ITR-OL 406 (Delhi)(HC) Editorial : SLP of assessee is dismissed, Mahle Anand Filter Systems (P.) Ltd. v. ACIT (2023) 456 ITR 29 / 294 Taxman 162 (SC)

S. 37(1): Business expenditure-Inspection and survey charges-, Disallowance of inspection and survey charges to 25 per cent was justified. Order of Tribunal is affirmed. [S. 260A]

PCIT (Central) v. Bajaj Alliance General Insurance Co. Ltd. (2023) 153 taxmann.com 678 (Bom)(HC) Editorial : SLP of Revenue is dismissed, PCIT (Central) v. Bajaj Alliance General Insurance Co. Ltd. (2023) 294 Taxman 699 (SC)

S. 37(1) : Business expenditure- capital or revenue-Interest paid on securities held as stock in trade-Allowable as revenue expenditure. [S. 28(i)]

CIT v. State Bank of Hyderabad (2023) 455 ITR 122/ 292 Taxman 38/ 331 CTR 84/ 222 DTR 345 (Telangana)(HC)/Editorial : SLP of Revenue is dismissed , CIT v. State Bank of India (2024) 297 Taxman 6 (SC)

S. 37(1) : Business expenditure-Commission-Residence – Company – Control And Management -Assessee-Companies Registered In Sikkim-Burden not discharged-Round tripping of funds-Liable to tax in India. [S. 2(35), 5, 6(3)(ii), 131, 142(1), 143(2), 148, 234A, 282]

Mansarovar Commercial (P.) Ltd. v. CIT (2023) 294 Taxman 513 (SC) Editorial : Mansarovar Commercial (P.) Ltd. v. CIT (2023) 453 ITR 661/ 293 Taxman 312 (SC).