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. 54B : Capital gains-Land used for agricultural purposes-Agricultural Land-Purchase of agricultural land in same year-Order of CIT(A) allowing the deduction was affirmed. [S. 45]

ITO v. Babita Gupta (2022)100 ITR 252 (Delhi)(Trib)

S. 54 : Capital gains-Profit on sale of property used for residence-Purchase of residential unit in name of assessee’s wife-Not entitled to exemption. [S. 45]

Jayawant Gajanan Sutar v. ITO (2022) 96 ITR 3 (SN) (Pune) (Trib)

S. 54 : Capital gains-Profit on sale of property used for residence-Possession more than three years-Documents showing rental income not verified by department-Matter remanded [S. 45]

Mohd. Shakeel Quadri and v. ITO (2022)97 ITR 52 (SN)(Hyd)(Trib) Mohd. Layeeq v. ITO (2022) 97 ITR 52 (SN)(Hyd)(Trib)

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Department Valuation-Objection of assessee was not considered-Matter remanded. [S. 45]

Ushaben Ambalal Oza v. ITO (2022)96 ITR 46 (SN)(Ahd) (Trib)

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Sale deed shown less than value for stamp duty purposes-Agreement to sale was entered earlier-Circle rate as on date of agreement to be taken-Amendment is clarificatory and has retrospective effect-Cost of improvement-No document was provided-Not allowable as deduction [S. 45, 48]

Akash Juneja v. ITO (2022)100 ITR 45 (SN) (Delhi)(Trib)

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Development rights-Transfer of development rights took place in Financial year 2000-01-Provisions of Section 50C inserted with effect from 1-4-2003 provision is not Applicable [S. 2(47)(ii), 45]

Shri Ganadhiraj Co-Operative Housing Society v. Dy. CIT (2022) 99 ITR 5 (SN) (Mum)(Trib)

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Date of agreement to sell to be taken into consideration for stamp duty valuation-Matter remanded.[S.45]

Dharmendra B. Patel v. Dy. CIT (2022)98 ITR 268 (Surat) (Trib)

S. 49 : Capital gains-Previous owner-Cost of acquisition-Gift-Received flat as a gift from mother-Cost of acquisition of flat in hands of mother would be deemed to be cost of acquisition in hands of assessee-The cost of acquisition could not mean cost perceived by mother at time of receiving flat. [S. 45]

Saireddy Pruthviraj Reddy v. ITO (2022) 219 TTJ 252 / 217 DTR 36 / 145 taxmann.com 459 (Hyd)(Trib)

S. 48 : Capital gains-Computation-Borrowings (ICDs) for acquisition of shares-Interest paid-Indexed interest cost-Added to the cost of acquisition. [S. 45]

Zuari Investments Ltd. v. ITO (2022) 209 DTR 313 / 215 TTJ 515 / 139 taxmann.com 92 (Delhi) (Trib)

S. 45 : Capital gains-Registration of sale deed-Possession not handed over-Matter remanded to CIT(A). [S.2(47)(v)]

ACIT v. Amarjeet Singh (Decd.) (2022)95 ITR 62 (SN)(Delhi)(Trib)