S. 263 : Commissioner-Revision of orders prejudicial to revenue- eligibility of loss being carried forward-Issue which is beyond the scope of rectification-Commissioner cannot revise under section 263 of the Act. [S. 154]
Cargo Service Centre India Pvt Ltd v. Dy .CIT ( Mum) ( Trib) www.itatonline.org
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. 69 : Unexplained investments-Non-resident-On money-Foreign Resident cannot be taxed under section 69 of the Act-DTAA India -UAE. [S. 132(4), Art. 22]
ITO v. Rajeev Suresh Ghai ( 2021 ) 214 TTJ 921/ 208 DTR 377/ ( 2022) 192 ITD 348 ( Mum) ( Trib) www.itatonline.orgS. 12A : Registration – Trust or institution – Held declining registration on the ground of Indian Premier League (IPL) activities are in the nature of commercial activities is held to be not justified . [S. 2(15), S. 12AA]
Board of Control for Cricket in India v. PCIT (2021)214 TTJ 702 / (2022)192 ITD 230 / 209 DTR 81 ( Mum ) ( Trib) www.itatonline.orgBlack Money (Undisclosed Foreign income and Assets ) and imposition of tax Act, 2015
Black Money (Undisclosed Foreign income and Assets ) and imposition of tax Act, 2015
S. 2(11): Undisclosed asset located outside India – Applicability of the Statute – Accounts not in existence at the Black Money Act, 2015 came into force – The new legislation operates for those accounts and assets too.- Bank account in whatever way its is described is an asset in sense that it gives ownership credit balance ,in books of bank in that account – Undisclosed foreign bank account per se can indeed be treated as an asset – Interest leviable .-DTAA -India -Singapore Bank account in whatever way its is described is an asset in sense that it gives ownership credit balance ,in books of bank in that account – Undisclosed foreign bank account per se can indeed be treated as an asset – Interest leviable .-DTAA -India -Singapore. [ [S. 2(15),5(1)(i), 5(1)(ii)),8(b), 10(1),40(1), 40(2), BMR. 3(e), 3(2), ITACT , 1961 , S. 132,132(4), 133A, 139(1)), 234A,, 234B , 234C ] [
Rashesh Manhar Bhansali v. ACIT ACIT ( 2021) 214 TTJ 529/ 208 DTR 97/ ( 2022) 193 ITD 141 ( Mum ) Trib) www.itatonline.org.Editorial: Appeal is pending for admission Rashesh Manhar Bhansali v. Add.CIT Editorial: Appeal is pending for admission Rashesh Manhar Bhansali v. Add.CITS. 268A : Appeal-Appellate Tribunal-Monetary tax effect-Less than Rs. 50 lakhs-Appeal is not maintainable. [S. 253]
DCIT v. Edelweiss Financial Advisors Ltd. (2021) 188 ITD 834 (Ahd.)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-All details were on record-Payment of remuneration to managing trustee of major philanthropic trust was accepted in earlier years-Investment in shares by assessee-trust had been accepted as part of corpus of trust for over four decades by department and CBDT had also accepted same while notifying assessee-trust under section 10(23C)-Revision is held to be not valid. [S. 10(23C), 11, 13(2)]
Sir Dorabji Tata Trust v. DCIT (2021) 188 ITD 38 / 197 DTR 289 / 209 TTJ 409 (Mum.)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Investment in shares has been accepted as part of corpus over four decades-Interest income qualified for exemption-Assessing Officer has adopted ab course permissible in law-Revision is held to be not valid. [S. 11(5), 13(1)(d), 13(2)(h), 13(3)]
Sir Ratan Tata Trust v. DCIT (2021) 188 ITD 151 (Mum.)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Bad debts-Claim was allowed without verification-Revision is held to be justified. [S. 36(1)(vii)]
Jalgaon People’s Co-op Bank Ltd. v. PCIT (2021) 188 ITD 608 (Pune)(Trib.)S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Delay in filing miscellaneous application-Ex parte order-ill health-Delay was condoned. [ITAT R. 24]
Rameshbhai V. Prajapati v. DCIT (2021) 188 ITD 773 (Ahd.) (Trib.)S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Transfer pricing-Arm’s length price-Most appropriate method-Application to Tribunal to direct the TPO to adopt a specific method was rejected. [S. 254(1), 92C]
Carraro India (P.) Ltd. v. DCIT (2021) 188 ITD 915 (Pune)(Trib.)