S. 271G : Penalty-Documents-International transaction-Transfer pricing-Failure to furnish information within stipulated time-Absence of CFO-Reasonable cause-Penalty was deleted. [S. 92D(3), 274]
JSW Energy Ltd. v. DCIT (2022) 197 ITD 417 / 220 TTJ 1 (Mum.) (Trib.)
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. 271B : Penalty-Failure to get accounts audited-Derivative transaction-Turnover-Guidance note issued by ICAI on tax audit under section 44AB net result in derivative transaction to be considered as turnover-Not liable for penalty. [S. 44AB]
Sachin Marotrao Rangari v. ACIT (2022) 197 ITD 358 (Rajkot) (Trib.)S. 271(1)(c) : Penalty-Concealment-Software maintenance-Royalty-Fees for technical services-Divergent views-Levy penalty is not valid. [S. 9(1)(vi), 9(1)(vii)]
ACIT v. Faurecia Systems D’echappement. (2022) 98 ITR 124 / 197 ITD 687 / 220 TTJ 396 / 218 DTR 353 (Pune)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Commission to non-Resident-Pendency of application before AAR-Revision is held to be not valid. [S. 40(a)(i), 195]
Think and Learn (P.) Ltd. v. PCIT (2022) 197 ITD 736 (Bang.) (Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Survey-Income surrendered-Business income-Tax on specified income-Order is not erroneous. [S. 68, 69 to 69D, 115BBE, 133A]
Gandhi Ram v. PCIT (2022) 197 ITD 677 (Chd.)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Co-operative societies-Deposits against loans-Not filed appeal against the assessment order-Revision order is quashed. [S. 56, 80P]
Arambagh Co-operative Agriculture and Rural Development Bank Ltd. v. ITO (2022) 197 ITD 695 (Kol.)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Depreciation-Lease of assets-Operating lease and finance lease transactions-lessee only had right to use vehicles-Entitle depreciation-Revision is not valid-Method of accounting-Estimate of income-Excess interest spread (EIS)-Revision is not valid-Chargeable in the year of receipt. [S. 2(28A), 32, 143, 145]
Poonawalla Fincorp Ltd. v. PCIT (2022) 100 ITR 151 / 197 ITD 590 / (2023) 221 TTJ 387 (Kol.)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Revision order is quashed. [S. 80IB, 143(3), 153A]
Salarpuria Properties (P.) Ltd. (2022) 197 ITD 490 (Kol.)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Permanent establishment-Non-levy or short levy of taxes-Amount paid to dependent agent at arm’s length remuneration for services performed-Revision is not valid-.-DTAA-India-Malaysia. [S. 9(1)(i), Art. 5, 7]
MFE Formwork Technology Sdn Bhd v. DCIT(IT) (2022) 197 ITD 282 / 219 TTJ 450 (Mum.)(Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Investment in new plant or machinery-Assets acquired by it before 1-4-2013 but installed after financial year 2013-14-Deduction was allowed after application of mind-Revision is not valid. [S. 32AC]
Bosch Ltd. v. CIT LTU (2022) 197 ITD 160 / 98 ITR 1 (SN) (Bang.)(Trib.)