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. 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)

S. 45 : Capital gains-Business income-Mutual funds and shares-Rule Of Consistency followed-Assessing the income as business income was deleted. [Circular No. 6 of 2016, Dated 29-2-2016]

Steel Authority of India Employees’ Co-Operative Credit Society Ltd. v. ACIT (2022)96 ITR 599 (Kol)(Trib)

S. 45 : Capital gains-Sale of shares-Long term capital gains-Survey-Penny stock-Denial of exemption is not valid. [S. 10(38), 56, 133A]

ITO v. Bimala Devi Singhania (Smt) (2022) 217 DTR 17 / 219 TTJ 229 / (2023) 146 taxmann.com 449 (Cuttack)(Trib). ITO v. Radheshyam Singhania 2022) 217 DTR 17 / 219 TTJ 229 / (2023) 146 taxmann.com 449 (Cuttack)(Trib).

S. 45 : capital gains-Transferable development rights-Co-owned land-Cost of acquisitions-Assets having no cost of acquisition-Not chargeable as capital gains. [S. 2(14), 55, 56]

ITO v. Kirit Raojibhai Patel (2022) 217 TTJ 704 / 141 taxmann.com 172 (Mum)(Trib)

S. 45 : Capital gains-Sale of shares-Cash credits-Penny stocks-Accommodation entries-Survey-Search-No fault was found in the documents submitted by the assessee-Sale proceeds cannot be assessed as undisclosed income-Reassessment was quashed. [S. 10(38) 68, 132, 133, 147, 148]

Sandipkumar Parsottambhai Patel v. ITO (2022) 217 TTJ 938 / 214 DTR 251 / 137 taxmann.com 373 (Surat)(Trib)