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-NRI-Gift from brother-Addition was deleted.

Atul H. Patel v. ITO (2022) 195 ITD 297 (Ahd.)(Trib.)

S. 68 : Cash credits-Share application money-Bank statements, audited balance sheet, financial statements, copies of ITR etc.-Addition is not valid.

DCIT v. Karmeshwar Exim (P.) Ltd. (2022) 195 ITD 211 (Surat) (Trib.)

S. 56 : Income from other sources-Bonus shares-Provisions of section 56(2)(vii)(c) are not applicable to bonus shares. [S. 56(2)(vii)(c)]

DCIT v. Bhanu Chopra (2022) 195 ITD 767 (Delhi)(Trib.)

S. 56 : Income from other sources-Interest on Enhanced Compensation-Interest received on compensation or on enhanced compensation is taxable under section 56(2)(viii) read with section 145A(b) applicable with effect from 1-4-2010. [S. 56(2)(viii), 145A]

Madhav Pandharinath Kande v. ITO (2022) 195 ITD 579 (Pune) (Trib.)

S. 56 : Income from other sources-Sale of shares at a premium-Addition made on account of the difference between FMV and actual consideration received by the assessee in terms of section 56(2)(viib) was justified. [S. 56(2)(viib), R.11UA]

Royal Accord Realtors (P.) Ltd. v. DCIT (2022) 195 ITD 287 / 220 TTJ 892/ 220 DTR 150 (Mum.)(Trib.)/Rokdale Realtors ( P ) Ltd v .Dy.CIT ( 2022) 195 ITD 287 220 TTJ 892 / 220 DTR 150 ( SMC) ( Mum)( Trib)

S. 56 : Income from other sources-Non-resident-Valuation of shares-Shares issued higher amount than to resident shareholders-Addition was not justified. [S. 56(2)(viib), Rule 11UA]

DCIT v. Mais India Medical Devices (P.) Ltd. (2022) 195 ITD 94 (Delhi)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Short term-Long term-Land-House constructed was sold in the same year of construction-Assessable as short term-Exemption is available only to long term capital gains-Consideration towards land to be assessed as long term capital gains-Cost of boundary walls-Deduction-Evidence was not produced-Deduction was denied. [S. 2(29A), 2(29B), 2(42A), 2(42B), 45, 48]

Seema Shah (Smt.) v. ITO (2022) 195 ITD 733 / 99 ITR 595 (Varanasi)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Two residential house properties-Entitle for exemption-Amendment is from assessment year 2015-16. [S. 45]

Nigam Narendrabhai Khansaheb v. DCIT (2022) 195 ITD 661 (Surat)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Joint development agreement-Co-owner-Entitle to the exemption to extent assessee’s share of 42.5 per cent as specified under JDA on the cost of one flat only. [S. 45]

Dr. E.S. Krishnamoorthy. v. ITO (2022) 195 ITD 165 (Chennai) (Trib.)

S. 49 : Capital gains-Previous owner-Cost of acquisition-Settlement deed-inherited property from grandfather-Entitled to benefit of indexation from date of his grandfather’s acquisition of said property. [S. 45, 49(1)(iii)(a)]

Dr. E.S. Krishnamoorthy v. ITO (2022) 195 ITD 165 (Chennai) (Trib.)