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. 69A : Unexplained money-Cash-Demonetization-Cash deposits made in bank accounts-Books of account not rejected-Addition based on surmise and conjectures was deleted. [S. 132, 115BBE, 153A]

Tripta Rani (Smt.) v. ACIT (2022) 97 ITR 389 / 196 ITD 662 (Chd.) (Trib.)

S. 69A : Unexplained money-Vouchers-Cash book-Search-Matter was remanded back for reconsideration. [S. 132, 153A]

Uttam Sugar Mills Ltd. v. DCIT (2022) 196 ITD 601 (Delhi)(Trib.)

S. 68 : Cash credits-Share capital-Share premium-Shares allotment-Converted fully convertible debentures (FCDs) into equity shares on same price of FCDs-No credit entry during the year.

DCIT v. NCR Business Park (P.) Ltd. (2022) 196 ITD 678 (Delhi) (Trib.)

S. 68 : Cash credits-Purchases-Shown as trade creditors-Confirmation was filed-Payments were made through banking channels-Addition is not valid.

ACIT v. Lenskart Solution (P.) Ltd. (2022) 196 ITD 297 (Delhi) (Trib.)

S. 57 : Income from other sources-Deductions-Interest-Not brought on record any documentary evidence to show that it had incurred interest expenditure as against income assessed under head ‘Income from other sources’-Disallowance of interest expenditure was confirmed. [S. 56]

Yash Vardhan Arya v. ITO(IT) (2022) 196 ITD 276 / 97 ITR 5(SN) (Bang.)(Trib.)

S. 56 : Income from other sources-Share premium-Conversion of CCDs in to equity shares-Provision is applicable-Receipt of any consideration which could not be limited to receipt of money-Provision is not applicable to with respect to share premium amount received from non-resident angel investors for issuance of equity shares-DCF method for valuation-Assessing Officer was not empowered to disregard DCF valuation. [S. 56(2)(viib), R. 11UA]

Milk Mantra Dairy (P.) Ltd. v. DCIT (2022) 196 ITD 333 / 220 TTJ 352 (Kol.)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Property purchased in the name of married daughter-Exemption from capital gains tax is not available. [S. 45]

Bhaskari Madhavan (Mrs.) v. ITO (2022) 196 ITD 85 (Chennai) (Trib.)

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Option deposit-Option agreement for sale of twenty (20) flats in its residential project with its group entity-Addition on sale of those flats to third parties to sales value declared were unjustified. [S. 28(i)]

K. Raheja (P.) Ltd. v. DCIT (2022) 196 ITD 607 (Mum.)(Trib.)

S. 48 : Capital gains-Computation-Debentures of company-Bonus debentures-Reinvested-Reinvested out of dividend would be considered as cost of acquisition of debentures. [S. 2(22)]

JP Morgan Funds v. DCIT(IT) (2022) 196 ITD 114 / 219 TTJ 364 / 217 DTR 225 (Mum.)(Trib.)

S. 43B : Deductions on actual payment-Leave encashment-constitutional validity of section 43B(f) had been upheld by Supreme Court-Disallowance is up held. [S. 43B(f)]

Everest Industries Ltd. v. DCIT (2022) 196 ITD 563 (Mum.)(Trib.)