S. 115BBC : Anonymous donations-Religious trust-Survey-Cash deposited-Failure to explain the source-Addition cannot be made in the assessment of religious trust. [S. 11, 12, 68]
DCIT v. Jayananad Religious Trust. (2022) 197 ITD 810 (Mum.) (Trib.)
Digest of case laws
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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. 94 : Transaction in securities-Short term capital loss-Sale of mutual funds-Units were purchased much before 3 months period prior to record date condition prescribed in clause (a) of section 94(7) was not satisfied and consequently provision of section 94 was not applicable on assessee-Commissioner (Appeals) was justified in giving relief of disallowance of STCL under section 94(7). [S. 94(7)
Pranay Godha v. ACIT (2022) 197 ITD 767 (Mum.)(Trib.)S. 90 : Double taxation relief-Foreign tax credit-Form No 67 filed after due date of filing of return but before completion of assessment-DTAA-India-UK. [R. 128, Art. 24]
Sonakshi Sinha v. CIT (Appeal) (2022) 197 ITD 263 / (2023) 222 TTJ 376 (Mum.)(Trib.)S. 81C : Undertakings-Special category states-Manufacturing of plastic packaging products such as PET and HDPE bottles-Eligible for deduction. [S. 80-IC (2)(a)]
Vimoni India (P.) Ltd. v. DCIT (2022) 197 ITD 484 (Delhi)(Trib.)S. 72 : Carry forward and set off of business losses-Foreign companies-Franchise fees from an Indian company-Rate of tax is not relevant-Loss is allowed to be set off. [S. 115A(1)(b)]
DCIT(IT) v. Channel V Music Networks Ltd. (2022) 197 ITD 510 / 220 TTJ 537 / 218 DTR 350 (Mum.)(Trib.)S. 69C : Unexplained expenditure-Bogus purchases-Trading and manufacturing of diamonds-Purchases form tainted dealers-Report of Task Force for Diamond Sector constituted by Ministry of Commerce and Industry-Profit element embedded in value of disputed purchases for diamond manufacturers was to be estimated in range of 1.5 per cent to 4.5 per cent [S. 40A(3), 145]
Oopal Diamond v. ACIT (2022) 197 ITD 827 (Mum.)(Trib.)S. 69C : Unexplained expenditure-Ad-hoc addition of sundry creditors-20 percent of purchases-Discrepancies in balance sheet was reconciled-Addition is not valid. [S. 145]
DCIT v. AYG Realty Ltd. (2022) 197 ITD 448 (Mum.)(Trib.)S. 69A : Unexplained money-Hospital-Demonetization-Sale of medicine and cash in hand-Direction of commissioner to increase declared book profit by 4 per cent of total amount deposited by assessee-Addition is deleted. [S. 145.]
DCIT v. M.C. Hospital (2022) 197 ITD 706 (Chennai)(Trib.)S. 69A : Unexplained money-Immoveable property-Survey Draft sale deed-Not signed-Application filed by developer before Settlement Commission admitting to have invested certain amount of unaccounted income was not provided for confrontation-Addition is deleted. [S. 133A, 148]
Rajvee Tractors (P.) Ltd. v. ACIT (2022) 98 ITR 459 / 197 ITD 442 / (2023) 222 TTJ 778/ 225 DTR 121 (Ahd.)(Trib.)S. 69A : Unexplained money-Deposit-Sale proceeds of book and donation-Matter remanded for reverification. [S. 147, 148]
Central Institute of Higher Tibetan Studies v. ITO (2022) 197 ITD 310 / 98 ITR 29 (SN) (Varanasi)(Trib.)