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. 132(8) : Search and seizure-Retention of the books of account and other documents-Beyond thirty days after proceedings are completed-Obligation to communicate decision to assessee-Proceedings under Act does not extend to appeal by Special Leave to Supreme Court. [S. 153A, 158BC, Art, 136, 226]

Udaya Sounds v. PCIT (2022) 444 ITR 428 / 213 DTR 13 / 326 CTR 377 /287 Taxman 251 (Ker.)(HC)

S. 113 : Tax-Block assessment-Search cases-Levy of Surcharge-Amendment by Finance Act, 2002-Amendment not retrospective-Search proceedings initiated in November 1995-Surcharge not Leviable. [S. 132, 245D, Art, 226]

Karia Erectors Pvt. Ltd. v. UOI (2022) 444 ITR 86/ 287 Taxman 116(Bom.)(HC)

S. 92CA : Reference to transfer pricing officer-Limitation-60 days-General Clauses Act-Order barred by limitation-Writ is maintainable. [S. 92B, 92CA(3), General Clauses Act, 1897, S.9, Art, 226]

DCIT (TP) v. Saint Gobain India Pvt. Ltd. (2022) 444 ITR 636 / 217 DTR 57/ 328 CTR 387(Mad.)(HC) Editorial : Order of single judge in Peizer Heath Care India Pvt Ltd (2021) 433 ITR 28 /201 DTR 367/ 320 CTR 812 / 124 taxmann.com 536 (Mad)(HC) affirmed.

S. 92C : Transfer pricing-Arm’s length price-Exclusion of comparables-Order of Tribunal affirmed. [S. 260A]

PCIT v. Evalueserve.Com Pvt. Ltd. (2022) 444 ITR 674 // 146 taxmann.com 579 /2023) 331 CTR 218 / 223 DTR 138 (Delhi)(HC), Editorial: Order of High Court is affirmed , PCIT v. Evalueserve.Com Pvt. Ltd. (2023)453 ITR 8/ 292 Taxman 155/ 331 CTR 217/ 223 DTR 137 (SC)

S. 44 : Insurance business-Life Insurance business-Income to be computed under Rule 2 To First Schedule-Loss from pension fund can be set off and also carried forward. [S. 10(23AAB), 10A, 115B]

PCIT v. Exide Life Insurance Co. Ltd. (2022) 444 ITR 518 / 209 DTR 391 / 324 CTR 514/ 289 Taxman 20 (Karn.)(HC)

S. 43(5) : Speculative transaction-Derivatives-Amendment not retrospective-Entitled to set off of loss incurred in transactions of derivatives against business-As amended by Finance Act, 2005 With Effect From 1-4-2006 [S. 28(1), 43(5)(d), 70, 73]

Souvenir Developers (I) Pvt. Ltd. v. UOI (2022) 444 ITR 167 / 326 CTR 697/ 214 DTR 81 / 287 Taxman 338 (Bom.)(HC)

S. 43(1) : Actual cost-Depreciation-Subsidy-Subsidy received from Government-Proviso and Explanation 10 to Section 43(1) by Finance (No. 2) Act, 1998-Not retrospective in operation-Matter remanded for verification. [S. 32]

Kinfra Export Promotion Industrial Parks Ltd. v. JCIT (2022) 444 ITR 608/ 215 DTR 233/ 287 Taxman 353 / 327 CTR 198 (Ker.)(HC)

S. 32 : Depreciation-Motor Vehicles-Additional depreciation-Charitable Trust-Operating buses to transport students to Schools-Not entitled to additional depreciation. [S. 11, 12A, ITR 1962, Appx. I, Item III-2(ii)]

Ebenezer International Foundation v. ACIT (2022) 444 ITR 547 / 285 Taxman 52/ 210 DTR 28 (Ker.)(HC)

S. 22 : Income from house property-Lease of immovable property Lease agreement as owner of immovable property and not as owner of a business asset-Income assessable as income from house property.

Travancore Sugars and Chemicals Ltd. v. CIT (2022) 444 ITR 371 / 212 DTR 385 / 326 CTR 137 / 286 Taxman 657 (FB) (Ker.)(HC)

S. 12AA : Procedure for registration-Trust or institution-Corpus donation of funds to another charitable trust-In One Accounting Year-Registration could not be cancelled. [S. 2(15), 11]

CIT(E) v. Nawal Kishore Kejriwal Charity Trust (2022) 444 ITR 532/ 214 DTR 276 / 327 CTR 453(Cal.)(HC)