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. 115JB : Book profit-Provisions not applicable to Electricity Boards or similar entities totally owned by State or Central Government.

Dy. CIT v. Kerala State Electricity Board (2022) 447 ITR 193/ 288 Taxman 728 / 217 DTR 161/ 328 CTR 265(SC) Editorial : Kerala State Electricity Board v. Dy. CIT (2010) 329 ITR 91 / 2011) 196 Taxman 1 (Ker)(HC)

S. 80P : Co-operative societies-Regional Rural Bank deemed to be Co-Operative society-Entitled to deduction. [S. 80P(2)(a)(i), 80P(4), 271(1)(c), Regional Rural Banks Act, 1976, S. 3, 22]

PCIT v. Baroda Uttar Pradesh Gramin Bank (2022) 447 ITR 218 (All.)(HC)

S. 80IA : Industrial undertakings-Power generation units I and II constituted un undertaking-Entitled to deduction.

CIT v. Apollo Tyres Ltd. (No. 2) (2022) 447 ITR 391 (Ker.)(HC) CIT v. Apollo Tyres Ltd. (No. 3) (2022) 447 ITR 393 (Ker.)(HC)

S. 80IA : Industrial undertakings-Infrastructure development-On facts held to be not allowable-No substantial question of law. [S.260A]

CIT v. Apollo Tyres Ltd. (No. 1) (2022) 447 ITR 377 (Ker.)(HC)

S. 80HHC : Export business-Unabsorbed losses to be taken into account before computing deduction.

Ashok Leyland Ltd. v. CIT (2022) 447 ITR 661/ 219 DTR 498/ 329 CTR 462 / (2023) 290 Taxman 120 (SC) Editorial : CIT v. Ashok Leyland Ltd (2008) 297 ITR 107 (Mad.)(HC), affirmed.

S. 80G : Donation-Renewal of approval-Question whether or not the income had been applied for charitable purpose cannot be looked while granting the renewal-Renewal of approval of the assessee-trust under section 80G of the Income-tax Act, 1961 was correct. [S. 11, 12, 80G(5)(ii)]

DIT (E) v. D. R. Ranka Charitable Trust (2022) 447 ITR 766 / 220 DTR 141 / 329 CTR 690/ 289 Taxman 617 (SC) Editorial: Decision of the Karnataka High Court affirmed D. R. Ranka Charitable Trust v. DIT(E). (ITA No. 180 of 2010 dt 20-11-2018)

S. 56 : Income from other sources-Relative-Definition of reactive under two different Acts-Writ petition dismissed-Interpretation of taxing statute-Legislative function-Causus Omisus-Not created by interpretation. [S. 2(41), Art, 226, Maintenance and Welfare of parents and Senior Citizens Act, 2007, S. 2(g), 23]

Indira Uppal (Miss) v. UOI (2022) 447 ITR 683/ 289 Taxman 487 (Delhi)(HC)

S. 50C : Capital gains-Full value of consideration-Stamp valuation
Transfer of immovable property-If the guideline value was more than the value declared in the document, then the guideline value was relevant for payment of tax, and whether the assessee had received the amount was of no consequence. As long as a sale was effected the assessee was bound by section 50C of the Act. [S. 45, Art. 226]

Samuel v. CBDT (2022) 447 ITR 708 (Mad.)(HC)

S. 43B : Deductions on actual payment-Contribution of employees to provident fund and employees State Insurance-Delay in payment-Not allowable as deduction-Deductions allowable only if contributions paid within due date prescribed in statutes. 2(24)(x), 36(1)(va)]

CIT v. Apollo Tyres Ltd. (No. 1) (2022) 447 ITR 377 (Ker.)(HC) PCIT v. Apollo Tyres Ltd. (No. 1) (2022) 447 ITR 397 (Ker.)(HC)

S. 43A : Rate of exchange-Foreign currency-Foreign exchange fluctuation gain-Capital receipt-On actual realization to be adjusted against cost of asset.

PCIT v. Apollo Tyres Ltd. (No. 3) (2022) 447 ITR 431 (Ker.)(HC)