S. 68 : Cash credits-Cash deposited in bank-Dematerialisation-Deletion of addition is-Rejection of books of account-Gross profit-Order of Tribunal is up held-Not challenged being perverse-No substantial question of law. [S. 145 (3), 260A]
PCIT. v. Agson Global (P) Ltd. (2022) 441 ITR 550 / 210 DTR 225 / 325 CTR 1 / 286 Taxman 519 (Delhi)(HC)
Digest of case laws
Online digest of latest case laws
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. 54F : Capital gains-Investment in a residential house-Amount Deposited in Bank under Capital Gains Accounts Scheme, 1988-Amount Not used in purchase of residential house within specified date-Denial of certificate for withdrawal of amount-Permitted to withdrawal of amount. [S.45, Capital Gains Accounts Scheme, 1988 Art, 226]
Rashesh Shirish Sanjanwala v. CIT (2022) 441 ITR 374 / 285 Taxman 710 / 212 DTR 348 / 326 CTR 170 (Guj.)(HC)S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Matter remanded to the Assessing Officer-No question of law. [S. 158BC, 158BD, 254(1), 260A]
Keld Ellentoft India Pvt. Ltd. v. ACIT (2022) 441 ITR 506 / 212 DTR 186 / 326 CTR 660 (Mad.)(HC)S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Fish or fish products-Order of Tribunal is affirmed. [R. 6DD(f)(iii)]
CIT v. Ayshwarya Sea Food Pvt. Ltd. (2022) 441 ITR 171 (Mad.)(HC)S. 40(a)(ia) : Amounts not deductible-Deduction at source-Registration of truck Number-Transport contracts-Contract can be only with personnel or driver of Truck or Truck operators and not with trucks-Matter remanded. [S. 194C (2)]
Shivamurthy v. Add. CIT (2022) 441 ITR 405 (Karn.)(HC)S. 36(1)(vii) : Bad debt-Objective decision-Debt has became within short period of time not accepted by the Appellate Tribunal-Question of fact. [S. 158BC, 260A]
Dr. K. Chandrasekaran v. CIT (2022) 441 ITR 413 (Mad.)(HC)S. 32 : Depreciation-Unabsorbed depreciation-Carry forward and set off-Finance Act, 2001 and Circular No. 14 Of 2001(2001) 252 ITR 65 (St) (90)-Entitled to carry forward and set off depreciation loss of assessment year 1997-98 against income of assessment year 2006-07. [S. 32(2)]
CIT v. Venkateshwara Leather Pvt. Ltd. (2022) 441 ITR 198 (Mad.) (HC)S. 14A : Disallowance of expenditure-Exempt income-Assessing Officer not considering disallowance made voluntary by assessee-Matter remanded to the Tribunal. [S. 254(1), R. 8D]
Kesoram Industries Ltd. v. PCIT (2022) 441 ITR 648 / 211 DTR 57 / 326 CTR 212 / 286 Taxman 106 (Cal.)(HC)S. 12AA : Procedure for registration-Trust or institution-Cancellation of registration-Alternative remedy by an appeal-Writ is not maintainable. [S. 12A, 264, Art. 226]
Muvendar Trust v. ITO (2022) 441 ITR 31 / 285 Taxman 147 / 209 DTR 153 / 324 CTR 261 (Mad.)(HC)S. 11 : Property held for charitable purposes-Imparting education-Surplus in educational activities-Alleged excess remuneration to trustee employees-Revenue has no power to interfere-Exemption cannot be denied. [S. 2(15), 12A, 13]
CIT(E) v. Krupanidhi Education Trust (2022) 441 ITR 154 (Karn.) (HC) Editorial : Order in Krupanidhi Education Trust v. DIT (2013) 21 ITR 373 (Bang)(Trib) is affirmed., CIT (E) . v. Krupanidhi Education Trust (2023)453 ITR 750/ 293 Taxman 2 (SC)