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. 68 : Cash credits-Books of account-Survey-Diary, notebook and data of deleted entries retrieved from computer central processing unit-Not books of account-Addition cannot be made without any corroborative evidence-Presumption u/s 292C is rebuttable. [S. 2(12A), 69, 69A, 69C, 133A, 292C]

Dy. CIT v. GSNR Rice Industries Pvt. Ltd. (2021) 90 ITR 114/ 213 TTJ 17 (/ (2022) 215 DTR 65 Chennai)(Trib.) Dy. CIT v. Kanakkilianallur Narayana Reddiyar Manivannan (2021) 90 ITR 114/ 213 TTJ 17 / ( 2022) 215 DTR 65 (Chennai)(Trib.) Dy. CIT v. Kanakkilianallur Narayana Nehru (2021) 90 ITR 114/ 213 TTJ 17 / ( 2022) 215 DTR 65 (Chennai)(Trib.)

S. 68 : Cash credits-Share capital and share premium-No cash was deposited-Sufficient bank balances-Need not to prove source of the source.

ACIT v. Sur Buildcon Pvt. Ltd (2021) 90 ITR 300 (Delhi)(Trib.) ACIT v. BBN Transportation Pvt. Ltd. (2021) 90 ITR 300 (Delhi) (Trib.) ACIT v. Goldstar Cement Pvt. Ltd. (2021)90 ITR 300 (Delhi)(Trib.)

S. 54F : Capital gains-Investment in a residential house-Construction of residential house within three years-Completion of construction is not mandatory-Once construction started and amount invested the condition of section is fulfilled. [S. 45]

JCIT (OSD) v. Santosh Suresh Gupta (2021) 90 ITR 24 (SN) (Pune)(Trib.)

S. 54B : Capital gains-Land used for agricultural purposes-Directed to apply uniform rate while computing capital gains and grant relief. [S. 45, 55A, Art. 12]

Boota Singh v. ITO (2021) 90 ITR 281 (Amritsar)(Trib.) Babu Singh v. ITO (2021) 90 ITR 281 (Amritsar)(Trib.) Nachhater Singh v. ITO (2021) 90 ITR 281 (Amritsar)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Investing part of sale proceeds-Unable to construct of house due to litigation-Entitled to deduction only to extent of amount used for purchase of site and not for balance. [S. 45]

ITO v. Mujeeb Urrahman (2021) 90 ITR 68 (SN) (Bang.)(Trib.)

S. 50C : Capital gains-Full value of consideration-Stamp valuation Difference between Circle Rate and actual sale consideration less than 10 Per Cent. of Stamp Duty valuation-Difference cannot be added. [S. 43CA, 45, 56]

RMG Buildwell (P.) Ltd. v. ITO (2021) 90 ITR 1 SN) (Delhi)(Trib.)

S. 43B : Deductions on actual payment-Statutory due was paid before filing of return-Inadvertently showing in Audit Report as not paid-Error rectified by filing revised audit report-Disallowance was deleted. [S. 143(1), 143(3)]

Kuberan v. Dy. CIT (2021) 90 ITR 82 (SN) (Bang.)(Trib.)

S. 43(5) : Speculative transaction-Transactions in derivatives and share trading-Loss not from speculative business-Set-Off to be allowed. [S. 72]

Umesh Chandra Gupta v. Dy. CIT (2021) 90 ITR 79 (Agra)(Trib.)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Filing certificate before the Tribunal certificate of Chartered Accountant stating that recipient had filled return including the amount received-Matter remanded for verification. [S. 194A, 201(1)]

Munivenkatappa Shivanna v. ACIT (2021) 90 ITR 60 (SN) (Bang.)(Trib.)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Acquisition of software-Treated as capital expenditure-Failure to deduct tax at source-No disallowance can be made.

UKN Properties Pvt. Ltd. v. Dy.CIT (2021)90 ITR 1 (Bang.)(Trib.)