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. 7 : Valuation of asset-Asset sold 28 days after valuation date-Value determined at guideline value on date of sale is not proper-Valuation to be at market value on valuation date-Dispute as to extent of landholding-Matter remanded. [S. 7(1),

Jagannathan Sailaja Chitta (Mrs.) v. WTO (IT) (2021) 91 ITR 17 (SN) (Chennai)(Trib.)

S. 5(i): Exemption-Asset-Urban land-Property held under trust-Land leased to educational institution-Building constructed-Lands cannot be held to be vacant lands-Not liable to wealth-tax. [S. 2(ea)(v), IT Act, S. 11, 13(1)(c)]

S. Peter v. ACIT (2021) 210 TTJ 1006 / 200 DTR 100 (Chennai) (Trib.)

S. 2(e)(a) : Assets-Vacant Urban land-Not vacant land-Existing building was demolished-Semi finished building-Matter remanded for re verification.

Giridhari Govindas (HUF) v. ACIT (Wealth Tax) (2021) 209 TTJ 953 (Chennai)(Trib.) Govindas Purusothamadass v. ACIT (Wealth Tax) (2021) 198 DTR 185 (Chennai)(Trib.)

S. 272A : Penalty-Failure to answer questions-Sign statements-Furnish information-Delay in filing return-Hospitalization of managing trustee-Reasonable cause-Assessing Officer is directed to delete the penalty. [S. 12AA, 139, 272(2)(e), 273B]

National Institute of Women Child & Rural Health Trust v. JCIT (2021) 208 DTR 433 / (2022) 215 TTJ 400/ 194 ITD 214 (Chennai)(Trib.)

S. 271G : Penalty-Documents-International transaction-Transfer pricing-Diamond business-Maintaining primary books of account and documents-Transactions accepted to be at Arm’s Length-Failure by Transfer Pricing Officer to determine Arm’s Length Price independently by applying one of prescribed methods-Deletion of penalty is justified.

ACIT v. Dharmanandan Diamonds (P.) Ltd. (2021) 91 ITR 40 (SN) (2022) 193 ITD 133 (Mum.)(Trib.)

S. 271(1)(c) : Penalty-Concealment-Ad hoc disallowance-Penalty is not sustainable.

My Guest House Accommodations Pvt. Ltd. v. Dy. CIT (2021) 91 ITR 45 (SN) (Delhi)(Trib.)

S. 271(1)(c) : Penalty-Concealment-Ad hoc disallowance-Penalty is not sustainable.

My Guest House Accommodations Pvt. Ltd. v Dy. CIT (2021) 91 ITR 45 (SN) (Delhi)(Trib.)

S. 271(1)(c) : Penalty-Concealment-Denial of exemption u/s 11-High Court admitted the appeal-Not specifying the specific limb of section 271(1)(c)-Penalty not leviable. [S. 11. 13, 260A]

Jamsetji Tata Trust v. ACIT (2021) 198 DTR 46 (Mum.)(Trib.) Interocean Shipping (India) Pvt. Ltd. v. DCIT (2021) 91 ITR 63 (SN) (Delhi)(Trib.) S. D. Constructions v ACIT (2021) 91 ITR 43 (SN) (Kol.)(Trib.) Transgulf Frozen Foods Containers Pvt. Ltd. v. ACIT (2021) 91 ITR (Trib.) 22 (Delhi)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Show cause notice and discussion restricted too share application money-Reassessment order not erroneous and prejudicial to revenue-Revision order was quashed. [S. 68, 147, 148]

Majestic Stock Pvt. Ltd. v. PCIT (2021) 91 ITR 71 (SN) (Jaipur)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Reassessment-Revision notice a verbatim copy of reasons recorded by Assessing Officer for reopening assessment-Assessing Officer Accepting returned income after verifying explanation-Revision by PCIT not sustainable. [S. 143(3), 147]

Chandravadan Desai v. PCIT (2021) 91 ITR 78 (SN) (Kol.)(Trib.)