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. 98 : Securities Transaction tax-Short collection of tax-Interest and penalty-Purchase or sold through a broker registered with the stock exchange-Stock exchange was not liable to any interest and penalty. [S. 15, 99, 104, Securities Transaction Tax Rules, 2004, R. 3]

PCIT v. National Stock Exchange (2021) 323 CTR 1025 (Bom.)(HC)

S. 2(1)(a)(i) : Appellant-Pending appeal-Appeal was filed on 29 th March 2013 and numbered-High court condoned the delay-The Rejection of application was quashed-Entitle to file Form No-4 in response to Form No. 3. [S. 260A, Art. 226]

Precot Meridian Ltd. v. Dy. CIT (2021) 323 CTR 272 / 207 DTR 173 (Mad.)(HC) Precot Meridian Ltd. v. Dy. CIT (2021) 323 CTR 279 / 207 DTR 179 / ( 2022) 285 Taxman 570 (Mad.)(HC)

S. 281B : Provisional attachment-Mere apprehension on the part of the respondents that huge tax demands are likely to be raised on completion of assessment is not sufficient-Attachment of fixed deposit was quashed. [S. 153A, Art. 226]

Indian Minerals & Granite Co. v. Dy. CIT (2021) 323 CTR 352 / 207 DTR 164 (Karn.)(HC)

S. 271(1)(c) : Penalty-Concealment-Non striking off of irrelevant portion-Order of Tribunal confirming the penalty notice was set aside. [S. 274]

P.M. Abdulla v. ITO (2021) 323 CTR 1077 / 208 DTR 93 (Karn.)(HC)

S. 264 : Commissioner-Revision of other orders-Option of the assessee either to file an appeal or to file a revision-Sale of agricultural land-Capital gains-Matter remanded to the Assessing Officer to decide in accordance with law. [S. 2(14)(ii), 2(47), 48, 246A, Art, 226]

Nataraju (HUF) v. PCIT (2021) 323 CTR 480 / 207 DTR 249 (Karn.)(HC) Editorial : Order of single judge in Nataraju (HUF) v. PCIT (2018) 406 ITR 342 / 254 Taxman 357 / 304 CTR 665/ 167 DTR 100 (Karn) (HC), seta side.

S. 264 : Commissioner-Revision of other orders-Reasoned order-DTAA-India-USA. [S. 110-O, Art. 10(2), Art. 226]

Xchanging Technology Services India (P) Ltd. v. PCIT (2021) 323 CTR 918 / 207 DTR 429 (Delhi)(HC)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Prima facie satisfaction was not arrived by the Commissioner-Interim order-Matter was adjourned to 26-8 2021. [Art. 226]

CMJ Breweries (P) Ltd v. UOI (2021) 283 Taxman 226 (Gauhati)(HC)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Dispute resolution panel-Draft assessment order-No notice of demand attached-Order cannot be revised-No loss to revenue. [S. 144C]

PCIT v. Apollo Tyres Ltd. (2021) 283 Taxman 388 (Ker.)(HC)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Merger-Subject matter of appeal-Investments written off-Book profit-Issue was not subject matter of appeal-Revision was quashed. [S. 115JB]

CIT, LTU v. Vijaya Bank (2021) 131 taxmann.com 136 (Karn.)(HC) Editorial : SLP is granted to the revenue, CIT, LTU v. Vijaya Bank (2021) 283 Taxman 295 (SC)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Limitation-Reassessment-Issue which was not subject matter of reassessment limitation has to be computed from the original assessment-Revision was held to be barred by limitation. [S. 143(3), 147, 263(2)]

CIT v. Indian Overseas Bank (2021) 207 DTR 202/(2022)441 ITR 689 (Mad.)(HC)