Since transactions of purchase and sale of shares were supported and evidenced by Bills, contract Notes, Demat statements and bank statements, etc., and when transactions of purchase of shares were accepted by AO in earlier years, the same could not be treated as bogus simply on the basis of some reports of investigation wing, etc. therefore, AO was directed to allow the claim of assessee in respect of long-term capital gain on sale of shares of M/s. KAFL and delete addition under section 68

L.K. Prahladka, HUF v. ITO

  Section 68   Direct Taxes
Leave and licence charges and services charges earned by assessee engaged in the business of building and leasing premises of special nature as per the requirements of clients had to be taxed as business income and not as income from house property

ITO v. Balwas Realty & Infrastructure (P) Ltd.

  Section 14   Direct Taxes
Prohance-D cannot be categorized as diabetic food. "Prohance-D (Chocolate)" is a food preparation which is meant to be consumed by people by dissolving the same in water or milk. It is thus, a "food preparation", squarely covered under Chapter Heading 2106 of the Customs Tariff.

Sun Pharmaceutical Industries Ltd., In re

  Section 98 of CGST Act, 2017   GST
It would be farfetched to say that assessee would qualify for exemption in terms of section 54F by constructing a temporary and makeshift superstructure devoid of basic amenities and occupying a small fraction of the large parcel of land in total disregard of the aim and object of section 54F.

Harshad M. Thakkar (Gandhi) v. DCIT

  Section 54F   Direct Taxes
Assessment was earlier completed under section 143(3) wherein share capital had been scrutinized and accepted by revenue, then holding the same share capital as unexplained in reassessment under section 153A tantamounted to change of opinion not backed by any evidence and, therefore, not legally sustainable in the absence of anything incriminatory found against the assessee during search.

ACIT v. SMC Power Generation Ltd.

  Section 153A   Direct Taxes
Where assessee booked an appartment on 16-3-2005, making 5% payment on booking, the same right was sold during impugned assessment year which gave rise to capital gains in the hands of assessee and therefore, resultant gains were LTCG in nature.

ITO v. Monish Kaan Tahi Lramani

  Section 45   Direct Taxes
As per rule 11UA (2), the assessee could opt for DCF method and assessee had so opted for DCF method, AO could not discard the same and adopt other method, i.e., NAV method of valuing shares. However, AO was well within his rights to examine the methodology adopted by assessee and/or underlying assumptions and if he was not satisfied, he could suggest necessary modifications/alterations on sound reasoning and rationale basis

Innoviti Payment Solutions (P) Ltd. v. The ITO

  Section 56(2)(viib)   Direct Taxes
Notice issued under section 148 against deceased assessee was invalid as legal representative had not waived his right to a notice under section 148. Also, legal representative not having submitted to the jurisdiction of AO pursuant to impugned notice, section 292B would not get attracted and hence, notice under section 148 was quashed.

Hetal Brijesh Ukani v. Asst. CIT

  Section 148   Direct Taxes
Where assessee had incurred substantial expenditure towards renovation leading to enduring benefit as also towards improvement and construction of the building could not be termed as ‘repairs’, therefore, expenditure incurred by the assessee was of capital in nature and the same would come within the mischief of Explanation 1 to section 32(1).

CIT v. Viswams

  Section 37(1)   Direct Taxes
The Clinical Research services proposed to be provided by them to entities located outside India is not eligible to be treated as an export of service under section 2(6) of the IGST Act, 2017. The services are liable to CGST and SGST as the location of supplier of service and the place of supply is in the same State, in terms of section of IGST Act, 2017.

Cliantha Research

  Section 98 of CGST Act, 2017   GST
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