Sum received for giving up rights to buy a property is taxable under the head capital gains.
Sukhwant Singh v. ITO – [2023] 153 taxmann.com 369 (Chandigarh – Trib.).
Sec. 292B – Sec. 292B could not be invoked to cure a mistake of issuing notice in the name of a different entity.
AVS Infrabuild (P.) Ltd. v. ACIT – [2023] 154 taxmann.com 429 (Delhi).
Sec. 142(2A) – Special Audit – Notice issued in SLP against order of HC that though special audit report issued by CA u/s 142(2A) to (2D) is not binding on revenue, however, reasons for discarding it have to be recorded by Assessing Authority after proper discussion and same cannot be discarded summarily.
ACIT v. SRS Mining – [2023] 154 taxmann.com 346 (SC).
Sec. 132 – Search & Seizure – Notice issued in SLP against order of HC that authorisation for search should be of competent authority and it is on satisfaction of authority that search warrant can be issued and it can be only of Competent Officer.
ACIT v. SRS Mining – [2023] 154 taxmann.com 346 (SC).
Sec. 43A – SLP dismissed against HC ruling that in case of assessee availing external commercial borrowing from international financiers to produce capital assets, adjustment on account of foreign exchange rate fluctuation is required to be made to actual cost at the end of every year after amendment to Sec. 43A with effect from 1-4-2023 and gain arising on account of exchange fluctuation is not liable to tax as it is on capital account.
PCIT v. Bangalore International Airport Ltd. – [2023] 154 taxmann.com 395 (SC).
Sec. 264 revision allowable for genuine ITR mistakes even if assessee claiming change in all figures.
Diwakar Tripathi v. PCIT – [2023] 154 taxmann.com 634 (Bombay).