Compilation of Case Laws for Income Tax Department Officers
Compilation of Case Laws for Income Tax Department Officers
| S.N. | Case | Citation | Section | Gist / Important point for consideration |
| 1 | G. Venkataswamy Naidu & Co | [1959] 35 ITR 594 (SC) | 2(13), 28 | Characters of “Adventure in the nature of trade”: Even an isolated and single transaction may be an adventure in the nature of trade if some of the essential features of trade are present in such a transaction. The character of a transaction depends on relevant facts and circumstances and there is no abstract rule, principle, or test which is universal |
| 2 | Gousia Begum | [2012] 18 taxman 152 (Hyderabad)/ [2012] 50 SOT 28 (Hyderabad)(URO) | 2(14), 45 | Agricultural Land within 8 km of the bigger municipality would not be exempt u/s 2(14) merely because it is within the limits of a smaller municipality adjacent to the bigger municipality: Land situated in Rajendra Nagar municipality would not be agricultural land u/s 2(14) merely because Rajendra Nagar is not a notified municipality when the land is within 8 Kms of the municipal limits of Hyderabad |
| 3 | Sarifabibi Mohmed Ibrahim | [1993] 70 Taxman 301 (SC)/[1993] 204 ITR 631 (SC)/[1993] 114 CTR 467 (SC) | 2(14), 45 | Supreme Court laid down various tests for determination of nature of land as agricultural or not |
| 4 | D.S. Karunakar Reddy | [2011] ITA Nos. 752 to 757/ Hyd/2011 dated 30/11/2011 | 2(14), 45 | Entry in revenue records is not conclusive proof of the fact that the land is agricultural in the absence of evidence that the land is put to agricultural use |
| 5 | Andhra Networks Ltd | [2015] 57 taxman 115 (Hyderabad – Trib.)/[2015] 68 SOT 304 (Hyderabad – Trib.)/[2015] 167 TTJ 496 (Hyderabad – Trib.) | 2(14), 2(47), 45 | When assessee entered into a consortium agreement, passed on a bundle of rights to the consortium and permitted mortgage, there is transfer u/s 2(47) |
| 6 | Laxmi Devi Ratani | [2005] 147 Taxman 642 (Madhya Pradesh)/[2008] 296 ITR 363 (Madhya Pradesh)/[2005] 198 CTR 336 (Madhya Pradesh) | 2(14), 2(47), 45 | Giving up of the right to claim specific performance by an assessee to get a conveyance of immovable property, in lieu of receiving consideration, would result in the extinguishment of right in property and it would thereby attract rigour of section 2(14), read with section 2(47) |
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