Month: August 2019

Archive for August, 2019


Bannalal Jat Constructions (P.) Ltd. v. ACIT (2019) 106 taxmann.com 127 / 264 taxman 6 (Raj.)(HC) Editorial: SLP of assessee is dismissed, Bannalal Jat Constructions (P.) Ltd. v. ACIT (2019) 264 Taxman 5 (SC)

S. 132(4) : Search and seizure-Statement on oath–Addition made on the basis of statement on oath–Subsequent retraction- Statement recorded during the course of action which was in presence of independent witness has overriding effect over the subsequent retraction- Addition is held to be valid. [S. 131, 132, 292C]

PCIT v. India Debt Management (P.) Ltd. (2019)417 ITR 103/ 264 Taxman 42/ 178 DTR 223 / 309 CTR 32 (Bom.)(HC) .Editorial , SLP was dismissed on account of delay in filing , PCIT v. India Debt Management (P) Ltd (2021) 277 Taxman 405 (SC)

S. 92C : Transfer pricing–Arm’s length price–Interest-11.30 per cent interest paid by assessee to its AE was very much within arm’s length rate- Deletion of addition is held to be valid.

CIT v. Babbar Charitable Trust. (2019) 106 taxmann.com 159 / 264 Taxman 30 (All)( HC) Editorial: SLP of revenue is rejected, CIT v. Babbar Charitable Trust. (2019) 264 Taxman 29 (SC)

S. 80G : Donation-Charitable activities–Application of u/s. 80G(5) cannot be rejected when registration continued. [S. 11AA, 12A, 80G(5)]

PCIT v. Rahul Uday Tuljapurkar (2019) 264 Taxman 36/ 180 DTR 132/ 310 CTR 800 (Bom.)(HC)

S. 54 : Capital gains-Profit on sale of property used for residence-Ownership of land-Housing complex was situated on a piece of land which was occupied by Co-operative Housing Society under a long term lease- Exemption cannot be denied in respect of sale of flat in a society. [S. 45]

PCIT v. Matrix Cellular International Service (P.) Ltd. (2019) 106 taxmann.com 125 / 264 Taxman 2 (Delhi)(HC) Editorial : SLP of revenue is rejected, PCIT v. Matrix Cellular International Service (P.) Ltd. (2019) 264 Taxman 1 (SC)

S. 37(1) : Business expenditure-Advertisement expenses-Held to be revenue expenditure.

PCIT v. Panchmahal Steel Ltd. (2019) 106 taxmann.com 131 / 264 Taxman 20 (Guj.)(HC) Editorial : SLP of revenue is dismissed, PCIT v. Panchmahal Steel Ltd. (2019) 264 Taxman 19 (SC)

S. 32 : Depreciation-Unabsorbed depreciation-Set off of- Benefit of carry forward and set off of unabsorbed depreciation for assessment year 1997-98 is allowed against income of assessment year 2005-06. [S. 32(2)]

PCIT v. Ashok Apparels (P.) Ltd. (2019) 264 Taxman 50/(2020)423 ITR 412 (Bom.) (HC)

S. 14A : Disallowance of expenditure-Exempt income-Interest free funds were utilized for making exempt investment-No disallowance can be made.[R. 8D].

CIT v. Bombay Presidency Gold Club Ltd. (2019) 264 Taxman 55/ 182 DTR 454/ 311 CTR 578 (Bom.)(HC)

S. 11 : Property held for charitable purposes-Golf facilities to its members for promotion of sport-No element of activity of being in nature of trade, commerce or business-Interest earned from banks or financial institutions on investment of surplus funds arising from charitable activities was exempted from tax. [S. 2(15)]

CIT v. Takshila Education Society (2019) 264 Taxman 72/ 178 DTR 182 (Patna)(HC)

S. 11 : Property held for charitable purposes-Educational Institution-Res judicata-Denial of exemption is held to be not justified. [S. 10(23C)(vi), 12AA]

PCIT v. Ashok Apparels (P.) Ltd. (2019) 264 Taxman 50/(2020)423 ITR 412 (Bom.) (HC)

S. 4 : Charge of income-tax-Bonus shares–Cannot be assessed as income.