S. 32 : Depreciation—Concept of passive user cannot be extended for long period—No allowance of depreciation in particular year— unabsorbed depreciation cannot be carried forward. [S. 32(2)]
S. 32 : Depreciation—Concept of passive user cannot be extended for long period—No allowance of depreciation in particular year— unabsorbed depreciation cannot be carried forward. [S. 32(2)]
S. 28(1) : Business loss-Capital loss-Transaction relating to acquisition of capital asset- Forfeiture of part of earnest deposit– Held to be capital loss and not revenue expenditure. [S. 37(1)]
S. 25B : Income from house property-Arrears of rent-Assessable on receipt basis – Provision is not retrospective. [S. 23]
S. 22 : Income from house property-Deductions-Municipality tax- Cheque issued before end of previous year-Encashment subsequently -Relates back to date of issue–Entitle to deduction. [S. 24]
S. 22 : Income from house property -Income from other sources- Arrears rent – Assessable as income from house property. [S. 25B, 56]
S. 14A : Disallowance of expenditure-Exempt income–Failure to consider contention and factual error–Investment from own funds -Matter remanded to the AO. [S. 254(1), R. 8D]
S. 14A : Disallowance of expenditure – Exempt income – When there is no exempt income shown during the year – No disallowance can be made. [R. 8D]
S. 12AA : Procedure for registration –Trust or institution-Cancella1Amendment in 2004 is enabling cancellation of registration is not retrospective- Cancellation cannot be made with retrospective effect – No allegation of fraud notice for reassessment is held to be bad in law. [S. 12A.]
S. 12AA : Procedure for registration–Trust or institution-Bogus donation–Appellate Tribunal remanded the matter for grant of opportunity to assessee to cross examine representative of donor -High Court quashing cancellation of registration on the ground that single instance of bogus donation cannot be the sole ground for cancellation of registration- Order of High Court is set-aside and directed the Commissioner to decide on merits. [S. 12AA(3), 80G(5) (vi)]
S. 11 : Property held for charitable purposes-Statutory authority to manage Ports—Main object is to enable commerce and economy of country—Entitle to exemption–Withdrawal of exemption as local authority–Exemption can be claimed as charitable Trust-Delay in filing the application was condoned as the assessee was enjoying exemption as local authority which was withdrawn. [S. 2(15) 10(20), 12, 12AA]