S. 43B : Deductions on actual payment-liability on account of electricity duty payable-Set off against allotment of equity shares-Amount discharge of liability-No disallowance can be made. [S. 37(1), 260A]
S. 43B : Deductions on actual payment-liability on account of electricity duty payable-Set off against allotment of equity shares-Amount discharge of liability-No disallowance can be made. [S. 37(1), 260A]
S. 43(5) : Speculative transaction-Trade in derivatives-Recognised stock exchange-Business loss-Allowed to be set off against profits and gains of business-Order of Tribunal is affirmed. [S. 72, 73, 260A]
S. 37(1) : Business expenditure-Contribution to its employees under Provident Funds-No disallowance can be made on the ground that it was not made to reccignised Provident Fund [S. 260A, Providents Funds Act, 1925]
S. 32 : Depreciation-Unabsorbed depreciation-Allowed to be carried forward and set off after a period of eight years from assessment year 1997-98, without any limit. [S.32(2)]
S. 22 : Income from house property-Co-owner-Joint owenership-Annual letting value-No specification of their respective shares in deed-Mere signing of instrument of conveyance by an individual does not raise any presumption of income being assessed in hands of such individual-Order of Tribunal affirming the Annual letting value at 8 per cent of cost of property was deleted. [S. 23(1)(a), 26,27, 260A]
S. 13 : Denial of exemption-Trust or institution-Investment restrictions-Invested funds in shares of joint venture companies-Not entitle to claim exemption-Only income from such an investment made in violation of section 13(1)(d) was liable to tax and not entire income accrued to assessee.[S. 2(15),11(5) 13(1)(d)]
S. 11 : Property held for charitable purposes-Organic farming research-relief of poor-Eligible for exemption-Order of Tribunal is set aside. [S. 2(15) 12A, 260A, Companies Act,2013, S.8.]
S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Liaison Office-Non-Resident company-Did not finalize and transact a business deal and activities-Liaison Office could not be said to be preparatory or auxiliary in nature, LO did not constitute Permanent Establishment of assessee-MIPL was not performing additional function, in absence of material, it could not be taken as dependent agency PE to assessee, a non-resident company-Delay of 569 days-SLP of Revenue is dismissed on account of delay as well as on merits-DTAA-India-Japan. [art. 5, Art. 136]
S. 4 : Charge of income-tax-Foreign ECB loan for purpose of acquisition of a capital asset-Construction period-Temporarily parked ECB loan in FDRs-Interet income is allowed to be capitalised-Not assessable as income from other sources-SLP of Revenue is dismissed. [S.56]
S. 149 : Reassessment – Time barring – First proviso – Faceless regime – Jurisdiction of AO – Notice held barred by limitation and without jurisdiction. [S. 80IA, 133A, 143(3), 148, 148A(b), 148A(d), 151A, Art .226 ]