S. 37(1) : Business expenditure–Capital or revenue–Repair and renovation is held to be revenue expenditure. [S. 30]
S. 37(1) : Business expenditure–Capital or revenue–Repair and renovation is held to be revenue expenditure. [S. 30]
S. 32 : Depreciation–UPS-Component/equipment connected with computer- Entitle to 60 SLP of revenue is dismissed; CIT v. Bajaj Hindustan Ltd. (2019) 261 Taxman 558 (SC)per cent depreciation.
S. 32 : Depreciation–Unabsorbed depreciation pertaining to assessment year 1997-98 to assessment year 2001-02 was allowed to be carried forward and adjusted after lapse of 8 assessment years in view of section 32(2) as amended by Finance Act, 2001 [S. 32(2)]
S. 12AA : Procedure for registration–Trust or institution- Society imparting training to various officers/officials involved in criminal justice – No profit motive – Entitle for registration. [S. 2(15), 12A]
S. 10(23C) : Educational institution-Receipt exceeded more than 1 crore-Purchase of land for further extension of school building- Eligible for exemption. [S. 10(23C(vi)]
S. 153A : Assessment–Search-Income of any other person – Recording of satisfaction is mandatory -Notice has to be issued by Assessing Officer to other person under S. 153A although such Assessing Officer gets jurisdiction under S. 153C- In the case of searched person there is no requirement of recording of satisfaction. [S. 132, 153C]
S. 80G : Donation-Charitable institutions-Carried out some of charitable activities in furtherance to its objects-Rejection of exemption is held to be not valid. [S. 12AA, 80G(5)]
S. 45 : Capital gains- cash credits–Bogus accommodation entries- Penny stock – Sale of shares-Purchase by account payee cheque– Transaction was credited in DMAT account-Opportunity of cross examination was not given-Sale transaction cannot be treated as bogus merely on the basis of suspicious or surmises-Addition was deleted–Estimation of commission was also deleted. [S. 10 (38), 68, 69C, 132(4)]
S. 45 : Capital gains-sub-tenancy right-capital asset- Gains on surrender is liable to capital gains tax and not income from other sources. [S. 14, 55(2), 56]
S. 28(i) : Business loss-Held to be not allowable as not carried out any business activity in his individual capacity during the year.