Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Dy.CIT v. Nirshilp Securities Pvt. Ltd. (2021) 90 ITR 338 (Mum.) (Trib.) Dy.CIT v. Dolat Investment Ltd. (2021) 90 ITR 338 (Mum.)(Trib.)

S. 28(i) : Business loss-Speculation Loss-Loss on purchase of commodities on National Spot Exchange for which delivery receipts issued but not delivered-Allowable as business loss-Unsettled contract of purchase or sale is not speculative transaction. [S. 43(5)]

Vidya Education Investment Pvt. Ltd. v. Dy.CIT (2021) 90 ITR 6 (SN) (Delhi)(Trib.)

S. 24 : Income from house property-Deductions-Borrowed money was used for the purpose acquisition and construction of school building-Interest allowable as deduction. [S. 24(b)]

Rasna Pvt. Ltd. v. Dy.CIT (2021) 90 ITR 39 (SN) (Ahd.)(Trib.)

S. 14A : Disallowance of expenditure-Exempt income-Administrative expenditure-Suo motu disallowance made by the assessee was allowed-Followed earlier year order-Book profit-Expenses Incurred To Earn Exempt Income-Not To Be Added For Computing Book Profits. [S. 115JB, R. 8D(2)]

Nirmal Industrial Control P. Ltd. v. ACIT (2021) 90 ITR 34 (SN) (Mum.)(Trib.)

S. 14A : Disallowance of expenditure-Exempt income-Interest free funds-Presumption that the investment was made from own funds-Disallowance of interest is not warranted-Book profit-Only actual expenses incurred is liable to be excluded. [S. 115JB(2), R. 8D (2)(ii), 8(2)(iii)]

Nirmal Industrial Control P. Ltd. v. ACIT (2021) 90 ITR 34 (SN) (Mum.)(Trib.)

S. 14A : Disallowance of expenditure-Exempt income-Interest free funds-Presumption that the investment was made from own funds-Disallowance of interest is not warranted-Book profit-Only actual expenses incurred is liable to be excluded. [S. 115JB(2), R. 8D(2)(ii), 8(2)(iii)]

Add. CIT v. PNB Gilts Ltd. (2021) 90 ITR 16 (SN) (Delhi)(Trib.)

S. 14A : Disallowance of expenditure-Exempt income-Investment from interest free funds-Shares held as stock in trade-Matter remanded. [S. 36(1)(iii), R. 8D]

Federation of Trade Association of Pune v. CIT(E) (2021) 90 ITR 79/ 207 DTR 243 / (2022) 192 ITD 138 / 215 TTJ 131 (SN.) (Pune)(Trib.)

S. 12AA : Procedure for registration-Trust or institution-Advancement of any other object of general public utility-Campaign for promotion of trade and commerce-Activities are not in nature of trade, commerce or business-Entitle for registration. [S. 2(15), 11, 12A]

Arare Foundation v. CIT(E) (2021) 90 ITR 45 (SN) (Pune)(Trib.)

S. 12AA : Procedure for registration-Trust or institution-Order refusing to registration was set aside.

Mukat Educational Trust v. Dy.CIT(E) (2021) 90 ITR 63 (SN.) (Chd.)(Trib.)

S. 11 : Property held for charitable purposes-Benefit to related parties-Salary paid to chairman of trust-Held to be reasonable-Denial of exemption was held to be not justified. [S. 13(1)(c), 13(3)]

Dy. CIT(E) v. Ram Nath Memorial Trust Society (2021) 90 ITR 51 (SN) (Delhi)(Trib.)

S. 11 : Property held for charitable purposes-Excess fees charged-Exemption cannot be denied-Failure to produce depositors-Loans cannot be treated as anonymous donations. [S. 12AA, 68, 115BBC]