Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Texas Instruments (India) (P.) Ltd. v. ACIT (2020) 183 ITD 7 /195 DTR 7/ 207 TTJ 586 (Bang.)(Trib.)

S. 37(1) : Business expenditure-Capital or revenue-Expansion of business-Project abandoned-Held to be capital expenditure.

Hi-tech Estates & Promoters (P.) Ltd. (2020) 84 ITR 10 / 183 ITD 690 / 207 TTJ 209 (Cuttack)(Trib.)

S. 36(1)(viii) : Eligible business-Reserve-Commercial loan-Borrower failed to construct on plot of land for residential purpose within three years has to be considered eligible business-Only the income which has direct and immediate nexus with grant of loans for construction of house only included for computation of deduction.

Pricewaterhouse Coopers (P.) Ltd. v. ACIT (2020) 183 ITD 354 (Kol.)(Trib.)

S. 36(1)(vii) : Bad debt-Reversal of provision-Matter remanded to the Assessing Officer. [S. 36(2)]

Jindal Realty (P.) Ltd. v. ACIT (2020) 82 ITR 289 / 183 ITD 228 (Delhi)(Trib.)

S. 36(1)(iii) : Interest on borrowed capital-Setting up of business-Real estate business-Entered in to development agreement of township-Claim of deduction is allowable. [S. 28(i)]

Mangalam Publications (India) (P.) Ltd. v. ACIT (2020) 183 ITD 1 (Cochin)(Trib.)

S. 36(1)(iii) : Interest on borrowed capital-Advance to sister concern-Failure to prove commercial expediency-Disallowance is held to be justified.

Yes Bank Ltd. v. DCIT (2020) 183 ITD 721/192 DTR 385/206 TTJ 913 (Mum.)(Trib.)

S. 35D : Amortisation of preliminary expenses-Public limited company-Issue of shares to Qualified Institution Buyers (QIB) would be regarded as issue of shares to public and, thus, expenses incurred on said issue would be eligible for deduction.

Advance Enzyme Technologies (P.) Ltd. v. ACIT (2020) 183 ITD 50/190 DTR 37/205 TTJ 679 (Mum.)(Trib.)

S. 35 : Scientific research-Non issue of approval for certain period-Denial of weighted deduction is not justified. [S. 35(2AB]

Supreme Build Cap (P.) Ltd. ACIT (2020) 183 ITD 728 (Delhi)(Trib.)

S. 32 : Depreciation-Business assets-Business of real estate-Not carried out any business activity during the relevant year-Depreciation is allowable.

Gujarat State Energy Generation Ltd. v. ACIT (2020) 183 ITD 590 (Ahd.)(Trib.)

S. 32 : Depreciation-Capital spares-Change in accounting policy-Depreciation is allowable at 15%.

Texas Instruments (India) (P.) Ltd. v. ACIT (2020) 183 ITD 7 /195 DTR 347/207 TTJ 586 (Bang.)(Trib.)

S. 32 : Depreciation-Additional depreciation-Software development-Matter remanded. [S. 32(iia)]