S. 32 : Depreciation-Business assets-Business of real estate-Not carried out any business activity during the relevant year-Depreciation is allowable.
S. 32 : Depreciation-Business assets-Business of real estate-Not carried out any business activity during the relevant year-Depreciation is allowable.
S. 32 : Depreciation-Capital spares-Change in accounting policy-Depreciation is allowable at 15%.
S. 32 : Depreciation-Additional depreciation-Software development-Matter remanded. [S. 32(iia)]
S. 28(i) : Business loss-Sale of cashew to sister concerns-Conformity with normal commercial practice-Allowable as business loss. [S. 145]
S. 28(i) : Business income-Purchase and sale of immovable properties-Sale of agricultural plot of land-Stock in trade-Assessable as business income and not capital gains. [S. 2(14)(iii), 45]
S. 15 : Salaries-Employed in GEII-Assignment to Australia-Remission of salary to Indian Bank-Cannot be taxed as salary earned in India-DTAA-India-Australia. [S. 5, Art. 15]
S. 14A : Disallowance of expenditure-Exempt income-Own funds are more than investments-Presumption that investment was made out of own funds-No disallowance can be made. [R. 8D]
S. 14A : Disallowance of expenditure-Exempt income-Own funds exceeded amount of investment in shares-No disallowance can be made. [R. 8D]
S. 14A : Disallowance of expenditure-Exempt income-Disallowance under Rule 8D(2)(iii) is to be done by taking into account dividend bearing securities only. [S. 10(34), R.8D(2)(iii)]
S. 14A : Disallowance of expenditure-Exempt income-Short term borrowings-Equity shares held as stock in trade-portion of interest expenses related to earning of exempt dividend income had to be disallowed-Matter remanded-Method of valuation-Stock in trade-Matter remanded. [RR. 8D]