S. 17(2) : Perquisite-Valuation of perquisites- Salary – Deduction at source -Rent as per Rule 3-Accommodation provided by Central Government and State Government to its employees-Not applicable to undertakings controlled by Central or State Governments. [S. 15, 192, ITR, 1962, R. 3]
S. 14A : Disallowance of expenditure-Exempt income-Failure to examine the contention that no expenses were incurred to earn exempt income-Matter remanded. [S. 254(1), R.8D]
S.14A : Disallowance of expenditure-Exempt income-Schedule bank-Stock in trade-Investment in shares and securities-Shares and securities are held as stock in trade-No disallowance can be made-Common funds-Non interest bearing funds more than the investment-There is no statutory provision which obligated the assessee to maintain separate accounts which might justify proportionate disallowance-Proportionate disallowance of expenses cannot be made. [R. 8D]
S. 12AB : Procedure for fresh registration-Charitable Trust-Show cause notice for cancellation of registration-New procedure with effect from 1-4-2021-Application on 4-5-2021-Show cause notice dated 10-8-2021-Lack of jurisdiction-Writ is maintainable-Show cause notice was kept in abeyance till order passed on application as per new procedure. [S. 12A, Art, 226]
S. 12AA : Procedure for registration-Trust or institution-Survey-Donation received by way of cheque was returned to donors by cash-Cancellation registration and 80G exemption was held to be justified. [S.80G (v), 133A]
S. 12AA : Procedure for registration-Trust or institution-Educational institution-Excess of income over expenditure-Registration cannot be denied. [S. 2(15)]
S. 11 : Property held for charitable purposes-Capital asset-Application of income-Depreciation allowable. [S. 12A, 32]
S. 11 : Property held for charitable purposes-Cost of purchase was treated as application of income-Entitle to depreciation. [S. 32]
S. 10A : Free trade zone-Foreign exchange-Software development and consultancy-Technical services-Eligible for exemption-Matter remanded to the Assessing Officer.
S. 10(46) : Body or Authority-Specified income-Modification in application-Directed to process the application. [S. 10)(23C)(iv) 293C, Art. 226]