S.43B: Deductions on actual payment – Deductions under the section for interest paid on loans to banks are allowable if the payments are made by the due date for filing income tax returns. [S.37(1), 139(1)]
S.43B: Deductions on actual payment – Deductions under the section for interest paid on loans to banks are allowable if the payments are made by the due date for filing income tax returns. [S.37(1), 139(1)]
S. 36(1)(iii) :Interest on borrowed capital – Addition made are unjustified as the balances reflect business transactions, & not loans and advances. [S.37(1)]
S. 35DD: Amortisation of expenditure -Amalgamation -merger expenses -whether the year in which the High Court order was received can be treated as the 1st year from which the merger expenses can be claimed u/s 35DD and allow to claim the said expenses in next 4 AYs -Held yes.
S. 32 : Depreciation -Goodwill -an intangible asset, qualifies for depreciation under the section, in acknowledgment of its value and impact on a company’s financial performance.
S. 28(i) : Business loss Bad debt – Non-recovery of part of an amount advanced towards purchase of property -Written off in profit and loss account and claimed as deduction while computing income –business loss.[S. 36 (1)(vii), 37(1)]
S. 14A : Disallowance of expenditure -Exempt income – The provisions of the section are not applicable when the Assessee has not claimed any exempt income.[R. 8D]
S. 14A: Disallowance of expenditure -Exempt income -Not recording of satisfaction- Disallowance is not justified.[R.8D]
S. 13 : Denial of exemption-Trust or institution-Investment restrictions – The transaction for purchase of land was a genuine and commercial transaction therefore, the provisions outlined in section 13(2)(a) do not apply to it. [S.11, 12A, 13(1)(c), 13(2)(a)]
S. 12A : Trust or institution -Registration -Insufficient time to responded to notice -Violation of the fundamental principles of natural justice- The ITAT also set aside the order rejecting the application u/s 80G (5) and directed the CIT (E) to decide the application afresh in accordance with law. [S.12AB 80G(5), Form No. 10A]
S. 11 : Property held for charitable purposes – Application of income -Expenses incurred on the repairs or renovation of its assets used for charitable purposes are also considered as income application towards the charitable aims. [S. 11(1)(a), 12A]