Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Casa Grande Civil Engineering P. Ltd. v. Jt. CIT (OSD) (2024)110 ITR 65 (SN)(Chennai)(Trib)

S. 37(1) : Business expenditure-Repairs and Maintenance-Sales promotion-Disallowance on basis of percentage increase in expenditure in comparison to preceding year-Fallacious assumption-Disallowance is not justified.

Gujarat State Fertilizers and Chemicals Ltd. v.Dy. CIT (2024) 110 ITR 641 (Ahd)(Trib)

S. 37(1) : Business expenditure-Capital or revenue-Expenditure relating to abandoned projects-Projects linked to existing business-Amounts written off-Allowable as revenue expenditure.

Gujarat State Fertilizers and Chemicals Ltd. v.Dy. CIT (2024) 110 ITR 641 (Ahd)(Trib)

S. 37(1) : Business expenditure-Donation to trust for construction of statue of Sardar Vallabhai Patel former statesman-Enhancing brand value-Allowable as business expenditure.[S.80G]

Dy. CIT (OSD) v. Aspire Systems India P. Ltd. (2024) 110 ITR 1 / 232 TTJ 387 (Trib) (Chennnai)(Trib)

S.37(1) : Business expenditure-Provision for expenses-Unascertained liability-Not allowable as deduction.

Dy. CIT (OSD) v. Aspire Systems India P. Ltd. (2024) 110 ITR 1 / 232 TTJ 387 (Trib) (Chennnai)(Trib)

S. 36(1)(vii) :Bad debt-Income pertaining to bad debts written off offered to tax in earlier years-Order of CIT(A) remanding the matter to AO is affirmed.

Dy. CIT (OSD) v. Aspire Systems India P. Ltd. (2024) 110 ITR 1 / 232 TTJ 387 (Trib) (Chennnai)(Trib)

S. 36(1)(va) : Any sum received from employees-Deduction only on actual payment-Contribution to provident fund and Employees’ State Insurance-Payment made beyond due date-Not deductible. [S.2(24(x) 43B]

Il and Fs Energy Development Ltd. v. Asst. CIT (2024)110 ITR 23 (SN) (Delhi)(Trib)

S. 36(1)(iii) :Interest on borrowed capital-Interest paid to related parties higher than interest paid to banks-Disallowance is deleted. [S. 37(1)]

Lakozy Motors P. Ltd. v. Dy. CIT (2024)110 ITR 19 (SN)(Mum)(Trib)

S. 36(1)(iii) :Interest on borrowed capital-Loans given to related parties interest-free-Having sufficient funds to meet investment-Disallowance is deleted.[S.37(1)]

Yala Construction Co. P. Ltd. v. Add. CIT (2024)110 ITR 1 (SN) (Delhi)(Trib)

S. 32 : Depreciation-Machine put to use before March 31-Depreciation is allowable.

Gujarat State Fertilizers and Chemicals Ltd. v.Dy. CIT (2024) 110 ITR 641 (Ahd)(Trib)

S. 32 : Depreciation-Windmill-Expenditure incurred on preparation of land for installation of windmill-Matter remanded