Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


DCIT v. Hero Investment (P.) Ltd. (2024) 204 ITD 29 (Delhi) (Trib.)

S. 45 : Capital gains-Business income-Shares shown as investment in balance sheet and not as stock in trade-Period of holdings ranging from 3301 to 1352 days-Income from sale of securities is assessable as capital gains and not as business income.[S. 28(i)]

DCIT v. Adani Mining (P.) Ltd. (2024) 204 ITD 269 (Ahd)(Trib.)

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Outstanding more than three years-Addition cannot be made-Order of CIT(A) is affirmed.

Taj TV Ltd. v. DCIT IT (2024) 204 ITD 50 (Mum)(Trib.)

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Royalty-Fes for technical services-Transponder fee and uplinking charges-Payment was not made for right to use any industrial, commercial or scientific equipment-Payment would not fall within ambit of royalty-Not liable to deduct tax at source-DTAA-India-USA [S.9(1)(vi), 9(1)(vii), Art. 12]

DCIT v. Adani Mining (P.) Ltd. (2024) 204 ITD 269 (Ahd) (Trib.)

S. 37(1) : Business expenditure-Capital or revenue-Land development expenditure is allowable as revenue expenditure.

ACIT v. Chittorgarh Kota Tollway (P.) Ltd. (2024) 204 ITD 223 (Ahd)(Trib.)

S. 37(1) : Business expenditure-Penalty-Prior period expenses-Crystallized in year under consideration-Breach of contract-Can not be equated with offence, or something prohibited by law-Entitle to deduction. [Explanation to section 37, S. 145]

PNP Maritime Services (P.) Ltd. v. DCIT (2024)204 ITD 810 /231 TTJ 31 (Mum) (Trib.)

S. 36(1)(iii) :Interest on borrowed capital-Interest free advances-Sufficient funds-No disallowance can be made.

DCIT v. BPTP Ltd. (2024) 204 ITD 41 (Delhi) (Trib.)

S. 36(1)(iii) :Interest on borrowed capital-Interest-Banks and Public Financial institutions-Treatment in books of account-Allowable as deduction in the year in which the payment is made irrespective of its treatment in books of account. [S. 43B, 145]

DCIT v. Adani Mining (P.) Ltd. (2024) 204 ITD 269 (Ahd)(Trib.)

S. 32 : Depreciation-Additional depreciation-Business is commenced in earlier year-Depreciation and additional depreciation cannot be disallowed.

ITO v. Rishi Construction. (2024) 204 ITD 159 (Indore) (Trib.)

S. 28(i) : Business income-Unregistered agreement-Deemed owner-Capital gains-Sale of land-Assessing Officer is justified in making addition on account of entire sale consideration received from ultimate buyer in hands of assessee. [S. 2(47), 4]

ACIT v. Gold Rush Sales and Service Ltd. (2024) 204 ITD 421 (Kol) (Trib.)

S.14A : Disallowance of expenditure-Exempt income-Not earned any exempt income during year-No disallowance can be made. [R. 8D]