Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Hindalco Industries Ltd. v. Dy. CIT (2024)114 ITR 502 (Mum)(Trib)

S. 37(1): Business expenditure-Membership fees for club-Welfare of employees providing business benefits-Allowable as expenditure.

Hindalco Industries Ltd. v. Dy. CIT (2024)114 ITR 502 (Mum)(Trib)

S. 37(1): Business expenditure-Community development-Operation of aluminium mines causing pollution in neighbourhood-Assistance with respect to drinking water, education, women and children welfare, etc., for villagers-Commercial exigency to ensure smooth running of factories-Allowable as deduction.

Hindalco Industries Ltd. v. Dy. CIT (2024)114 ITR 502 (Mum)(Trib)

S. 37(1) : Business expenditure-Commission payments-Non-service of notice under section 133(6)-Evidence and details furnished in remand report-Denial of expenditure for mere return of summons unserved is improper.[S.133(6)]

ACIT v. Gujarat Insecticides Ltd. (2024)114 ITR 12 (SN)(Ahd)(Trib)

S. 36(1)(iii) :Interest on borrowed capital-Trade receivable-Borrowed fund is used for the purpose of business-Notional interest cannot be charged.

Dy. CIT v. Guru Nanak Milk Products (2024)114 ITR 344 /232 TTJ 325 (Amritsar (Trib)

S. 36(1)(iii) :Interest on borrowed capital-Interest paid on cash credit account-Investments in immovable properties and shares of other companies-Business purpose-Disallowance is deleted.

Intas Pharmaceuticals Ltd. v. ACIT (2024)114 ITR 546 (Ahd)(Trib)

S. 36(1)(iii) :Interest on borrowed capital-Advances and loans to associated enterprises-Deletion of disallowance is affirmed.

Intas Pharmaceuticals Ltd. v. ACIT (2024)114 ITR 434 (Ahd)(Trib)

S. 36(1)(iii) :Interest on borrowed capital-Capital expenditure on plant and machinery, electrical installation and other fixed assets-Accounted as capital work-in-progress-Disallowance of interest is not warranted.

Dy. CIT v. Guru Nanak Milk Products (2024)114 ITR 344 /232 TTJ 325 (Amritsar)(Trib)

S. 36(1)(iii) :Interest on borrowed capital-Interest paid on cash credit account-Investments in immovable properties and shares of other companies-Business expenditure.[S. 37(1)]

Dy. CIT v. Avinash Builders (2024)114 ITR 324 (Raipur)(Trib)

S. 36(1)(iii) :Interest on borrowed capital-Interest free funds-Capital withdrawn-Addition is deleted.

AMI Life Sciences P. Ltd. v. ACIT (2024)114 ITR 7 (Trib) (SN)(Ahd)(Trib)

S. 36(1)(ii) : Bonus or commission-Commission paid to director-Services rendered-Allowable as business expenditure.