Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


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

S. 35 : Expenditure on scientific research-Weighted deduction-Allowable as deduction. [S.35(2AB]

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

S. 35 : Expenditure on scientific research-Weighted deduction-Deduction allowed to extent certified by Department of Scientific and Industrial Research-Matter remanded for verification.[S. 35(2AB)]

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

S. 35 : Expenditure on scientific research-Capital expenditure allowable as deduction-Disallowance of balance amount is affirmed as per order of CIT(A). [S. 35(2AB]

Dy. CIT v.Laxmi Energy and Foods Ltd. (2024)114 ITR 88 (SN)(Chd)(Trib)

S. 32 : Depreciation-Plant and machinery-Depreciation is allowable.

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

S. 32 : Depreciation-Trial runs-Aircraft put to use in subsequent year for training purposes-Depreciation and maintenance is allowable. [S. 37(1)]

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

S. 31 : Repairs-Capital or revenue-Expenditure for spare parts-Allowable as revenue expenditure.

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

S. 31 : Repairs-Current repairs-Capital or revenue-Treated capital in nature in books-Allowable as deduction-Matter is remanded to the Assessing Officer. [S. 37(1), 145]

Dy. CIT v. Welspun Steel Ltd. (2024)114 ITR 107 (Mum)(Trib)

S. 28(iv) : Business income-Value of any benefit or perquisites-Converted in to money or not-Capital Gains-Loss-Conversion of loan given to subsidiary to optionally convertible preference shares at face value-Merchant Banker’s valuation report-Not tax avoidance-Cost of acquisition tenable.[S. 41(1)]

Malbros Holdings P. Ltd. v. ITO (2024)114 ITR 25 (SN)(Delhi)(Trib)

S. 28(i) : Business income-Income from other sources-Leasing and finance-Interest-Non-Banking finance-Rule of consistency-Assessable as business income.[S. 56]

Dy. CIT v. Laxmi Energy and Foods Ltd. (2024)114 ITR 88 (SN)(Chd)(Trib)

S.14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed amount of exempt Income. [S.10(34) R.8D]