S. 36(1)(iii) : Interest on borrowed capital-Loan to subsidiary-Subsidiary was incurring losses-Loan from banks at rate 14 to 16 percent-Advance to subsidiary at rate of 6 percent-No disallowance was made in earlier years-Rule of consistency-Order of Tribunal is affirmed-No substantial question of law.[S.260A]
S. 32 : Depreciation-Amalgamtion-Intangible assets-Goodwill is valuable asset-Entitle to depreciation-SLP of Revenue is dismissed.[S. 32(1), Art. 136]
S. 14A : Disallowance of expenditure-Exempt income-Borrowed capitals-Investing in shares to earn income from dividend-Expenditure incurred on interest paid on borrowed funds is not allowable as deduction. [S.10(33), 36(1)(iii), 260A]
S. 14A : Disallowance of expenditure-Exempt income-Not recording of satisfaction-Order of Tribunal deleting the addition is affirmed.[S. 10(34), 45, 260A, R.8D]
S. 13A : Political parties-Electoral Bond Scheme-Declared unconstitutional-Direction to submit details of Electoral Bonds purchased-Time to extend the publication of details of purchsers of Bonds-The miscellaneous Application filed by SBI seeking an extension of time for disclosure of details of purchase and redemption of Electoral Bonds until 30-6-2024 was dismissed and SBI was directed to disclose details by close of business hours on 12-3-2024. [Art. 19(1)(g)]
S. 13A : Political parties-Denial of exemption-Stay-Pendency of matter before Supreme court-Concession made by Revenue, no coercive action of any nature shall be taken against assessee till next date of hearing on 24-7-2024 [S. 11, Art. 136]
S. 12AB : Registration-Trust or institution-Wrong section code in Form 10A-Rejection of application is set aside-Matter remanded for reconsideration by Commissioner (Exemption).[S.11,Form No 10A, Art. 226]
S. 11 : Property held for charitable purposes-Capital gains-Memorandum of Understanding (MOU)-Symbolic possession-Permission from the Charity Commissioner-Capital asset is held to be wholly for the purpose of charitable purpose-Legal possession-Sale proceeds were invested with nationalised bank-Entitle to claim exemption-Order of Tribbunal is affirmed-No substantial question of law. [S.11(IA), 260A]
S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Fees for technical services-Revenue from software sales to Indian clients, said revenue could not be treated as royalty and subjected to Indian taxation-DTAA-India-USA [S.9(1)(vii), 195, art. 12, Art.136]
S. 9(1)(v) : Income deemed to accrue or arise in India-Interest-Banking business-Interest earned by it in India on securities, being beneficially owned by it-Exempt from tax-DTAA-India-Mauritius.[S.90, 260A, art. 11(3)(c)]