Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category

Dy. CIT v. Jubilant Foodworks Ltd. (2022) 93 ITR 1 (Delhi)(Trib.)

S. 37(1) : Business expenditure-Franchisee agreements for operating stores-Renovation and repairs of stores-Revenue expenditure-Education Cess and secondary and higher education cess-Allowable as deduction-Employees Stock Option Plan-Additional grounds admitted-Matter remanded.

ACIT v. PC Jewellers Ltd. (2022) 93 ITR 244 (Delhi)(Trib.)

S. 36(1)(va) : Any sum received from employees-Contribution to Employees Provident Fund and Employees’ State Insurance Corporation-Delay in depositing-Deduction not allowable. [S. 2(24)(x)]

ACIT v. PC Jewellers Ltd. (2022) 93 ITR 244 (Delhi)(Trib.)

S. 35D : Amortisation of preliminary expenses-Share capital to Public through initial public offer-Utilising 92 Per Cent. of receipts on working capital-92 Per Cent. of share issue expenditure allowable as revenue expenditure-Balance 8 Per Cent. to be treated as capital expenditure. [S. 37(1)]

BCL Secure Premises Pvt. Ltd. v. ACIT (2022) 93 ITR 267 (Delhi)(Trib.)

S. 28(i) : Business loss-Advance for business purposes-Amount written off-Allowable as business loss. [S. 37(1)]

Mll Logistics P. Ltd. v. ACIT (2022)93 ITR 513 (Mum.)(Trib.)

S. 22 : Income from house property-Annual letting value of rented property-Municipal rateable value much less than rental income shown-Addition cannot be made on guess work. [S. 23]

Dy. CIT v. Acquire Services Pvt. Ltd. (2022) 93 ITR 613 (Delhi)(Trib.)

S. 14A : Disallowance of expenditure-Exempt income-Entire expenditure cannot be disallowed. [R. 8D]

BCL Secure Premises Pvt. Ltd. v. ACIT (2022)93 ITR 267 (Delhi)(Trib) ITO v. MVL Credit Holdings And Leasing Ltd. (2022) 93 ITR 533 (Delhi)(Trib.)

S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income. [R. 8D]

ACIT(E) v. Delhi Bureau of Text Books (2022) 93 ITR 411 (Delhi)(Trib.)

S. 11 : Property held for charitable purposes-Education-Publication of Text books and selling of school text books-Surplus income utilised for education-Entitled to exemption. [S. 2(15), 11(4A), 12]

Sandisk India Device Design Centre Pvt. Ltd. v. ITO (2022) 93 ITR 569 (Bang.)(Trib.)

S. 10A : Free trade zone-Expenditure of telecommunication charges, insurance charges, etc.-Travel expenses incurred in foreign currency-Deductible from both export turnover and total turnover-Loss on account of employee misappropriation-Deduction allowable on enhanced profit.

Qualcom Technologies Inc. v. Dy. CIT (2022) 93 ITR 13 / 194 ITD 329 (Delhi)(Trib.)

S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Payment made for use of software-Does not give rise to royalty-not table in hands of assessee-DTAA-India-USA. [Art. 12]