S. 37(1) : Business expenditure-Portfolio Management Services (PMS) fees-Non-banking financial company engaged in investment and trading in securities-Fees paid to portfolio managers wholly and exclusively for business-Allowable as revenue expenditure-Delay of 101 days by Revenue-Delay in obtaining administrative approvals-Delay condoned.[S. 48, 254(1), ITAT R. 27]
S.32: Depreciation-Speculation business-No double deduction-Addition deleted.[S.73]
S.28(i) : Business loss-Loss on sale of shares-Addition based solely on Investigation Wing report-Documentary evidence supporting transactions-Disallowance deleted.
S. 14A : Disallowance of expenditure-Exempt income-Borrowed funds not utilised for investments-Interest disallowance deleted-Administrative expenditure sustained. [R. 8D(2)(ii), (iii)]
S.14A: Disallowance of expenditure-Exempt income-Interest-free funds exceeding investments-Strategic investments-Disallowance restricted to exempt income.[R. 8D]
S. 10A: Free trade zone-Software Technology Park unit-Brought-forward losses and unabsorbed depreciation of non-eligible unit not adjustable before allowing deduction.[S. 72]
S. 10(23C): Educational institution-Wrong sub-clause mentioned in return-Institution otherwise eligible-Exemption allowable-Appeal to Appellate Tribunal-Delay of 691 days and 706 days-Delay caused by Chartered Accountant’s misrepresentation-Sufficient cause-Delay condoned. [S. 10(23C)(iiiab), 254(1)]
S. 147: Reassessment – Failure to dispose of objections to reopening by a separate speaking order before completion of assessment – Additional grounds – Reassessment void and liable to be quashed.[ S. 69C ,143(3) ,148 ]
S. 11: Property held for charitable purposes – Registration granted during pendency of appellate proceedings – Benefit of exemption under sections 11 and 12 available for earlier assessment year – Matter remanded to Assessing Officer. [ S. 12,12AA, 250)
S. 255: Appellate Tribunal – Procedure – Functions -Duties – Pronouncement of orders – Tribunal cannot repeatedly release matters without delivering judgment – ITAT directed to strictly adhere to the time-limit prescribed under Rule 34 and pronounce orders within 60 days, or in exceptional cases within 90 days. [S. 254(1) ,255(4), ITAT Rules, 1963, Rule 34(5)(c), Art .226 ]