S. 28(i) : Business loss-Business expenditure-Irrecoverable advances written off-Claim allowable as business loss.[S. 37(1)]
S. 28(i) : Business loss-Business expenditure-Irrecoverable advances written off-Claim allowable as business loss.[S. 37(1)]
S.14A: Disallowance of expenditure-Exempt income-Recording of dissatisfaction mandatory before invoking rule 8D-Addition deleted. [R. 8D]
S.14A: Disallowance of expenditure-Exempt income-Only investments yielding exempt income to be considered-Amendment by Finance Act, 2022 prospective. [R. 8D]
S. 14A: Disallowance of expenditure-Exempt income-Own funds exceeding investments-No disallowance of interest warranted. [R. 8D]
S. 14A: Disallowance-Recording of satisfaction mandatory-Rule 8D cannot be invoked without examining accounts. [S 10(35), 115JB, R. 8D]
S. 12AB: Procedure for fresh registration-Charitable trust-Final registration-Rejection on technical ground not justified.
[S. 11, 12, 12A(1)(ac)(vi)]
S. 4: Charge of income-tax-Income-Time-share membership fees-Consistent method of recognising income over membership period-Entire receipts not taxable in year of receipt.[S. 145]
S.271D: Penalty-Takes or accepts any loan or deposit-Receipt of entire sale consideration in cash at the time of execution and registration of sale deed does not violate section 269SS, as the expression “specified sum” applies only to advances received in relation to transfer of immovable property. [S. 269SS, 271D, 274]
S. 263: Commissioner-Revision of orders prejudicial to revenue-
-Assessment was completed after duly examining the issue of unsecured loan-Invocation of revision jurisdiction to verify the same issue is not permissible.[S.36(1)(va), 143(3)]
S. 255: Appellate Tribunal-Procedure-Functions-Right to Information Act-Departmental representative seeking disqualification of assessee’s advocate on ground that advocate represented Tribunal Member as CPIO in an unrelated RTI matter-No conflict of interest-Tribunal not appropriate forum to adjudicate disciplinary matter-Ministry of Law and Justice not having control over judicial functions of Tribunal-Application frivolous, amounting to obstruction of justice-Rejected. [S. 254(1), Art. 227]