Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Appolo Tyres Ltd. v. Dy. CIT (2022) 284 Taxman 229/ 219 DTR 80/ 329 CTR 288 / (2023) 450 ITR 618 (Ker.)(HC)

S. 70 : Set off of loss-One source against income from another source-Same head of income-Loss on sale of shares and units of mutual funds on which STT was paid-Set-off of loss against sale of land-Loss cannot be set off against long term capital gains arising from sale of land. [S. 10(38), 45, 48, 55, 70(3)]

PCIT v. Gopal Heritage (P.) Ltd. (2022) 284 Taxman 406 (Guj.)(HC)

S. 68 : Cash credits-Unsecured loans-Identity of creditors and genuineness of transitions and creditworthiness established-Deletion of addition is held to be justified.

PCIT v. Ambition Agencies (P.) Ltd. (2022) 284 Taxman 538 (Cal.)(HC)

S. 68 : Cash credits-Share capital and share premium-All share holders are duly cross verified-Deletion of addition is held to be justified.

PCIT v. Gujarat Fluorochemicals Ltd. (2021) 133 taxmann.com 211 (Guj)(HC) Editorial : SLP of revenue is dismissed as infructuous; PCIT v. Gujarat Fluorochemicals Ltd. (2022) 284 Taxman 451 (SC)

S. 45 : Capital gains-Shares and securities as investment-Assessable as capital gains and not as business income-Interest free funds available was more than gross investment-No disallowance can be made. [S. 14A, 28(i), R.8D]

Sangeeta Verma (Smt.) v. CIT (2022) 284 Taxman 303 (All.)(HC)

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Agricultural land-Seller insisting cash payment-Affidavit by assessee-Disallowance is held to be not justified.

CIT v. Danfos Industries (P.) Ltd. (2022) 284 Taxman 475 (Mad.)(HC)

S. 37(1) : Business expenditure-Software licence expenses-Expenditure for software running system-Allowable as revenue expenditure.

PCIT v. United Spirits Ltd. (2022) 442 ITR 451 / 284 Taxman 568 (Kar.)(HC)

S. 37(1) : Business expenditure-Research and Development (R&D) expenses-Not produced documentary evidence-Matter remanded. [S. 35 (2AB)]

PCIT v. United Spirits Ltd. (2022) 284 Taxman 568 (Kar.)(HC)

S. 36(1)(iii) : Interest on borrowed capital-Working capital-Foreign exchange for working capital-Allowable as deduction.

PCIT v. United Spirits Ltd. (2022) 442 ITR 451 / 284 Taxman 568 (Kar.)(HC)

S. 36(1)(vii) : Bad debt-Amount written off-Matter remanded for verification.

Apollo Tyres Ltd. v. ACIT (2022) 284 Taxman 687 (Ker.)(HC)

S. 35 : Scientific research expenses-Approval was granted to R & D unit of on 17-6-2009 from 1-4-2007, denial of weighted deduction is held to be justified. [S. 35(2AB)(3)]