Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


PCIT v. Obulapuram Mining Company Pvt. Ltd. (2024) 471 ITR 1 (Karn) (HC)

S. 37(1) : Business expenditure-Iron ore mining was illegal-Transport charges-allowable as revenue expenditure-Allegation that part of expenditure utilised by director-No disallowance can be made in the assessment of company-No substantial question of law. [S. 37(1), Explanation, 260A]

PCIT v. Heavy Engineering Corporation Ltd. (2024) 471 ITR 481 (Jharkhand) (HC)

S. 37(1) : Business expenditure-Provision for warranty-Under contract of sale-Liquidated damages-Allowable as expenditure-Leave travel allowance as per rule and consistency practice-Allowable deduction-Provision of 43B(f) is not applicable. [S.10(15), 43B(f), 260A,]

PCIT v. Gujarat Industries Power Co. Ltd. (2024) 471 ITR 525 (Guj) (HC)

S. 37(1) : Business expenditure-Capital or revenue-Expenditure on capital stores and spares-replacement of spares of machinery-Allowable as revenue expenditure-Expenses incurred on software for facilitating trading operation is revenue expenditure. [S. 32, 260A]

PCIT v. Gogte Minerals (2024) 471 ITR 410 (Karn) (HC)

S. 37(1) : Business expenditure-Provision for pit filling expenses-Tribunal remanding the matter to the Assessing Officer-No substantial question of law.[S. 260A]

Khar Hospitality India Ltd. v. CIT (2024)471 ITR 200 (Cal) (HC)

S. 32 : Depreciation-Block of assets-Ready for use-Entitle to full depreciation. [S. 2(11), R. 5(1)]

PCIT(Central) v. Affluence Commodities (P.) Ltd. (2024) 471 ITR 252 /161 taxmann.com 476 (Guj) (HC)

S.28(i): Business loss-Penny stocks-Bogus purchases-Genuineness of transactions are proved-No control over on share prices-Losses are deleted. and moreover assessee had no control whatsoever on share prices-No substantial question of law.[S. 260A]

PCIT(Central) v. Affluence Commodities (P.) Ltd. (2024) 471 ITR 252 /161 taxmann.com 476 (Guj) (HC)

S.14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed the exempt income-No substantial question of law.[S. 260A]

Myadam Kishan Rao Charitable Trust v. CIT (E) (2024) 471 ITR 334 (Telangana) (HC)

S. 12AB: Procedure for fresh registration-Reasonable opportunity-Violation of principle of natural justice-Alternative remedy-Writ petition is dismissed. [S. 12AB(4), Art. 226]

Purnendu Shekhar Sinha v. UOI (2024) 471 ITR 186 /159 taxmann.com 746 (Patna) (HC)

S. 10(10AA) : Leave salary-Employee of the Central Government or State Government-State Bank of India-Retired employee of State Bank of India-Not violative of Article 14 of Constitution of India.[Art. 14, 15, 226, Central Civil Services (Leave)Rules 1972]

CIT v. Saeed Mustafa Shervani (2024)471 ITR 777 (Delhi) (HC)

S. 4 : Charge of income-tax-Capital or revenue-Amount received under non-compete agreement is capital receipt.[S. 28(i)]