Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Rajinder Kumar Aggarwal (HUF) v. DCIT (2022) 192 ITD 1 (Delhi) (Trib.)

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Commission payment-Not liable to deduct tax at source-DTAA-India-France. [S. 9(1)(vi), 195, Art. 7, 12]

DCIT v. Macrotech Developer Ltd. (2022) 192 ITD 438 (Mum.) (Trib.)

S. 37(1) : Business expenditure-Real estate business-New project-Work in progress-Sales promotion and advertisement expenses-allowable as revenue expenditure. [AS. 2]

DCIT v. Macleods Pharmaceuticals Ltd. ( 2021) 206 DTR 337/ (2022) 192 ITD 513 (Mum.)(Trib.) Editorial : Finance Act, 2022 amended the provision by inserting explanation 3 to section 37(1) of the Act w.e.f. 1/4/2022.

S. 37(1) : Business expenditure-Freebies to doctors-Matter referred to larger bench of three or more members to consider question as to allowability of expenditure. [S. 143(3), 153A Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations, 2002. S. 20A]

Shivnarayan Nemani Shares & Stock Brokers (P) Ltd. v. DCIT (2022) 192 ITD 50 (Mum.)(Trib.)

S. 37(1) : Business expenditure-Sub-brokerage-Held to be allowable as deduction.

Motor Machinery Tools. v. ACIT (2022) 192 ITD 42 (SMC) (Kol.)(Trib.)

S. 37(1) : Business expenditure-Freight inward expenses-Incurred in cash-Supported by self made vouchers-Disallowance is restricted to 7.5 %.

Logix Buildtech (P.) Ltd. v. ACIT (2022) 192 ITD 35 (Delhi) (Trib.)

S. 37(1) : Business expenditure-Pre-Operative expenses-Real estate business-Do not form part of work in progress-Office expenses, salaries, advertising, travelling expenses which are incurred for running of business operations are to be treated as revenue expenditure and allowed as deduction.

DCIT v. Macrotech Developer Ltd. (2022) 192 ITD 438 (Mum.) (Trib.)

S. 36(1)(iii) : Interest on borrowed capital-Own funds are more than interest free investment-No disallowance can be made.

Plintron Mobility Solutions (P.) Ltd. v. ITO (2022) 192 ITD 556 (Chennai)(Trib.)

S. 32 : Depreciation-Computer software-Integrated part of computer system-Eligible depreciation at rate of 60 percent.

Motor Machinery Tools v. ACIT (2022) 192 ITD 42 (SMC) (Kol.) (Trib.)

S. 28(iv) : Business income-Value of any benefit or perquisites-Converted in to money or not-Dealer-Redistributor-Incentive from UI for purchase of Van-Not in the nature of perquisite-Reduced from the cost of acquisition for claiming depreciation. [S. 32, 43(1)]

Govind Ganpatlal Thakkar. v. ACIT (2022) 192 ITD 647 (Ahd.) (Trib.)

S. 28(i) : Business income-Gross income as per books of account and gross revenue in from No 26AS-Reconciliation statement was filed-Matter remanded to the Assessing Officer-Capital gains-Valuation report-Assessing Officer cannot reject the valuation report of the valuer without referring to valuation Officer-Matter remanded. [S. 45, 50C(2), 194H, Form No 26AS]