Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Central Warehousing Corporation v. ACIT (2021) 89 ITR 208 (Delhi)(Trib.)

S. 37(1) : Business expenditure-Interest for delayed payment of service tax-Allowable as deduction-Remanded for verification.

Monarch Networth Finserve P. Ltd. v. ITO (2021) 89 ITR 50 (SMC) (SN) (Mum.)(Trib.)

S. 36(1)(vii) : Bad debt-Non-banking finance company-Interest income offered to tax in earlier years-Referral fee paid to group entity-Matter remanded for verification. [S. 37(1)]

DCIT v. Saileela Synthetics Pvt. Ltd. (2021) 199 DTR 201 / 210 TTJ 763 (Jodhpur)(Trib.)

S. 36(1)(va) : Any sum received from employees-Where assessee deposited employee’s contribution to ESI after the due date under the respective Act but before the due date of filing the return of income under the Act, the same would not warrant any disallowance. [S. 2(24)(x), 139(1)]

Chiranjeevi Traders Pvt. Ltd. v. Dy. CIT (2021) 89 ITR 46 (SN) (Hyd.)(Trib.)

S. 36(1)(iii) : Interest on borrowed capital-Amalgamation-Interest paid after amalgamation-Matter remanded.

Sinnar Thermal Power Ltd. v. Dy.CIT (2021) 89 ITR 263 (Mum.)(Trib.)

S. 35D : Amortisation of preliminary expenses-Amortisation of preliminary expenses-Entitled to deduction at one-Fifth of expenditure.

Pawan Hans Helicopters Ltd. v. DCIT (2021) 212 TTJ 1010 / 204 DTR 347 / (2022) 192 ITD 142 (Delhi)(Trib.)

S. 32 : Depreciation-Westland Helicopters-Block of asset User of asset-The concept of user of assets has to apply upon block of asset as a whole instead individual assets-Denial of depreciation is held to be not valid. [S. 2(11)]

JX Nippon Two lubricant India Pvt. Ltd. v. DCIT (2021) 210 TTJ 722 / 202 DTR 59 (Delhi)(Trib.)

S. 32 : Depreciation-Goodwill-Capitalized goodwill on account of excess consideration-Commercial rights-Eligible depreciation. [S. 32(1)(ii)]

Instrument Technologies v. ACIT (2021) 209 TTJ 675 (Vishakha) (Trib.)

S. 32 : Depreciation-Biometric system’ is a ‘Computer’ and depreciation is to be allowed @ 60%.

Sinnar Thermal Power Ltd. v. Dy CIT (2021) 89 ITR 263 (Mum.)(Trib.)

S. 28(i) : Business loss-Advance to subsidiary-Amount written off-Allowable as business loss-Conversion of capital asset in to stock in trade-Loss on sale of stock in trade-Allowable as business loss.

Simto Property Developers Ltd. v. ACIT (2021) 89 ITR 7 (SMC) (SN) (Mum.)(Trib.)

S. 28(i) : Business income-Business expenditure-Software development-Expenses, depreciation and set off of brought forward loss and unabsorbed depreciation-Matter remanded to Commissioner (Appeals). [S. 68]