Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


PCIT v. Asian Mills (P.) Ltd. (2022) 285 Taxman 422 (Guj.)(HC)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-PAN of transporrters are reported in form no 26Q-No disallowance can be made for failure to deduct tax at source-Discount to customers not rent-Failure to deduct tax at source-No disallowance can be made. [S. 194C(6), 194C(7), 194I Form No. 26Q]

CIT (TDS) v. ITD Cementation India Ltd. (2022) 285 Taxman 379 (Cal.)(HC)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Bank charges-Bank guarantee commission-Fee charged by bank-Not liable to deduct tax at source. [S. 194H]

CIT v. Tamilnadu Maritime Board(2021) 131 taxmann.com 250 (Mad.)(HC) Editorial : Notice issued in SLP filed against order of High Court, CIT v. Tamilnadu Maritime Board. (2022) 285 Taxman 283 (SC)

S. 37(1) : Business expenditure-Provident fund, contribution to unrecognized provident funds-Allowable as deduction. [S. 36(1)(iv), 40A(9)]

AMD Far East Ltd. v. Jt. DIT(IT) (2022) 285 Taxman 332 (Karn.)(HC)

S. 37(1) : Business expenditure-Contractual liability-Expatriate cost-Matter remanded.

PCIT v. JCT Ltd. (2022) 285 Taxman 510 (Cal.)(HC)

S. 32 : Depreciation-Unabsorbed depreciation-Period of carry forward-In view of amended section 32(2) by Finance Act, 2001 with effect from 1-4-2002, unabsorbed depreciation of assessment year 1997-98 could be allowed to be carried forward and set-off after a period of 8 years. [S. 32(2)]

PCIT v. Dhansar Engineering Co. (P.) Ltd. (2022) 285 Taxman 404 (Cal.)(HC)

S. 32 : Depreciation-Extraction and processing of iron ore amounts to production-Entitled for additional depreciation. [S. 32(1)(iia), 32A]

PCIT v. Damodar Valley Corporation (2022) 285 Taxman 236 (Cal.)(HC)

S. 32 : Depreciation-Generation of electricity-Entitled for additional depreciation. [S. 32(1)(iia)]

PCIT v. Asian Mills (P.) Ltd. [2022] 285 Taxman 422 (Guj.)(HC)

S. 32 : Depreciation-Beneficial owner-Car registered in the name of Director-Depreciation, TRO expenses and insurance chrges are allowable as business expenditure. [S. 37(1)]

Ebenezer International Foundation v. ACIT (2022) 285 Taxman 52 (Ker.)(HC)

S. 32 : Depreciation-School buses-Additional depreciation is not available.

CIT LTU v. Canara Bank (2022) 285 Taxman 420 (Karn.)(HC).Editorial : Notice issued in SLP filed by Revenue , CIT v. Canara Bank (2022) 287 Taxman 462/ 114 CCH 321 (SC)

S. 32 : Depreciation-Leased assets-Entitled depreciation.