Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


ITO v. Karnataka State Industrial Co-Operative Bank Ltd. (2022) 93 ITR 50 (SN) (Bang.)(Trib.)

S. 37(1) : Business expenditure-Increased liability on account of wage revision due to Court order-Entries in books of account not determinative-Right to claim legitimate deduction-Allowable as deduction. [S. 139(5), 145]

ITO v. Karnataka State Industrial Co-Operative Bank Ltd. (2022) 93 ITR 50 (SN) (Bang.)(Trib.)

S. 37(1) : Business expenditure-Increased liability on account of wage revision due to Court order-Entries in books of account not determinative-Right to claim legitimate deduction-Allowable as deduction. [S. 139(5), 145]

Chhabra Triple Five Fashions Pvt. Ltd. v. Dy. CIT (2022)93 ITR 19 (SN) (Delhi)(Trib.)

S. 37(1) : Business expenditure-Commission to increase sales-Free Lance Individuals-Allowable as business expenditure.

SDN and Co. v. ITO (2022) 93 ITR 23 (SN) (Mum.)(Trib.)

S. 36(1)(vii) : Bad debt-Finance business-Interest income assessed as business income-Merely because parties related, Loss written off could not be disallowed. [S. 36(2)]

PCI LTD. v. ACIT (2022) 93 ITR 47 (SN) (Delhi)(Trib.)

S. 36(1)(iii) : Interest on borrowed capital-Strategic investments Joint venture company group and subsidiary companies-Disallowance of interest is not justified.

ACIT v. Kalthia Engineering and Construction Ltd. (2022) 93 ITR 30 (SN) (Ahd.)(Trib.)

S. 36(1)(iii) : Interest on borrowed capital-Own capital and reserves more than capital advanced-Disallowance of interest is not justified.

Niyant Heritage Hotels (P.) Ltd. v ITO (2022)93 ITR 11 (SN) (Delhi) (Trib.)

S. 32 : Depreciation-Lease rental-Eligible for depreciation subject to verification whether sum capitalised-Tourist Resort-Occupancy seasonal-Could not be construed to have used asset for less than 180 days-Depreciation allowable for entire year.

Sudhir Angre v. ITO (2022) 93 ITR 69 (SN) (Pune)(Trib.) Sunil Angre v. ITO (2022) 93 ITR 69 (SN) (Pune)(Trib.)

S. 28(i) : Business income-Adventure in nature of trade-Sale of land within four months from date of purchase-Assessable as business income.

Sudhir Angre v. ITO (2022)93 ITR 69 (SN) (Pune)(Trib.) Sunil Angre v. ITO (2022) 93 ITR 69 (SN) (Pune) (Trib.)

S. 28(i) : Business income-Adventure in nature of trade-Sale of land within four months from date of purchase-Assessable as business income.

Habitate Realtech P. Ltd. v. Dy. CIT (2022) 93 ITR 76 (SN) (Delhi) (Trib.)

S. 28(i) : Business income or Income from other sources-Interest income on fixed deposit-Assessable as business income-Income from Mutual funds and income-tax refund to be treated under head income from other sources. [S. 56, 71]