Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


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]

Ashok Kirtanlal Shah v. ACIT (2022) 192 ITD 193 (Mum.)(Trib.)

S. 14A : Disallowance of expenditure-Exempt income-Disallowing the expenditure without recording satisfaction is held to be not justified. [R. 8D]

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

S.14A : Disallowance of expenditure-Exempt income-Only the value of investments which yielded exempt income during year. [R. 8D (iii]

Krishna Mohan Choursiya. v. ITO (2022) 192 ITD 214 (Indore) (Trib.)

S. 10(37) : Capital gains-Agricultural land-With in specified urban limits-Rural agricultural land-Not converted in to non-agricultural-Capital gain is exempt-Income from transfer of agricultural land-Compulsory acquisition-Compensation received on compulsory acquisition of rural agricultural land is not chargeable to tax and compensation received on compulsory acquisition of urban agricultural land is exempt from tax Exempt from tax. [S. 2(14)(iii), 45]