S. 37(1): Business expenditure-Lease equalisation reserve-Accounting Standard-19-Not a contingent liability-Deduction allowable. [S. 145]
Birlasoft Ltd. v. Asst. CIT (2025) 127 ITR 63 / 173 taxmann.com 634 (Delhi)(Trib.)
Digest of case laws
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This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws S. 37(1) : Business expenditure-Mark-to-market loss on foreign exchange hedging-Allowable deduction.
Dy. CIT v. Bodal Chemicals Ltd. (2025) 127 ITR 194 / 177 taxmann.com 448 (Ahd.)(Trib.)S. 37(1): Business expenditure-Employees’ Stock Option Plan-Discount on issue of shares-Expenditure allowable.
Sterling Holiday Resorts Ltd. v. Dy. CIT (2025) 127 ITR 284 / 180 taxmann.com 310 (Mum.)(Trib.)S. 32: Depreciation-Goodwill arising on amalgamation-Allocation of purchase consideration to intangible assets based on valuation-Depreciation allowable-Unabsorbed depreciation-Amalgamation-Set-off of depreciation of earlier years-Allowable. [S. 32(2), 43(1), Expln 7]
Dy. CIT v. Bodal Chemicals Ltd. (2025) 127 ITR 194 / 177 taxmann.com 448 (Ahd.)(Trib.)S. 28(i) : Business loss-Business expenditure-Irrecoverable advances written off-Claim allowable as business loss.[S. 37(1)]
Birlasoft Ltd. v. Asst. CIT (2025) 127 ITR 63 / 173 taxmann.com 634 (Delhi)(Trib.)S.14A: Disallowance of expenditure-Exempt income-Recording of dissatisfaction mandatory before invoking rule 8D-Addition deleted. [R. 8D]
SLK Software (P.) Ltd. v. Asst. CIT (2025) 127 ITR 395 (Bang.)(Trib.)S.14A: Disallowance of expenditure-Exempt income-Only investments yielding exempt income to be considered-Amendment by Finance Act, 2022 prospective. [R. 8D]
Geecee Ventures Ltd. v. Dy. CIT (2025) 127 ITR 371 / 174 taxmann.com 1285 (Mum.)(Trib.)S. 14A: Disallowance of expenditure-Exempt income-Own funds exceeding investments-No disallowance of interest warranted. [R. 8D]
Dy. CIT v. Bodal Chemicals Ltd. (2025) 127 ITR 194 / 177 taxmann.com 448 (Ahd.)(Trib.)S. 14A: Disallowance-Recording of satisfaction mandatory-Rule 8D cannot be invoked without examining accounts. [S 10(35), 115JB, R. 8D]
Manipal Education and Medical Group India (P.) Ltd. v. Dy. CIT (2025) 127 ITR 623 / 181 taxmann.com 711 (Bang.)(Trib.) Manipal Global Education Services P. Ltd v. Dy. CIT (2025) 127 ITR 623 / 181 taxmann.com 711 (Bang.)(Trib.) Manipal Hospital P. Ltd v. Dy. CIT (2025) 127 ITR 623 / 181 taxmann.com 711 (Bang.)(Trib.)S. 12AB: Procedure for fresh registration-Charitable trust-Final registration-Rejection on technical ground not justified.
[S. 11, 12, 12A(1)(ac)(vi)]