S. 36(1)(iii) : Interest on borrowed capital-Own capital and reserves more than capital advanced-Disallowance of interest is not justified.
ACIT v. Kalthia Engineering and Construction Ltd. (2022) 93 ITR 30 (SN) (Ahd.)(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. 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.
Niyant Heritage Hotels (P.) Ltd. v ITO (2022)93 ITR 11 (SN) (Delhi) (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.
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 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]
Habitate Realtech P. Ltd. v. Dy. CIT (2022) 93 ITR 76 (SN) (Delhi) (Trib.)S. 24 : Income from house property-Deductions-Interest on borrowed funds-Onus on assessee-No Documentary evidence furnished-Disallowance proper. [S. 24(b)]
Niyant Heritage Hotels (P.) Ltd. v. ITO (2022) 93 ITR 11 (SN) (Delhi)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Interest-Sufficient funds-Disallowance of interest is not valid. [R. 8D]
Dy. CIT v. Navratna Organizers and Developers P. Ltd. (2022) 93 ITR 14 (SN) (Ahd.)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Interest-Sufficient funds-Disallowance of interest is not valid. [R. 8D]
Dy.CIT v. Navratna Organizers and Developers P. Ltd. (2022) 93 ITR 14 (SN) (Ahd.)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-No exempt income-No disallowance can be made [R.8D]
ACIT v. Kalthia Engineering and Construction Ltd. (2022) 93 ITR 30 (SN) (Ahd.)(Trib.)/Mll Logistics P. Ltd. v. ACIT (2022)93 ITR 513 (Mum) (Trib)S. 11 : Property held for charitable purposes-Accumulation of income-Failure to file Form 10 on time-Form 10B was furnished along with the return-Matter remanded. [S. 11(2) 12A]
Himalayan Buddhist Cultural Association v. ACIT (2022) 93 ITR 57 (SN) (Chd.)(Trib.)