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
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S. 32 : Depreciation-Car registered in the name of Director-Depreciation, expenses and interest is held to be allowable. [S. 37(1)]

ITO v. Bajaj Herbals (P.) Ltd. (2021) 191 ITD 41 (Ahb.)(Trib.)

S. 32 : Depreciation-Professional choreographer-Office-cum residence-Flats used office-cum residence-Proportionate depreciation is allowable.

ACIT v. Farah Khan (Ms.) (2021) 191 ITD 633 (Mum.)(Trib.)

S. 28(iv) : Business income-Value of any benefit or perquisites-Converted in to money or not-Co-owner-Excess share of land received on partition-Not assessable as business income. [S. 2(47), 45]

ITO v. Undavalli Constructions (2021) 191 ITD 749 (Vishakha) (Trib.)

S. 28(i) : Business loss-Client code modification-Alleged bogus loss-National stock exchange-Less than 1 percent of total.

DCIT v. Kaizen Stock Trade (P.) Ltd. (2021) 191 ITD 222 (Ahd.)(Trib.)

S. 24 : Income from house property-Deductions-Interest paid on borrowed capital-Possession of property is not a mandatory condition for claiming the deduction. [S. 22, 23(2), 24(b)]

Abeezar Faizullabhoy v. CIT (2021) 191 ITD 509/ 214 TTJ 382 / 207 DTR 193 (Mum.)(Trib.)

S. 14A : Disallowance of expenditure-Exempt income-No exempt earned in relevant assessment year-No disallowance can be made. [R. 8D]

JCIT(OSD) v. Medha Servo Drives (P.) Ltd. (2021) 191 ITD 333 (Hyd.)(Trib.)/ACIT v. Claridges Hotels Pvt. Ltd. (2021)86 ITR 402 ( Delhi ) (Trib)

S. 13 : Denial of exemption-Trust or institution-Investment restrictions-Interest free loan given to two consultants as per terms of employment-No violation-Exemption cannot be denied–Benefit to interested persons in violation of section 13(1)(c)-Only that part of income which is in violation of section is chargeable to tax at maximum marginal rate of tax; but not whole income of trust. [S. 11, 13(1)(c), 13(3)(cc)]

Jaya Educational Trust v. DCIT (2021) 191 ITD 107 / 213 TTJ 418/ (2022) 216 DTR 346 (Chennai)(Trib.)

S. 12AA : Procedure for registration-Trust or institution-Alleged ingenuine donations from donors-Information from investigation wing-Cancellation was held to be not valid-Remanded to pass a speaking order after making objective analysis in accordance with law.

Shree Jainarayan Hariram Goel Charitable Trust v. CIT (2021) 191 ITD 137 (Raipur)(Trib.)

S. 12AA : Procedure for registration-Trust or institution-Education-Aryans school-Approval was examined by Board-Denial of exemption was not justified.

Doctor Madan Lal Atri Charitable Trust v. CIT(E) (2021) 191 ITD 190 / 90 ITR 199/ 206 DTR 69 (Agra)(Trib.)

S. 12AA : Procedure for registration-Trust or institution-Object and genuineness is not in doubt-Refusal of registration is not valid.

Har Nihal Charitable Trust v. CIT (2021) 191 ITD 587 / 90 ITR 191 / 213 TTJ 266/ 205 DTR 41 (Chd.)(Trib.)