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. 36(1)(iii) : Interest on borrowed capital-liquidation damages/pre-payment charges-Own interest free funds-Expenditure incurred towards payment of interest on borrowed funds was to be allowed as deduction.

PCIT v. Power Links Transmission Ltd. (2022) 287 Taxman 327/114 CCH 16 (Delhi)(HC)

S. 32 : Depreciation-Lease of assets-Financial transactions-Failure to provide lease agreements-Matter remanded [S. 143(3), 254(1)].

Maharashtra Apex Corpn. Ltd. v. Dy.CIT (2022) 287 Taxman 310 /113 CCH 337 (Karn.)(HC)

S. 32 : Depreciation-Stock in trade-Fall in value of securities-Depreciation allowable.

CIT v. Lakshmi Vilas Bank Ltd. (2022) 287 Taxman 333/113 CCH 336 (Mad.)(HC)

S. 32 : Depreciation-Windmill-Generation of electricity-Entitle to additional depreciation [S. 32(1)(iia)].

S. Srinivasaraghavan v. ACIT (2022) 287 Taxman 398/114 CCH 312 (Mad.)(HC)

S. 32 : Depreciation-Business of hire purchase and leasing-Motor vehicles-Entitle to depreciation at 40 percent.

CIT v. Lakshmi Vilas Bank Ltd. (2022) 287 Taxman 333/113 CCH 336 (Mad.)(HC)

S. 28(i) : Business income-Letting out of properties along with other amenities-Rental income assessable as business income and not as income from house property [S. 22].

CIT v. G.V. Foundations P. Ltd. (2022) 287 Taxman 140/113 CCH 311 (Mad.)(HC)

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

PCIT (Cent.) v. R.M. Commercial (P.) Ltd. (2022) 287 Taxman 194 / 113 CCH 348 (Cal.)(HC)

S. 14A : Disallowance of expenditure-Exempt income-Only those shares which had yielded dividend income in year under consideration to be considered [R. 8D].

PCIT v. Shalimar Pellet Feeds Ltd. (2022) 287 Taxman 134/213 DTR 345/326 CTR 595 / (2023)453 ITR 547 (Cal.)(HC)

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

PCIT v. Delhi International Airport P. Ltd. (2022) 138 taxmann.com 112 (Karn.)(HC) PCIT v. Delhi International Airport P. Ltd. (2022) 138 taxmann.com 541 ( Karn)(HC) Editorial : Notice issued in SLP filed by Revenue, PCIT v. Delhi International Airport P. ltd. (2022) 287 Taxman 100 / 113 CCH 271 (SC)/Notice issued in SLP filed by Revenue , PCIT v. Delhi International Airport P. ltd. (2022) 289 Taxman 18 (SC)

S. 12AA : Procedure for registration-Trust or institution-Money laundering-Not doubted the charitable activities-Cancellation of registration is not valid [S. 12A].

CIT(E) v. Balaram Hanumandas Charitable Trust (2022) 287 Taxman 209/113 CCH 349 /(2023)456 ITR 438 (Cal.)(HC)