S. 23 : Income from house property-Annual value-Deemed rental income-Addition held to be justified. [S. 22]
Jaswantlal J. Shah v. ACIT (2021) 190 ITD 157 (Mum.)(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. 23 : Income from house property-Annual value-Builder-Unsold stock-Deemed income-Assessable as income from house property-Estimate at 8.5% of investment was held to be not justified-Remanded for compute valuation of deemed rent. [S. 22]
Dimple Enterprises v. DCIT (2021) 190 ITD 199 (Mum.)(Trib.)S.14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed the exempt income. [R.8D]
Jaswantlal J. Shah. v. ACIT (2021) 190 ITD 157 (Mum.)(Trib.)/ MKJ Enterprises Ltd .v. DCIT (2020) 212 TTJ 507 (Kol)( Trib)/ACIT v. Madura Garments Lifestyle Retail Co. Ltd. (2021)92 ITR 11 (SN) (Mum) ( Trib)/JCIT v. T. V. Today Network Ltd. (2021)92 ITR 53 (SN)(Delhi) ( Trib)/Century Real Estate Holdings Pvt Ltd v. Dy.CIT ( 2021 ) 92 ITR 32 ( Bang)( Trib) Century Real Estate Holdings Pvt Ltd v. Dy.CIT ( 2021 ) 92 ITR 32 ( Bang)( Trib)S. 14A : Disallowance of expenditure-Exempt income-Dissatisfaction-Discussion made in the assessment order would satisfy requirement of recording of dissatisfaction. [R. 8D]
Hindustan Aeronautics Ltd. v. ACIT (2021) 190 ITD 721 (Bang.)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-No exempt income during the year-No disallowance can be made. [R.8D]
Kumar Properties and Real Estate (P.) Ltd. v. DCIT (2021) 190 ITD 212 / 87 ITR 169 (SN) / 212 TTJ 227 / 202 DTR 425 (Pune) (Trib.)S. 14A : Disallowance of expenditure-Exempt income-Expenses in respect of investments yielded income can only be disallowed-Matter remanded-Interest free funds exceeded the investment made-Interest disallowance cannot be made. [R. 8D]
K. Raheja Corp. (P.) Ltd. v. DCIT (2021) 190 ITD 749 (Mum.)(Trib.)S. 12AA : Procedure for registration-Trust or institution-Failure to examine the documents filed-Matter remanded.
Panchkuva Cloth Merchant Association v. CIT (2021) 190 ITD 1 (Ahd.) (Trib.)S. 12AA : Procedure for registration-Trust or institution-Construction of chambers for lawyers-Supervise and regulate for benefit of lawyers community at large-Denial of registration was held to be not justified. [S. 2(15)]
Building Committee (Society) Barnala v. CIT (2021) 190 ITD 138 / 89 ITR 1 / 212 TTJ 128 / 202 DTR 121 (Chd.)(Trib.)S. 12AA : Procedure for registration-Trust or institution-Generation of revenue-Can not be considered as commercial organisation-Matter remanded. [S. 12A]
Maharashtra Ex-Servicemen Corporation Ltd. v. CIT (2021) 190 ITD 119 (Pune)(Trib.)S. 11 : Property held for charitable purposes-Education-Survey-Capitalisation on fee-Surplus was incidental to educational activates-Denial of exemption was held to be not justified. [S. 2(15), 12AA, 133A]
DCIT v. JMJ Education Society (2021) 190 ITD 496 (Bang.)(Trib.)