S. 32 : Depreciation-Securities-Stock in trade-Depreciation on account of fall in value of securities allowable.
CIT v. Karnataka Bank Ltd.(2022) 142 taxmann.com 64 (Karn.)(HC) Editorial : SLP granted to Revenue, CIT v. Karnataka Bank Ltd.(2022) 288 Taxman 725 (SC)
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-Intangible asset-Geographical report-Entitled to depreciation. [S. 35E]
CIT v. Integrated Coal Mining Ltd. (2022) 288 Taxman 783 / 218 DTR 303 / 329 CTR 517 /(2023)456 ITR 178 (Cal.)(HC)S. 32 : Depreciation-Lease of assets-Depreciation is allowable.
CIT v. Canara Bank (2022) 141 taxmann.com 566 (Karn.)(HC) Editorial : SLP granted to Revenue, CIT v. Canara Bank (2022) 288 Taxman 655 (SC)S. 28(i) : Business loss-Advance of money-Irrecoverable amount-Capital loss not allowable as business loss. [S. 36(1)(iii), 37(1)]
Ashok Leyland Ltd. v. ACIT (2022) 288 Taxman 514 /(2023) 455 ITR 526 (Mad.)(HC)S. 14A : Disallowance of expenditure-Exempt income-Bank-Shares held as stock in trade-No disallowance of expenditure could be made. [R. 8D]
PCIT v. Punjab National Bank (2022) 449 ITR 468 / 288 Taxman 127 (Delhi)(HC)S. 14A : Disallowance of expenditure-Exempt income-No expenditure was incurred in earning dividend income-Disallowance cannot be made. [R. 8D]
CIT v. Canara Bank (2022) 141 taxmann.com 566 (Karn.)(HC) Editorial : SLP granted to Revenue, CIT v. Canara Bank (2022) 288 Taxman 655 (SC)S. 12AA : Procedure for registration-Trust or institution-Cancellation of registration-Survey-Donation-Accommodation entries-Money laundering activity-Not brought on record anything to show that activities of assessee were not genuine or activities were not being carried out in accordance with objects of society-Cancellation of registration is not valid. [S. 2(15), 11, 133A]
CIT(E) v. Sanskriti Sagar (2022) 288 Taxman 153 / (2023) 331 CTR 778 (Cal.)(HC)S. 12AA : Procedure for registration-Trust or institution-Registration-Trust cannot be assessed as an AOP-Order of Tribunal is affirmed. [S. 11]
CIT v. Guru Nanak Educational Trust (2022) 288 Taxman 97 (Cal.)(HC)S. 11 : Property held for charitable purposes-Construction activities under State PWD department-2.5 per cent supervision charges-Not entitle to exemption. [S. 2(15), 12A]
Nirmithi Kendra v. Dy. CIT(E) (2022) 141 taxmann.com 495 (Ker.)(HC) Editorial : Notice issued in SLP filed by the assessee, Nirmithi Kendra v. Dy. CIT(E) (2022) 288 Taxman 663 (SC)/ Editorial : High Court order is set aside , Nirmithi Kendra v. Dy. CIT (E) (2024) 297 Taxman 382 (SC)S. 11 : Property held for charitable purposes-Grant-in-aid-One time grant-in-aid from Government of India with a specific purpose of up gradation and strengthening of institutions-Not assessable as Revenue receipts. [S. 2(24)(iia), 2(24)(xviii), 10(23C)(iiiab) 12, 12AA 13, Himachal Pradesh Nursing Registration Council Act, 1977]
H.P. Nursing Registration Council v. PCIT (2022) 288 Taxman 275 / 220 DTR 129 / 329 CTR 737 // (2023) 455 ITR 512 (HP)(HC)