S. 14A : Disallowance of expenditure-Exempt income-Investment from interest free funds-No disallowance of interest could be made. [R. 8D]
Suresh Chunnilal Sharma v. ITO (2021) 188 ITD 487 / 213 TTJ 409 / 86 ITR 22 (SN) (Pune)(Trib.)/Alliance Infrastructure Projects Pvt. Ltd. v. ACIT (2021)90 ITR 12 (SN)(Bang) (Trib) Alliance Infrastructure Projects Pvt. Ltd. v. ACIT (2021)90 ITR 12 (SN)(Bang) (Trib)
Digest of case laws
Online digest of latest case laws
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. 14A : Disallowance of expenditure-Exempt income-No disallowance can be made when no exempt was earned during year. [R. 8D]
DCIT v. Agile Electric Sub Assembly (P.) Ltd. (2021) 188 ITD 780 / (2022)96 ITR 402 (Chennai)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income. [R. 8D]
DCIT v. Edelweiss Financial Advisors Ltd. (2021) 188 ITD 834 (Ahd.)(Trib.)S. 12AA : Procedure for registration-Trust or institution-Surplus fund invested in fixed deposit-Registration cannot be denied on the ground that some of the objects were religious. [S. 2(15), 11]
Brahman Sabha Karveer v. CIT (2021) 188 ITD 474 / 212 TTJ 1001 / 204 DTR 241 (Pune)(Trib.)S. 12AA : Procedure for registration-Trust or institution-Registration was directed to be granted from assessment year following financial year in which application seeking registration was made. [S. 11, 12]
Ess Kay Foundation. v. CIT (2021) 188 ITD 903 / 210 TTJ 899 (Jaipur)(Trib.)S. 11 : Property held for charitable purposes-Accumulation of income-Not specifying the specific purpose-Exemption cannot be denied. [S. 11(2), Form No. 10]
Arhatic Yoga Ashram Management Trust v. ITO (2021) 188 ITD 14 (Chennai)(Trib.)S. 10B : Export oriented undertakings-Interest income on FDR and miscellaneous income-Matter remanded.
Continental Engines (P.) Ltd. v. DCIT (2021)188 ITD 705 / 85 ITR 413 (Delhi)(Trib.)S. 10(23C) : Educational institution-Approval from the prescribed authority was not obtained-Denial of exemption is held to be justified. [S. 10(23C)(v)]
Gurudwara Kalgidhar Singh Sabha v. ITO (2021) 188 ITD 494 / 86 ITR 46 (SN) (Delhi)(Trib.)S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Vessel-Charter hire arrangement-Charges received from such time charter of vessel would not be brought to tax in its hands as royalty-DTAA-India-Singapore. [S. 44BB, Art. 12 (4)]
Smit Singapore Pte Ltd. v. DCIT (2021) 188 ITD 243 (Mum.) (Trib.)S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Commission to Indian agent-Arm’s length remuneration-Income cannot be taxed in India-DTAA-India-UK. [S. 92C, Art. 5(4), 5(5), 7]
Asia TV (UK) Ltd. v. DIT (2021) 188 ITD 676 (Mum.)(Trib.)