S. 69A : Unexplained money – Cash balances – Seized material – Matter remanded [ S. 132(4A) 153A ]
Shri Ram Murti Smarak Trust v. ACIT (2020)81 ITR 194 ( Luck ) (Trib) Dev Murti v . ACIT (2020)81 ITR 194 ( Luck ) (Trib)S. 69A : Unexplained money – Cash balances – Seized material – Matter remanded [ S. 132(4A) 153A ]
Shri Ram Murti Smarak Trust v. ACIT (2020)81 ITR 194 ( Luck ) (Trib) Dev Murti v . ACIT (2020)81 ITR 194 ( Luck ) (Trib)S.68 : Cash credits – Income from undisclosed sources — Ex parte Assessment — Loan —Creditor showing very low income not a determinative factor for determining creditworthiness of creditor — Addition held to be not justified .[ S.144 ]|
Rohit Kumar Jindal (HUF ) v. ITO (2020) 81 ITR 469/ 208 TTJ 764 (Chd)(Trib)S.43B: Deductions on actual payment – Prior period expenses — Depositing Employees’ State Insurance payment for earlier year and for relevant assessment Year —Allowable in year in which actually paid [ S.37(1) ]
Arvind Metals and Minerals P. Ltd. v ACIT (2020) 81 ITR 648 (Kol) (Trib)S. 40(a)(ii) : Amounts not deductible – Rates or tax – Education cess is allowable as deduction .
Reckitt Benckiser (I.) Pvt. Ltd. v Dy. CIT (2020) 81 ITR 577 (Kol) (Trib)S.37(1): Business expenditure — Rent expenses —Allowable as revenue expenditure .
ACIT v. Padma Logistics and Khanij Pvt. Ltd. (2020) 81 ITR 61 /183 ITD 891/ 208 TTJ 67 (Kol) (Trib)S.28(i):Business loss -Speculative business – Loss on forward booking of foreign exchange — Transaction not speculative in nature -Allowable as business loss [ S.43(5)(a) ]
Arvind Metals and Minerals P. Ltd. v ACIT (2020) 81 ITR 648 (Kol) (Trib)S.28(i) : Business income -Income from other sources – interest earned from investments with treasuries and banks was part of the banking activity of the assessee, and was eligible to be assessed as income from business [ S.56 ]
The Chombal Service Co-Operative Bank Ltd. v ITO (2020) 81 ITR 13 ( Cochin) (Trib)S. 14A : Disallowance of expenditure – Exempt income – Strategic Investment – Own funds more than investments -No disallowance can be made . [ R.8D ]
ACIT v. Padma Logistics and Khanij Pvt. Ltd. (2020) 81 ITR 61 /183 ITD 891/ 208 TTJ 67 (Kol) (Trib)S. 14A : Disallowance of expenditure – Exempt income – Shares held as stock-in trade -Interest expenditure – Value its stock at cost or market value, whichever was lower -Matter remanded .[ S. 36(1)(iii), 115JB, R.8D (ii) ]
Add. CIT v. PNB Gilts Ltd. (2020) 81 ITR 224 /183 ITD 111 (Delhi) (Trib)S. 11 : Property held for charitable purposes – Micro finance activity — Not charitable in nature — Not entitled to exemption [ S. 2 (15) ]
Shalom Charitable Ministries Of India v. ACIT (2020) 81 ITR 20 ( Cochin ) (Trib)