S. 28(i) : Business loss-Foreign exchange forward contract cover from Bank-Maturity date falling on April, May and June 2013-Entitle to claim loss only in the year of actual loss. [S. 37(1), 143(3), 145]
ACIT v. Madura Garments Lifestyle Retail Co. Ltd. (2021) 92 ITR 11 (SN) (Mum.)(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. 28(i) : Business income-Income from house property-Leasing, operating and maintaining mall-Rental income assessable as business income and not as income from house property-Interest expense, depreciation and other expenses allowable as business expenditure. [S. 22, 37(1)]
ACIT v. Ruchi Malls Pvt. Ltd. (2021)92 ITR 62 (SN) (Delhi)(Trib.)S. 12AA : Procedure for registration-Promotion of garment Industry-General public utility-Entitle registration. [S. 2(15), 11, 12, 13(8), Companies Act, 2013, S. 8]
Clear Training and Research Foundation v. CIT(E) (2021) 92 ITR 28 (SN) (Jaipur)(Trib.)S. 12AA : Procedure for registration-Gratuity payment to employees-Matter remanded for re examination. [S. 2(15), 11]
ICRW Group Gratuvity Trust v. CIT (2021) 92 ITR 357 (Delhi)(Trib.)S. 12AA : Procedure for registration-Trust or institution-Running Dharmarth Aushadhalaya, Gaushala, Bhandara and carrying out satsang and bhakti lectures-Charitable activity-Entitle for registration. [S. 2(15) 11, 12A]
Shri Baba Balakpuri Dharmarath Aushadhalaya Trust v. CIT(E) (2021) 92 ITR 1 (SN) (Delhi)(Trib.)S. 12AA : Procedure for registration-Trust or institution-Dismissal of application without stating any facts-Matter remanded to the CIT(E) to pass an in accordance with law.
Sadhna Ashram Trust v. CIT(E) (2021) 92 ITR 49 (SN) (Delhi)(Trib.)S. 12AA : Procedure for registration-Trust or institution-Immovable properties held by assessee-Neither registered under Indian Registration Act, 1908 nor under Societies Registration Act-Rejection of application was held to be proper. [S. 13(9), Indian Registration Act, 1908, Indian Trust Act, 1882 S. 5,Societies Registration Act,1860]
Arya Vysya Samajam v. ITO(E) (2021) 92 ITR 13 (SN) (Chennai)(Trib.)S. 12A : Registration-Trust or institution-School-Lease hold land-Fee concession-Commercial activity-Denial of registration was held to be not proper. [S. 2(15), 11, 12AA]
Lord Shiva Educational Welfare Society v. CIT (2021) 92 ITR 419 / 208 DTR 250 /( 2022) 194 ITD 159/ 216 TTJ 80 (Amritsar) (Trib.)S. 12A : Registration-Trust or institution-Medical education and medical relief to medical students and medical doctors in Malwa Region-Entitle for registration. [S. 2(15)]
Association of Physicians of India v. CIT(E) (2021) 92 ITR 642 / 207 DTR 169/(2022) 215 TTJ 8(UO) (Amritsar)(Trib.)S. 11 : Property held for charitable purposes-Medical research, establishment of hospitals, health promotion-Denial of exemption is not justified. [S. 12, 12AA(3)]
Artemis Education and Research Foundation v. CIT(E) (2021) 92 ITR 45 (SN) / (2022) 192 ITD 173 / 216 TTJ 58 / 210 DTR 113 (Delhi)(Trib.)