S. 28(i) : Business loss-Housing Finance-Pre-termination of loan– Onus on AO to show that loss claimed by assessee was tax evasion device-Matter remanded. [S. 254(1)]
L & T Housing Finance Ltd. v. Dy.CIT (2020) 77 ITR 85 (SN) / 186 DTR 153/203 TTJ 835 (Chennai)(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. 23 : Income from house property-Business income-Annual letting value-Non-resident Director-Flat used as residence as well as carrying on business–Notional value from property cannot be assessed as income from house property. [S.22, 23(1), 23(4), 28(i)]
Record Investments and Leasing Pvt. Ltd. v. ITO (2020) 77 ITR 76 (SMC) (SN) (Mum.)(Trib.)S. 22 : Income from house property-Business income-Unsold flats-Stock in trade-No rental income to be computed when flats held as stock-in-trade. [S. 23(5), 28(i)]
Rafiahamad Rasul Patel v. ITO (2020) 77 ITR 16 (SN) (Pune)(Trib.)S. 22 : Income from house property-Deemed owner-Income from house property–Income from business–Sub letting of property– Leasing of property for a period exceeding 12 years-Lease rental is assessable as income from house property and not as business income. [S. 27(iiib), 28 (i), 56, 269UA(f)]
Nahalchand Laloochand P. Ltd. v. Dy.CIT (2020)77 ITR 664 /183 ITD 25 / 191 DTR 218/ 204 TTJ 975(Mum.) (Trib.)S. 22 : Income from house property-Business income-Call centre services-Rental Income from property assessable as Income from house property-Income arising out of providing services assessable as business Income. [S. 24, 28(i)]
ACIT v. Dr. ITM Ltd. (2020) 77 ITR 338 (SN) (Chd.)(Trib.)S. 14A : Disallowance of expenditure-Exempt income–Neither debiting any expenditure nor claiming any expenditure–Expenditure cannot be disallowed on presumptive basis-Disallowance is restricted to exempt income–Claiming excess expenditure– Disallowance is confirmed. [S. 80P(2)(iv), R.8D]
Baroda District Co-Op. Milk Producers Union Ltd. v. ACIT (2020) 77 ITR 87 (SN) (Ahd.)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Not recording of satisfaction-Addition is unsustainable. [R. 8D]
ATS Infrastructure Ltd. v. ACIT (2020) 77 ITR 70 (SN) (Delhi)(Trib.)S. 12A : Registration–Trust or institution-Corporate Social Responsibility–Denial of registration is held to be not justified.
Roundglass Foundation v. CIT(E) (2020) 77 ITR 288 (Chd.)(Trib.)S. 11 : Property held for charitable purposes-Trust-Beneficiaries a group of individuals-Does not mean association of persons-Assessee to be treated an individual. [S. 2(31)(v), 12A]
Saraswat Hitwardhak v. ITO (2020) 77 ITR 89 (SN) (Mum.)(Trib.)S. 11 : Property held for charitable purposes–Corpus fund-letter from Donor–Additional evidence admitted and matter remanded to the AO for decide a fresh–fixed asset not claimed depreciation in earlier years-Allowable as application of income. [S. 11(1)(d), 11(6), 32]
Shivapur Shikshana Samiti v. ITO(E) (2020) 77 ITR 42 (SN) (Bang.)(Trib.)