S. 54F : Capital gains-Investment in a residential house-Perpetual lease–Purchase of property-Entitle for exemption. [S. 2(47)(vi), 45, 269UA]
N. Ramaswamy v. ITO (2020) 180 ITD 702 / 190 DTR 374/ 205 TTJ 803(Chennai)(Trib.)S. 54F : Capital gains-Investment in a residential house-Perpetual lease–Purchase of property-Entitle for exemption. [S. 2(47)(vi), 45, 269UA]
N. Ramaswamy v. ITO (2020) 180 ITD 702 / 190 DTR 374/ 205 TTJ 803(Chennai)(Trib.)S. 54F : Capital gains-Investment in a residential house-Purchase of flat-Mere fact that assessee was one of associated parties in said concern which was developing housing project, could not be a ground to deny benefit of deduction.[S. 45]
Lalitkumar Kesarimal Jain v. DCIT (2020) 77 ITR 394 / 180 ITD 832 / 190 DTR 424/ 205 TTJ 753 (Pune)(Trib.) Kruti Lalit Kumar Jain v. DCIT (2020) 77 ITR 394/ 180 ITD 832/ 190 DTR 424/ 205 TTJ 753 (Pune) (Trib.) Pranay Lalit Kumar Jain v. DCIT (2020) 77 ITR 394/ 180 ITD 832 / 190 DTR 424/ 205 TTJ 753 (Pune) (Trib.)S. 47(iv) : Capital gains-Transaction not regarded as transfer – Subsidiary –Parent company is not holding whole share capital of subsidiary – Capital gains on buy back is taxable. [S. 45 46A]
Acciona Wind Energy (P.) Ltd. v. DCIT (IT) (2020) 180 ITR 792 /185 DTR 280 / 203 TTJ 377 (Bang.)(Trib.)S. 45(2) : Capital gains-Conversion of a capital asset in to stock-in-trade–Year of taxability-Capital gains arising from such conversion was to be brought to tax when transfer/sale of such asset took place and not on date of converting capital asset into stock-in-trade. [S. 45]
Union Company (Motors) (P.) Ltd. v. ACIT (2020) 180 ITD 799/ 204 TTJ 11 (UO) (Chennai)(Trib.)S. 45 : Capital gains-Sale of assets used for research and development-Not eligible to claim short-term capital loss or long-term capital loss on sale of assets used for research and development activities for which deduction under S. 35 had already been allowed.[S.2(29A), 2(29B), 2(42B), 35]
Mahindra & Mahindra Ltd. v. DCIT (2020) 180 ITD 776 (Mum.) (Trib.)S. 44AD : Presumptive taxation-Trader in medicine-Undisclosed cash credits–Bank account-Addition is held to be not justified. [S. 68, 69A, 115BBE]
Thomas Eapen v. ITO (2020) 180 ITD 741 (Cochin)(Trib.)S. 43(6) : Written down value-WDV of building had been revised on account of disallowance of depreciation in past years-Depreciation on such higher revised opening WDV of building was to be allowed. [S. 32]
ACIT v. Crompton Greaves Ltd. ( 2019) 75 ITR 17 (SN )/ (2020) 181 ITD 40 / 203 TTJ 94(Mum.)(Trib.)S. 40(a)(ia) : Amounts not deductible-Deduction at source-Disallowance is applicable not only on payable amount but also on paid amount and under both circumstances TDS should be deducted-If payee had accounted for commission as his income and had shown it in his return of income and also paid tax thereon, then no disallowance could be made. [S. 201]
ITO v. Swati Housing & Construction (P.) Ltd. (2020) 180 ITD 854 (Delhi)(Trib.)S. 37(1) : Business expenditure-Management supervision charges-Allowable as business expenditure.
DCIT v. India Housing (2020) 181 ITD 1 (Kol.)(Trib.)S. 36(1)(vii) : Bad debt–Advance to subsidiary–Interest income was offered as income–Failure to repay the advances-Allowable as bad debts. [S. 28(i), 36(2), 37(1)]
Mahindra & Mahindra Ltd. v. DCIT (2020) 180 ITD 776 (Mum.)(Trib.)