S. 37(1) : Business expenditure-Club membership fees-Club service charges-Membership fee allowable as deduction-Amount spent on services is held to be not allowable.
Apollo Tyres Ltd. v. Dy. CIT (2021) 438 ITR 526/ 283 Taxman 427 (Ker.)(HC)S. 37(1) : Business expenditure-Club membership fees-Club service charges-Membership fee allowable as deduction-Amount spent on services is held to be not allowable.
Apollo Tyres Ltd. v. Dy. CIT (2021) 438 ITR 526/ 283 Taxman 427 (Ker.)(HC)S. 37(1) : Business expenditure-Capital or revenue-Acquisition of equipment-Used by dealer in showrooms-Not allowable as revenue expenditure. [S. 32]
Apollo Tyres Ltd. v. Dy. CIT (2021) 438 ITR 526/ 283 Taxman 427 (Ker.)(HC)S. 37(1) : Business expenditure-Provision for commission-Ad-hoc basis-Not deductible.
Apollo Tyres Ltd. v. ACIT (2021) 438 ITR 536/ 283 Taxman 427 (Ker.)(HC)S. 37(1) : Business expenditure-Ex gratia payments to employees-Allowable as deduction.
CIT v. Karur Vysya Bank Ltd. (2021) 438 ITR 465 (Mad.)(HC)S. 37(1) : Business expenditure-Capital or revenue-Software expenses-Arrears of wages-Ex-gratia payment-Allowable as business expenditure-Payment made to Registrar of Companies for increasing authorised capital-Not allowable as revenue expenditure.
Karur Vysya Bank Ltd. v. CIT (2021) 438 ITR 465 /(2022) 284 Taxman 692 (Mad.)(HC)S. 36(1)(vii) :Bad debt-Provision made for bad debts-Banking company-Allowable as deduction though not debited in profit and loss account. [S. 145]
CIT, LTU v. Vijay Bank (2021) 130 taxmann.com 148 (Karn.)(HC) Editorial :SLP was granted to revenue, CIT, LTU v. Vijay Bank (2021) 282 Taxman 296 (SC)S. 36(1)(vii) : Bad debt-Advance paid for acquisition of capital asset-Amount written off-Not allowable as bad debt. [S. 37(1)]
Apollo Tyres Ltd. v. Dy. CIT (2021) 438 ITR 526/ 283 Taxman 427 (Ker.)(HC)S. 36(1)(iii) : Interest on borrowed capital-Commercial expediency-Borrowed funds not diverted to sister concerns-Allowable as deduction. [S. 37(1)]
CIT v. GMR Energy Ltd. (2021)437 ITR 240 (Karn.)(HC)S. 32(2) : Depreciation-Unabsorbed depreciation-Set-off-Allowed to be carried forward and set off after a period of eight years without any limit as per section 32 (2) as amended by Finance Act, 2001. [S. 32]
PCIT v. Petrofils Co-op. Ltd. (2021) 130 taxmann.com 190 (Guj.)(HC) Editorial : SLP of revenue was dismissed ; PCIT v. Petrofils Co-op. Ltd. (2021) 282 Taxman 319 (SC)S. 32 : Depreciation-Business of mining and transportation-Dumpers-Higher rate of depreciation of 30% is allowable-No substantial question of law. [S. 260A]
PCIT v. H.D. Enterprises (2021) 130 taxmann.com 289 (Guj.)(HC) Editorial : SLP of revenue dismissed, PCIT v. H.D. Enterprises (2021) 282 Taxman 382 (SC)/) (2021 438 ITR 2 (ST) (SC)