S. 37(1) : Business expenditure–Deferred expenditure-No concept of deferred revenue expenditure–Expenditure is allowable as deduction.
PCIT v. Manugraph India (P) Ltd ( 2019) 267 Taxman 437 (Bom.)(HC)S. 37(1) : Business expenditure–Deferred expenditure-No concept of deferred revenue expenditure–Expenditure is allowable as deduction.
PCIT v. Manugraph India (P) Ltd ( 2019) 267 Taxman 437 (Bom.)(HC)S. 36(1)(iii) : Interest on borrowed capital–Interest and finance charges-loans taken for investment in acquiring controlling interest in a foreign subsidiary which is in same line of business-Allowable as expenditure. [S. 37(1)]
PCIT v. Concentrix Services (I) (P.) Ltd. (2019) 267 Taxman 625 (Bom.)(HC)S. 36(1)(iia) : Weighted deduction–Salary paid to blind or physically handicapped persons–Computation-Salary to be taken after allowance of standard deduction. [S. 16]
Pieco Electronics & Electricals Ltd. v. CIT (2019) 267 Taxman 548 /(2020) 187 DTR 19/ 313 CTR 243(Cal.)(HC)S. 32 : Depreciation-Moulds – Depreciation at 30 % or 10%-Glass manufacturing concern-Matter remanded to the Tribunal. [S.254(1)]
Pieco Electronics & Electricals Ltd. v. CIT (2019) 267 Taxman 548 /(2020) 187 DTR 19/ 313 CTR 243(Cal.)(HC)S. 32 : Depreciation-Entitled to depreciation in respect of assets which were discarded or scrapped during previous year-Not necessary that such assets were actually sold during year.
Pieco Electronics & Electricals Ltd. v. CIT (2019) 267 Taxman 548/(2020) 187 DTR 19/ 313 CTR 243 (Cal.)(HC)S. 32 : Depreciation-Unabsorbed depreciation-Carry forward and Set off-Entitle to set off carried forward unabsorbed depreciation against income assessed u/s. 68 of the Act-Prior to Amendment of S.115BBE with effect from 1-4-2017-Amendment is not retrospective. [S. 68 115BBE]
Vijaya Hospitality and Resorts Ltd. v. CIT (2019) 419 ITR 322 / 180 DTR 305 (Ker.)(HC)S. 28(i) : Business income-Capital gains-288 transactions– Assessable as business income and not short term capital gains. [S. 45]
Rajeev Choudhary (Dr.) v. ACIT (2019) 267 Taxman 618 (MP)(HC)S. 14A : Disallowance of expenditure-Exempt income–Tribunal is justified in restricting the disallowance of 5% of exempt income-Rule 8D would not be applicable retrospectively. [R. 8D]
PCIT v Reliance Natural Resources Ltd. (2019) 267 Taxman 644 (Bom.)(HC)/Editorial : SLP of Revenue dismissed , PCIT v. Reliance Natural Resources Ltd. (2022) 286 Taxman 435 (SC)S. 12AA : Procedure for registration–Trust or institution-Delay in filing form No 10-CIT(E ) is held to be not justified in rejecting the form no 10 filed belatedly–Delay was condoned–Matter remanded to CIT( E ) grant the registration as per the law. [S. 11(2) 119(2b), 147, 148, Art. 226]
Coimbatore Muslim Relief Fund v. DIT (E) (209) 267 Taxman 399 / ( 2020) 185 DTR 364(Mad.)(HC)S. 12AA : Procedure for registration–Trust or institution-Trust formed for distribution of pensionary benefits-Payment of pension is statutory obligation and not charity-Not entitled to registration-Review petition is dismissed.[S.2(15), Code Of Civil Procedure, 1908,O. XL VII R. 1.
GCDA Employees Pension Fund Trust v. CIT (2019) 419 ITR 343/ (2020) 188 DTR 175/ 316 CTR 377/ 269 Taxman 502 (Ker.)(HC)