S. 32 : Depreciation -Additional depreciation – Machinery was put to use for less than 180 days – Balance depreciation of 50% is allowable in subsequent year . [ S. 32(1)(iia) ]
CIT v. Hinduja Foundries Ltd. (2021) 281 Taxman 448 (Mad.)(HC)S. 32 : Depreciation -Additional depreciation – Machinery was put to use for less than 180 days – Balance depreciation of 50% is allowable in subsequent year . [ S. 32(1)(iia) ]
CIT v. Hinduja Foundries Ltd. (2021) 281 Taxman 448 (Mad.)(HC)S. 28(i) : Business income – Income from house property – letting out building along with other amenities in industrial park- Assessable as income from business [ S. 22 ]
Rao Computer Consultants (P) Ltd. v. Dy. CIT (2021) 281 Taxman 236 (Karn.) ( HC) Rao Computer Consultants (P) Ltd. v. Dy. CIT (2021) 281 Taxman 319 (Karn.) ( HC)S.14A : Disallowance of expenditure – Exempt income – No disallowance can be made when the assessee had not earned any exempt income [ R.8D ]
PCIT v. Nam Estates (P) Ltd. (2021) 281 Taxman 7 (Karn) (HC)S. 13 : Denial of exemption-Trust or institution-Investment restrictions – Survey – Only to extent of income which was violative of section 13(1)(d) and not total denial of exemption. [ S. 11, 12A, 13(1)(d), 133A, Art , 226 ]
St. Xavier Educational Trust v. CIT (E) (2021) 281 Taxman 193 (Mad.) (HC)S. 11 : Property held for charitable purposes – Application of income – Expenses of earlier years can be adjusted against income earned in subsequent year . [ S. 11(4) ]
PCIT v. Karnataka Jesuit Educational Society (2021) 281 Taxman 478 (Karn.) (HC)S. 11 : Property held for charitable purposes – Activity of running hostel – Not commercial activity – Denial of exemption is held to be not justified . [ S. 2(13), 2(15) , 11(4A) ]
Daya Nand Pushpa Devi Charitable Trust v. Addl. CIT (2021) 436 ITR 406/ 281 Taxman 455/203 DTR 201/ 321 CTR 385 (All.) (HC)S. 6(6) : Residence in India – Not-ordinarily resident -Accrual of income -Sale of stock option – Earlier employer – Matter remanded back to the Assessing Officer [ S. 5(1) (c ) ]
Dr.S. Muthian v. ACIT (2021) 281 Taxman 640 (Mad.) ( HC)Direct Tax Vivad Se Vishwas Act, 2020
S. 4 : Filing of declaration and particulars to be furnished S. 4 : Filing of declaration and particulars to be furnished – Time limits – Appellant -Disputed tax – Dismissal of appeal by Commissioner (Appeals ) as time barred – Tribunal condoning the delay – Declaration was held to be valid- Respondents were directed to accept the revised declaration filed by the petitioner . [ S.2 (1)(a)(i), 2(1) (j)( B) , ITA, S. 246A, Art , 226 ]
Boddu R amesh v. PCIT (2021) 281 Taxman 587 (Telangana) (HC)S. 143(3): Assessment -Bogus purchases – Estimation of profit at 10% of total alleged bogus purchases is held to be justified – No substantial question of law [ S.37 (1), 40A(3), 260A ]
PCIT v. JK Surface Coatings Pvt Ltd ( Bom ) ( HC ) www.itatonline .org .S. 143(3): Assessment – Natural justice –Covid-19 – Lockdown – Returned income was loss of Rs.10, 57,049 and income assessed was 114. 57 ,33, 424 – Only three working days notice was given to file various details – Order passed without giving sufficient time is violative of the principle of natural justice – Order was set aside . [ S. 144, Art. 226 ]
SPL Gold India Pvt Ltd v.ACIT ( Bom ) (HC) www.itatonlline .org