S.37(1): Business expenditure – Monetary incentive to its members – Allowable as deduction
Karnataka State Co-op. Apex Bank Ltd v. Dy. CIT (2021) 281 Taxman 2 / 207 DTR 351/ 323 CTR 730 (Karn.)S.37(1): Business expenditure – Monetary incentive to its members – Allowable as deduction
Karnataka State Co-op. Apex Bank Ltd v. Dy. CIT (2021) 281 Taxman 2 / 207 DTR 351/ 323 CTR 730 (Karn.)S.37(1): Business expenditure – Prior period expenditure – Held to be allowable
CIT v. Karnataka Power Corporation Ltd (No. 2) (2021) 436 ITR 292/ 281 Taxman 600 (Karn.) (HC).Editorial: SLP granted to the Revenue , CIT v. Karnataka Power Corporation Ltd ( 2022) 286 Taxman 561 ( SC)S. 32 : Depreciation -Computer system- Switches and routers- Part of peripherals of computer system- Entitled to depreciation at rate of 60 per cent
PCIT v. Mphasis Ltd. (2021) 281 Taxman 206 (Karn.) (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)