S. 36(1)(vii) : Bad debt-Interest allowed–Entitle to claim write off of principal.[S. 36(2)]
CIT v. Nalwa Sons Investment Ltd. (2019) 416 ITR 263 (Delhi)(HC)S. 36(1)(vii) : Bad debt-Interest allowed–Entitle to claim write off of principal.[S. 36(2)]
CIT v. Nalwa Sons Investment Ltd. (2019) 416 ITR 263 (Delhi)(HC)S. 36(1)(iii) : Interest on borrowed capital–Production of milk-Loan for setting up joint venture company with Central Government Agency and State Government entity–Allowable as deduction.
CIT v. Keventer Agro Ltd. (2019) 416 ITR 482 (Cal.)(HC)S. 36(1)(iii) : Interest on borrowed capital–Commercial expediency-Inter-corporate deposits–Lower rate charged on inter-corporate deposits than that paid -No disallowances can be made. [S. 37(1)]
CIT v. Apollo Tyres Ltd. (No. 2) (2019) 219 ITR 546 (Ker.)(HC)S. 28(i) : Business loss–Loss on sale of bonds–Held to be business loss.
CIT v. Appollo Tyres Ltd. (No. 4) (2019) 416 ITR 564 (Ker.)(HC)S. 11 : Property held for charitable purposes–Amount spent on acquisition of capital assets is allowed as application of income for charitable purposes – Depreciation is allowable.[S. 11(2), 32]
CIT v. Karnataka State Cricket Association. (2019) 416 ITR 604 (Karn.)(HC)S. 4 : Charge of income-tax–Subsidy from State Government– Capital receipt. [S. 2(24)]
CIT v. Keventer Agro Ltd. (2019) 416 ITR 482 (Cal.) (HC)S. 4 : Charge of income-tax–Subsidies–Receipts of interest and power subsidiaries-Capital receipts-Amendment is prospective- Receipts not being nature of income cannot be included for purpose of computing book profit. [S. 2(24), 115JB]
PCIT v. Ankit Metal and Power Ltd. (2019) 416 ITR 591 / 182 DTR 333/ 266 Taxman 237/ 311 CTR 369(Cal.)(HC)S. 2(31)(v) : Person-Association of persons-No partnership deed -No unity of control-Assessment as Association of persons is justified. [S. 132]
CIT v. Malayil Bankers. (2019) 416 ITR 322/( 2020) 185 DTR 347 / 314 CTR 568(Ker.)(HC)S. 2(28A) : Interest-Accrual basis-Interest on compensation awarded by Motor Accident Claims Tribunal is taxable on year wise accrual basis. [Motor Accident Claims Tribunal]
Sharda Pareek (Smt.) v. ACIT (2019) 416 ITR 441 /104 taxmmann.com 76/262 Taxman 253(Raj) (HC) Editorial : SLP is granted to the assessee Sharda Pareek (Smt.) v. ACIT (2019) 412 ITR 31 (St)// 262 Taxman 252 (SC)S. 2(14)(iii) : Capital asset-Agricultural land-Burden is on assessee to prove that the land was agricultural-Mere certificate by village Officer after sale of land is not sufficient–Gains assessable as capital gains. [S. 45]
CIT v. Kalathingal Faizal Rahman. (2019) 416 ITR 311 (Ker.) (HC)