S. 32 : Depreciation-Business assets-Business of real estate-Not carried out any business activity during the relevant year-Depreciation is allowable.
Supreme Build Cap (P.) Ltd. ACIT (2020) 183 ITD 728 (Delhi)(Trib.)
Digest of case laws
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This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws S. 32 : Depreciation-Capital spares-Change in accounting policy-Depreciation is allowable at 15%.
Gujarat State Energy Generation Ltd. v. ACIT (2020) 183 ITD 590 (Ahd.)(Trib.)S. 32 : Depreciation-Additional depreciation-Software development-Matter remanded. [S. 32(iia)]
Texas Instruments (India) (P.) Ltd. v. ACIT (2020) 183 ITD 7 /195 DTR 347/207 TTJ 586 (Bang.)(Trib.)S. 28(i) : Business loss-Sale of cashew to sister concerns-Conformity with normal commercial practice-Allowable as business loss. [S. 145]
R. Pratap v. CIT (2020) 183 ITD 750/195 DTR 217/208 TTJ 24 (Cochin)(Trib.)/R. Prakash v. CIT (2020) 183 ITD 750/195 DTR 217/208 TTJ 24 (Cochin) (Trib.)/Ramesh Chandran Nair v ACIT CIT (2020) 183 ITD 750/195 DTR 217/208 TTJ 24 (Cochin) (Trib.) T.C .Usha v ACIT CIT (2020) 183 ITD 750/195 DTR 217/208 TTJ 24 (Cochin) (Trib.) Vijaylaxmi Cashew Co v. ACIT CIT (2020) 183 ITD 750/195 DTR 217/208 TTJ 24 (Cochin) (Trib.)S. 28(i) : Business income-Purchase and sale of immovable properties-Sale of agricultural plot of land-Stock in trade-Assessable as business income and not capital gains. [S. 2(14)(iii), 45]
Kohli Estates (P.) Ltd. v. ITO (2020) 183 ITD 650 / (2021) 209 TTJ 624 (Delhi)(Trib.)S. 15 : Salaries-Employed in GEII-Assignment to Australia-Remission of salary to Indian Bank-Cannot be taxed as salary earned in India-DTAA-India-Australia. [S. 5, Art. 15]
Paul Xavier Antony Samy. v. ITO(IT) (2020) 183 ITD 143 /78 ITR 48(SN) (Chennai)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Own funds are more than investments-Presumption that investment was made out of own funds-No disallowance can be made. [R. 8D]
ACIT v. Padma Logistics & Khanij (P.) Ltd. (2020) 81 ITR 61 / 183 ITD 891/ 208 TTJ 67 (Kol.)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Own funds exceeded amount of investment in shares-No disallowance can be made. [R. 8D]
Gujarat State Energy Generation Ltd. v. ACIT (2020) 183 ITD 590 (Ahd.)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Disallowance under Rule 8D(2)(iii) is to be done by taking into account dividend bearing securities only. [S. 10(34), R.8D(2)(iii)]
Pricewaterhouse Coopers (P.) Ltd. v. ACIT (2020) 183 ITD 354 (Kol.)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Short term borrowings-Equity shares held as stock in trade-portion of interest expenses related to earning of exempt dividend income had to be disallowed-Matter remanded-Method of valuation-Stock in trade-Matter remanded. [RR. 8D]
ACIT v. PNB Gilts Ltd. (2020) 81 ITR 224/183 ITD 111 (Delhi)(Trib.)