S. 28(i) : Business loss-Investment in subsidiary-Wound up of subsidiary-Loss is allowable. [S. 37(1)]
ACE Designers (P) Ltd. v. ACIT (2020) 275 Taxman 138( 2021 )198 DTR 118 (Karn.)(HC)
Digest of case laws
Online digest of latest case laws
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. 14A : Disallowance of expenditure-Exempt income-Interest free funds more than investment-No disallowance can be made. [R. 8D]
PCIT v. Gujrat Fluorochemicals Ltd. (2020) 275 Taxman 366 (Guj.)(HC)S. 14A : Disallowance of expenditure-Exempt income-Failure to prove that no expenditure was incurred-Disallowance of expenditure is held to be justified. [R. 8D]
Polaris Consulting and Services Ltd. v. PCIT (2020) 275 Taxman 121 (Mad.)(HC)S. 14A : Disallowance of expenditure-Exempt income-Recording of satisfaction is mandatory-Disallowance cannot exceed exempt income. [R. 8D]
Marg Ltd. v. CIT (2020) 275 Taxman 502 (Mad.)(HC)S. 11 : Property held for charitable purposes-Salary paid to secretary-50% of salary was allowed as reasonable-No substantial question of law. [S.260A]
Avani Village Welfare Society v. ITO (2020) 275 Taxman 618 (Mad.)(HC)S. 10AA : Special economic zones-Export turnover-Expenditure incurred in foreign exchange is to be excluded from ‘Export Turnover’ for purpose of computing deduction.
Polaris Consulting and Services Ltd. v. PCIT (2020) 275 Taxman 121 (Mad.)(HC)S. 10A : Free trade zone-Split of existing business-Site development of software at client premises-New unit-Entitle to exemption.
CIT v. L & T Valdel Engineering P. Ltd. (2020) 275 Taxman 115 /(2021) 199 DTR 28 (Karn) (HC)S. 268A : Appeal-Development agreement-Monetary limit-Less than one crore-Appeal dismissed. [S. 2(47)(v), 48]
CIT v. Lakshmi Devi (2020) 274 Taxman 442 (Mad.)(HC) CIT v. Marry Zohn (Mrs.) (2020) 274 Taxman 444 (Mad.)(HC) PCIT v. Foxteq Services India (P) Ltd. (2020) 274 Taxman 440 (Mad.)(HC)S. 263 : Commissioner-Revision of orders prejudicial to revenue-When order u/s 263 is no more in existence order passed in accordance with the direction would be infructuous.[S.143 (3)]
CIT v. India Heritage Foundation (2020) 274 Taxman 284 (Karn.) (HC)S. 263 : Commissioner-Revision of orders prejudicial to revenue-No material to support the finding of Commissioner-Revision is held to be not valid. [S. 80IB(10)]
CIT v. Doshi Estates (2020) 274 Taxman 475 / ( 2021 ) 202 DTR 297 (Mad.)(HC)