S. 14A : Disallowance of expenditure-Exempt income-No exempt income-No disallowance can be made.[R. 8D]
DCIT v. Cornerstone Property Investment (P.) Ltd. (2020) 185 ITD 202 (Bang.)(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. 14A : Disallowance of expenditure-Exempt income-Own funds exceed amount of investment-Interest expense incurred cannot be disallowed. [R. 8D]
K. B. Mehta Construction (P.) Ltd. v. DCIT (2020) 185 ITD 81 (Ahd.)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot be more than exempt income. [S. 10(34), R. 8D]
Kundan Rice Mills Ltd. v. ACIT (2020) 83 ITR 466 / 185 ITD 765 (Delhi)(Trib.)S. 12AA : Procedure for registration-Trust or institution-Voluntary contributions received by assessee-society for a specific purpose cannot be regarded as income. [S. 2 (24)(iia)]
ITO(E) v. Hosanna Ministries (2020) 185 ITD 144 (Vishakha)(Trib.)S. 12AA : Procedure for registration-Trust or institution-Salary, vehicle rent to specified persons-Matter remanded for reconsideration. [S.13 (1)(c), 13(3)]
Yash Shikshan Sansthan Evam Gramin Vikas Samiti v. CIT (2020) 185 ITD 340 (Indore)(Trib.)S. 12AA : Procedure for registration-Trust or institution-Failure to deduct tax at source-Salary of staff partly in cash partly by cheque-Denial of registration is held to be not valid. [S.12A]
Nav Bharat Shiksha Samiti v. CIT (2020) 185 ITD 591 / 187 DTR 1 / 204 TTJ 1 (Delhi)(Trib.)S. 11 : Property held for charitable purposes-Society constituted by Ministry of Textiles, Government of India to promote handloom sector-Exhibitions in different parts of country for display and sale of handloom fabrics/cloth manufactured by handloom weavers and handloom society-Motive was to provide a platform for handloom weavers-Not carrying on any business, trade or commerce-Eligible for benefit. [S. 2(15)]
ITO v. Association of Corporation & Apex Societies of Handlooms. (2020) 185 ITD 63 (Delhi)(Trib.)S. 11 : Property held for charitable purposes-Non-profit entity-Contract of construction of a museum by RBI-Commercial activities-Not eligible for exemption. [S. 2(15)]
Creative Museum Designers v. ITO (2020) 185 ITD 137 / (2021) 198 DTR 87 / 209 TTJ 943 (Kol.)(Trib.)S. 11 : Property held for charitable purposes-National issues-Real estate sector-conventions, exhibitions etc-Charitable purpose-Eligible for exemption. [S. 2(15)]
Confederation of Real Estate Developers Association of India. v. ACIT (2020) 185 ITD 90 / (2021) 209 TTJ 160 (Mum.)(Trib.)S. 11 : Property held for charitable purposes-Accumulation of income-15 per cent accumulation for application in future has to be calculated on gross receipt and not on net receipt after deduction of revenue expenditure-suo motu observation of the CIT (A) that assessee trust’s activities were not covered under section 2(15) was per se bad-Application of income-Donation to charitable organisation-Held to be application of income. [S. 2(15), 12A]
Kanehialall Lohia Trust v. ITO (2020) 185 ITD 498 (Kol.)(Trib.)