S. 32 : Depreciation-Purchase Bills for certain assets not genuine-Assessee and department agreeing for one lakh disallowance-Depreciation is allowable on balance purchases.
RMV It Services P. Ltd. v. ACIT(OSD) (2020) 82 ITR 590 (Kol.)(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-Securities-RBI guidelines-Depreciation on valuation of Securities allowable as business loss. [S. 28(i)]
Dy. CIT v. Punjab National Bank (2020) 82 ITR 95 (Delhi)(Trib.)S. 28(i) : Business income-Civil contractor-Transfer of development rights-Income earned from project assessable as business income-Estimation of 10% of gross receipts is held to be justified-When income is estimated specific disallowance u/s. 40A(3) cannot be made-The transfer definition cannot be applied to on transfer development rights which is a business asset-Income taxable on performing certain obligations [S. 2(47)(v), 40A(3), Transfer of Property Act, 1882, S.53A]
ITO v. Abdul Kayum Ahmed Mohd. Tamboli (2020) 82 ITR 419 (Mum.)(Trib.)S. 28(i) : Business income-Ancillary objects-Financial services-Assessable as business income. [S. 37(1), 57(3)]
ACIT v. Sunstar Hotels and Estates Pvt. Ltd. (2020) 82 ITR 437 (Chennai)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Shares held as stock in trade-Disallowance is held to be not justified. [R. 8D]
Dy. CIT v. Punjab National Bank (2020) 82 ITR 95 (Delhi)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-No exempt income-Disallowance cannot be made. [R. 8D]
MakeMy Trip (India) Pvt. Ltd. v. Dy. CIT (2020) 82 ITR 71 (Delhi) (Trib.)S. 14A : Disallowance of expenditure-Exempt income-Investments held as Stock In Trade cannot be subject matter of disallowance-Strategic investments yielding exempt income alone to be considered for purpose of working of disallowance. [R. 8D(2)(iii)].
HDFC Bank Ltd. v. ACIT (2020) 82 ITR 533 (Mum.)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Investment was made in earlier year-No interest expenditure was claimed-Matter remanded to the AO for fresh consideration. [R. 8D]
S. Annamalai (BHUF) v. ITO (2020)82 ITR 68 (Chennai)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Investment made in earlier years-Disallowance to be restricted to extent of funds invested. [R. 8D]
Abhinav International P. Ltd. v. Dy.CIT (2020) 82 ITR 258 (Delhi)(Trib.)S. 12AA : Procedure for registration-Trust or institution-Running Educational Institutions imparting engineering courses-Recognised by All India Council for technical Education and Establishing Polytechnic College-Genuineness established-Eligible for grant of Registration-Grant of approval u/s. 80G only after satisfying conditions. [S.2(15), 80G]
Kalyan Educational Society v. CIT (2020) 82 ITR 1/194 DTR 49/207 TTJ 505 (Kol.)(Trib.)