S. 37(1) : Business expenditure-Environmental, Travelling, Office maintenance expense-Matter remanded to the Assessing Officer.
Kartikeya Manganese and Iron Ore Pvt. Ltd. v. Dy.CIT (2020) 84 ITR 10 (SN) (Bang.)(Trib.)S. 37(1) : Business expenditure-Environmental, Travelling, Office maintenance expense-Matter remanded to the Assessing Officer.
Kartikeya Manganese and Iron Ore Pvt. Ltd. v. Dy.CIT (2020) 84 ITR 10 (SN) (Bang.)(Trib.)S. 37(1) : Business expenditure-Abandoned project-Link with existing business-Allowable as deduction-Payment of bonus commensurate with efforts-Allowable as deduction. [S. 36(2)]
IDFC Projects Ltd. v. ACIT (2020) 84 ITR 30 (SN) (Mum.)(Trib.)S. 37(1) : Business expenditure-Business Expenditure-Business-Setting up of business and commencement of business-Allowable as deduction.
Gco Technologies Centre P. Ltd. v. ITO (2020) 84 ITR 21 (SN) /(2021) 187 ITD 136 (Mum.)(Trib.)S. 36(1)(iii) : Interest on borrowed capital-Sufficient interest-free funds available for investment in sister concerns-Interest on borrowings not to be disallowed.
Kumar Urban Development Ltd. v. ITO (2020) 84 ITR 17 (SN) (Pune) (Trib.)S. 36(1)(iii) : Interest on borrowed capital-Capitalisation of interest paid up to date of installation of machinery-Interest relating to assessee’s own funds utilised in purchase to be excluded in computing the interest to be capitalized.
Rajkalp Mudraalaya Pvt. Ltd. (2020) 84 ITR 4 (SN.) (Ahd.) (Trib.)S. 36(1)(iii) : Interest on borrowed capital-Interest-free advances received from customers were available-Interest-free loans given to subsidiaries-Proportionate disallowance of interest not warranted.
Assetz Infrastructure Pvt. Ltd. v. Dy.CIT (2020) 84 ITR 59 (SN) (Bang.)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Share application money pending allotment at year end-Not to be treated as investment yielding exempt income. [R. 8D]
Kumar Urban Development Ltd. v. ITO (2020) 84 ITR 17 (SN) (Pune) (Trib.)S. 14A : Disallowance of expenditure-Exempt income-Interest-Disallowance of interest on net interest-Higher interest income-No disallowance can be made-Sufficient interest free funds-Presumption that investment and advances were made out of such funds-No interest to be disallowed. [S. 36(1)(iii), R. 8D]
Dy.CIT v. Priyal International P. Ltd. (2020) 84 ITR 50 (SN) (Ahd.) (Trib.)S. 14A : Disallowance of expenditure-Exempt income-Interest-Own funds more than the investment-Presumption is investment is from own funds-No disallowance of interest can be made-Erroneous disallowance shown in the return-Indirect expenses-Only investments actually yielding exempt income to be considered for working out disallowance-Assessment cannot be based on consent or acceptance of assessee either in return or during course of assessment or Appellate Proceedings. [S. 143(3), R. 8D(2)(iii), Art. 265]
Dy.CIT v. Godrej Properties Ltd. (2020) 84 ITR 13 (SN) (Mum.) (Trib.)S. 14A : Disallowance of expenditure-Exempt income-Not earning any dividend income during year and not claiming exemption-Disallowance cannot be made. [R. 8D]
Assetz Infrastructure Pvt. Ltd. v. Dy.CIT (2020) 84 ITR 59 (SN) (Bang.)(Trib.)