S. 28(i) : Business loss-Derivative contracts-Futures and options-Interim report of SEBI-Loss in trading from stock option-Loss allowable as business loss.
Kundan Rice Mills Ltd. v. ACIT (2020) 83 ITR 466 / 185 ITD 765 (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. 28(i) : Business income-Redemption of debentures-Amount earned on redemption of debentures by company in which investment was made, would be taxable as business income-Proportionate revenue-Net amount received is held to be taxable. [S. 145]
Shivsagar Builders (P.) Ltd. v. ACIT (2020) 185 ITD 684 (Delhi)(Trib.)S. 23 : Income from house property-Annual value-Stock in trade-Fair market value-Used for the purpose of business-Addition cannot be made on the basis of notional annual value.[S. 22]
Shivsagar Builders (P.) Ltd. v. ACIT (2020) 185 ITD 684 (Delhi)(Trib.)S. 17(2) : Perquisite-Salary-Medical allowance-Fixed medical allowance was given-No proof of medical expenditure was furnished-Taxable as salary income. [S. 15]
Branch Manager, LIC of India. v. ITO (TDS) (2020) 185 ITD 77/196 DTR 261/(2021)209 TTJ 1040 (Cuttack)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Investments in Indian companies which did not yielded exempt dividend income-Excluded while computing disallowance. [R. 8D(2)(iii)]
Pentamedia Graphics Ltd. v. DCIT (2020) 80 ITR 555/185 ITD 45/190 DTR 391/205 TTJ 892 (Chennai)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Recording of satisfaction-suo motu disallowance-Satisfaction cannot be on the basis of mechanism of Rule 8D itself. [S. 14A(2), R. 8D]
Tata Industries Ltd. v. DCIT (2020) 185 ITD 215 (Mum.) (Trib.)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.)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.)