S.28(i) : Business income — Income from house property —Main business is let out of property – Income assessable as business income [ S.22 ]
PSTS Heavy Lift and Shift Ltd. v .Dy. CIT (2020)422 ITR 497 /107 CCH 0454 /193 DTR 193/ 317 CTR 172 (Mad)(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 – Notional expenditure on earning dividends cannot be disallowed when there is no expenditure is incurred – Rule 8D cannot be applied to any assessment year prior to assessment year 2008 -09 [ R.8D ]
CIT v. Syndicate Bank (2020)422 ITR 298 /186 DTR 200/ 313 CTR 76 / 270 Taxman 237(Karn)(HC)S. 14A : Disallowance of expenditure – Exempt income – No disallowance if exemption has not been claimed.[ R.8D ]
PCIT v. Jay Chemical Industries Ltd. (2020)422 ITR 449 / 107 CCH 0459 / 275 Taxman 78(Guj) (HC)S. 10A : Free trade zone – Export oriented undertakings – Remission or cessation of trading liability – Profits derived from export- Reversal of the entry with regard to the stock option given to the employees was in the nature of export income- Entitled to exemption. [ S.10B , 41(1) ]
California Software Co. Ltd. v. CIT (2020)422 ITR 514 / 107 CCH 0458 / 275 Taxman 158 (Mad)(HC)S. 10(17A) : Awards and rewards in cash or kind – Award for meritorious service in Public Interest —Approval of State Government or Central Government is not mandatory – Approval is implied .
K. Vijaya Kumar v. PCIT (2020) 422 ITR 304/ 271 Taxman 188/107 CCH 0467/ 191 DTR 179 / 315 CTR 572 (Mad)(HC)S. 10(15) :Interest payable- Interest on Foreign currency loan Specified securities – Loan utilised for repayment of domestic loan taken towards working capital- Exemption cannot be denied . S.10(15)(iv)(f)
CIT v. Seven Seas Distillery (Pvt.) Ltd. (2020)422 ITR 229 / 185 DTR 105/ 312 CTR 272 / 271 Taxman 229(Mad) (HC)S. 4 : Charge of income-tax – Interest- Surplus of Government grant- Interest earned -Not assessable as income .[ S.2(24) (i) ]
PCIT v. Punjab Police Housing Corporation Ltd. (2020)422 ITR 244 / 107 CCH 0457 / 195 DTR 150/ 317 CTR 838(P&H) (HC)S. 4 : Charge of income-tax – Interest- Surplus of Government grant- Interest earned -Not assessable as income .[ S.2(24) (i) ]
PCIT v. Punjab Police Housing Corporation Ltd. (2020)422 ITR 244 / 107 CCH 0457/195 DTR 150 / 317 CTR 838(P&H) (HC)Benami Transactions (Prohibition) Amendment Act, 2016.
S.2(9) (a): Benami – No Procedure For Declaring Property Benami under Act of 1988 — Amendment Act not made retrospective — Prosecution in respect of Transaction In 2011 is held to be not valid [ Benami Transactions (Prohibition) Act, 1988, 3 , 5 , 8, General Clauses Act, 1897 S.6 (c ) ]
Ganpati Dealcom Pvt. Ltd. v. UOI (2019) 106 CCH 0420 /(2020) 421 ITR 483/ 269 Taxman 489 (Cal)(HC)S. 276C : Offences and prosecutions – Wilful attempt to evade tax – The pendency of assessment proceedings cannot act as a bar to institution of prosecution – Framing the charge is held to be valid [ S .(2(16) 116 , 277 , 279 Constitution of India , Art , 13 Code of Criminal Procedure, 1973, S.245(2), Indian Penal Code , 1860 , S 120B , 193, 199 ]
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