S. 80IC : Special category states-Consumption of electricity-Mismatch of production-Denial of exemption is held to be not justifies.
CIT v. Borkar Packaging (P.) Ltd. (2021) 276 Taxman 131 / 199 DTR 526/ 320 CTR 792(Bom.)(HC)S. 80IC : Special category states-Consumption of electricity-Mismatch of production-Denial of exemption is held to be not justifies.
CIT v. Borkar Packaging (P.) Ltd. (2021) 276 Taxman 131 / 199 DTR 526/ 320 CTR 792(Bom.)(HC)S. 80IB : Industrial undertakings-Failure to provide details of number of workmen working in each units in form No. 10CCB-Denial of exemption is held to be not valid. [Form no. 10CCB]
CIT v. Borkar Packaging (P.) Ltd. (2021) 276 Taxman 131 / 199 DTR 526/ 320 CTR 792 (Bom.)(HC)S. 70 : Set off loss-One source against income from another source- Same head of income-Could be set off against income of assessee under same head from other unit not eligible for deduction under said section- Matter remanded to the Tribunal. [S. 10B, 71, 80B(5), 80IC]
TVS Motor Company Ltd. v. ACIT (2021) 276 Taxman 25 (Mad.)(HC)S. 56 : Income from other sources-Interest-Short term deposits-Pre -operative period before commencement of business-Assessable as income from other sources.
Express Infrastructures (P.) Ltd. v. Dy. CIT (2021) 276 Taxman 22 (Mad.)(HC)S. 54F : Capital gains-Investment in a residential house-investment in a residential house in USA prior to 1-4-2015-Entitled to claim exemption. [S. 45]
CIT v. Vinay Mishra (2021) 276 Taxman 68 (Karn.)(HC)S. 49 : Capital gains-Previous owner-Cost of acquisition-capital asset not having become property of assessee-Gift not proved by registered document-SLP of assessee is dismissed. [S. 45]
V. Dwarakanathan v. ACIT (2021) 276 Taxman 78 (SC) Editorial : Affirmed, Judgement in V. Dwarakanathan v. ACIT (Mad)(HC) (TCA No. 308/2019 dt. 19-6-2019)S. 48 : Capital gains-Computation-Transfer of consideration to EMR Mauritius for benefit of certain employees and ex-employees of seller company-Not allowable as deduction. [S. 45]
Srinivasan Chandira Kumar v. Addl. CIT (2021) 276 Taxman 207 (Karn.)(HC)S. 37(1) : Business expenditure-Foreign travel expenses-promotion of business-legal and professional fees-Expenditure for replacement of part of machine-Held to be allowable as business expenditure.
Elgi Equipments Ltd. v. JCIT (2021) 276 Taxman 141 (Mad.)(HC)S. 37(1) : Business expenditure-Miscellaneous expenses-Adhoc disallowance-Not substantiated by producing evidence-Ad hoc disallowance is held to be justified.
Tata Coffee Ltd. v. Dy. CIT (2021) 276 Taxman 215 / 198 DTR 380 (Karn.)(HC)S. 32 : Depreciation-Assets leased to three companies-Search- Assets were not found-Transaction genuine or not is a question of fact-Order of Tribunal allowing the depreciation is affirmed. [S. 132]
CIT LTU v. Canara Bank (2021) 431 ITR 303 / 276 Taxman 392 (Karn.) HC)