S.80HHC: Export business – Explanation (baa) applicable only to receipts similar to brokerage, commission, interest, rent or charges
Ingersoll-Rand (India) Ltd v .CIT (2020) 427 ITR 158 /192 DTR 369(Karn)(HC)S.80HHC: Export business – Explanation (baa) applicable only to receipts similar to brokerage, commission, interest, rent or charges
Ingersoll-Rand (India) Ltd v .CIT (2020) 427 ITR 158 /192 DTR 369(Karn)(HC)S.80HHC : Export —Reduction of 90 Per Cent. of net (and not gross) Income from interest, commission and technical services — Income from technical services cannot be reduced by 90 Per Cent.
CIT(LTU) v. Asea Brown Boveri Ltd. (2020) 427 ITR 166 / 192 DTR 376/272 Taxman 224 (Karn)(HC)S. 72A : Carry forward and set off of accumulated loss and unabsorbed depreciation – Filing of Form 62 not a condition precedent for set off [ ITRules 9C ]
PCIT v. Lotte India Corporation Ltd. (2020) 427 ITR 80/ 194 DTR 7/ 317 CTR 330/ 274 Taxman 63 (Mad) (HC)S. 70 : Set off of loss – One source against income from another source – Tax Avoidance -Same head of income – Penny stock- Capital gains-Short-term capital loss —Beneficiary of bogus accommodation entries —Disallowance proper [ S. 4, 45 ,68, 69C 115BBEE ]
Sanjay Kaul v. PCIT (2020) 427 ITR 63 / 274 Taxman 301/ 119 taxmann.com 470 / 193 DTR 57 / 316 CTR 337 (Delhi)(HC) Editorial : Order in is approved , Sanjay Kaul. v. ITO (2020) 181 ITD 146 / 206 TTJ 176 (Delhi) (Trib.).S. 54 : Capital gains – Profit on sale of property used for residence –
Purchase of two residential properties in different locations -—Entitled to exemption. — Amendment substituting “A” By “One” — Applies prospectively. [ S.45 ]
S.47(vii): Capital gains- Transfer by a share holder in a scheme of amalgamation- Gains assessable as business income if shares held as stock-in-trade — No factual finding regarding nature of holding — Matter remanded [ S. 2 (47), 28, 45 ]
CIT v . Nalwa Investment Ltd. (2020)427 ITR 229 /192 DTR 393/316 CTR 97/273 Taxman 276 (Delhi)(HC)/CIT v. Abhinandan Investments Ltd. (2020) 427 ITR 229 / 192 DTR 393 / 316 CTR 97 / 273 Taxman 276 (Delhi)(HC) CIT v. Jindal Equipment Leasing Consultancy Services Ltd (2020) 427 ITR 229 /192 DTR 393 / 316 CTR 97 / 273 Taxman 276 (Delhi)(HC) CIT v. Mansarovar Investments Ltd. (2020) 427 ITR 229 / 192 DTR 393 / 316 CTR 97 / 273 Taxman 276 (Delhi)(HC) Editorial : Notice issued in SLP filed by the assessee, operation of judgement and order presently under challenge shall remain stayed Jindal Equipment Leasing Consultancy Services Ltd v. CIT ( 2021) 280 Taxmann 3 / 127 taxmann.com 278 (SC)S.43B: Deductions on actual payment – Custom duty – Allowable in year in which actually paid .
CIT(LTU) v. Asea Brown Boveri Ltd. (2020) 427 ITR 166 / 192 DTR 376/272 Taxman 224 (Karn)(HC)S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Deferment of Sales tax under scheme of State Government — Amount paid on net present value basis —Difference between sales tax mount paid on net present value and future liability not business income [ S.28(iv) ]
CIT v .Wheels India Ltd. (2020) 427 ITR 150 (Mad) (HC)S. 40A(3) :Expenses or payments not deductible – Cash payments exceeding prescribed limits -Payments made in exceptional circumstances — Payments not disallowable [ R.6DD ]
CIT(LTU) v. Asea Brown Boveri Ltd. (2020) 427 ITR 166 / 192 DTR 376/272 Taxman 224 (Karn)(HC)S.37(1): Business expenditure — Capital or revenue -Club membership -Revenue expenditure- Disallowance of part of expenditure – Held to be not justified .
Ingersoll-Rand (India) Ltd v .CIT (2020) 427 ITR 158/192 DTR 369 (Karn)(HC)