S. 68 : Cash credits -Identity of creditor established – Need not explain the source of the source – Addition confirmed by the Tribunal is deleted .
Gaurav Triyugi Singh v ITO (2020) 423 ITR 531/ 188 DTR 128/ 315 CTR 748( Bom) (HC)www.itatonline.orgS. 68 : Cash credits -Identity of creditor established – Need not explain the source of the source – Addition confirmed by the Tribunal is deleted .
Gaurav Triyugi Singh v ITO (2020) 423 ITR 531/ 188 DTR 128/ 315 CTR 748( Bom) (HC)www.itatonline.orgS. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Remission of loan by Government of Maharashtra cannot be assessed u/s 28(iv) or 41(1) of the Act – Order of Tribunal is affirmed [ S.28(iv ) ]
PCIT v SICOM Ltd (2020) 274 Taxman 58 ( Bom) (HC)S. 37(1) : Business expenditure – Business loss- Write off of losses towards stock obsolescence in respect of Laptops and motherboards -Held to be allowable as revenue expenditure [ S.28(i), 145A ]
CIT v Gigabyte Technology (India) Ltd (2020) 421 ITR 21/ 195 DTR 334/ 273 Taxman 184 ( Bom ) (HC)S. 37(1) : Business expenditure – Capital or revenue – Payment to for the purpose of having continuous supply of limestone as a raw material – Held to be capital expenditure – Order of Tribunal directing for the payment to be amortised for a period of 8 years is held to be not valid – Question is answered in favour of the revenue . [ S.145 ]
CIT v . Zuari Industries Ltd ( 2020) 420 ITR 323/ 185 DTR 281/ 312 CTR 416 // 115 taxmann.com 337 (( Bom) (HC)S. 36(1)(iii) :Interest on borrowed capital – Allowable as deduction though capitalised in the books of account .[ S. 43(1)Ex.8 ,145 ]
CIT v . Zuari Industries Ltd ( 2020) 420 ITR 323 / 185 DTR 281/ 312 CTR 416/ 115 taxmann.com 337 ( Bom) (HC)S.28(i): Income from business – Income from house property – Exploitation of property commercially by way of complex commercial activities – Rental income is to be taxable as income from business – Not as Income from House Property. [ S.22 ]
PCIT v. City Centre Mall Nashik Pvt. Ltd ( 2020) 424 ITR 85/ 121 taxmann.com 87 ( Bom) (HC)S. 14A : Disallowance of expenditure – Exempt income – Rule 8D is not applicable to assessments prior to AY. 2008 -09 [ R.8D ]
PCIT v. Bank of India ( Bom) (HC) (UR)S. 14A : Disallowance of expenditure – Exempt income – When there is no exempt income declared during the year no disallowance can be made .[ R.8D(2) (ii) ]
PCIT v .Morgan Stanley India Securities P Ltd ( Bom) (HC) (UR)S. 14A : Disallowance of expenditure – Exempt income – When there is no exempt income declared during the year no disallowance can be made .[ R.8D(2) (ii) ]
PCIT v Khoinoor Project Pvt Ltd ( 2020) 425 ITR 700 / (2021) 276 Taxman 180 ( Bom) (HC)S. 12A : Registration –Trust or institution- Amount collected by the assessee as donation from the students was within the permissible limit of 15% – Denial of exemption is held to be not valid [ S.11, 12AA(3), 13(1)(d) ]
PCIT v Shikshan Prasarak Mandali ( Bom) (HC) (UR)