S. 28(i) : Business income – Remission or cessation of trading liability -Introduction of Gold Bars in to business – Nether assessable as business income or cessation of liability [ S.41(1) ]
Deepak Garg v. ITO (2020) 78 ITR 40 (SN) (Delhi ) (Trib)S. 28(i) : Business income – Remission or cessation of trading liability -Introduction of Gold Bars in to business – Nether assessable as business income or cessation of liability [ S.41(1) ]
Deepak Garg v. ITO (2020) 78 ITR 40 (SN) (Delhi ) (Trib)S. 24 : Income from house property – Deductions – Interest on borrowed capital — Part of self-owned house property let to unmarried son and daughter —No evidence that arrangement not genuine — Loss on account of interest to be adjusted against rental income —Interest on entire property not allowable as rental income part of house property. [ S.24(1)(b) ]
Md. Hussain Habib Pathan v. Asst. CIT (2020) 78 ITR 63(SN))/ ( 2021) 186 ITD 373 (Mum) (Trib)S. 15 : Salaries – Director- Assessable on accrual basis and not on receipt basis — Salary shown in form 26 AS filed by company alone to be taxed — Assessing Officer is directed to examine factual aspect [Companies Act, 1956, Schedule XIII ]
Dy. CIT v .Villoo Zareer Morawala Patel (Smt.) (2020) 78 ITR 17 (SN) (Bang) (Trib))S. 14A : Disallowance of expenditure – Exempt income -— Investments not generating any income — Disallowance of interest on borrowed funds uilised for making investments cannot be made .[ R.8D ]
ACIT v. Amartara P. Ltd. (2020) 78 ITR 46 (SN) (Mum) (Trib)S. 12AA : Procedure for registration –Trust or institution- Education — Yoga – Entitle to registration [ S.2(15) 11 ]
Sanjhi Sikhiya Foundation v. CIT(E) (2020) 78 ITR 31(SN) ( Amritsar) (Trib)S. 11 : Property held for charitable purposes – Donations – If disclosure of income in hands of assessee as corpus fund and income applied for charitable purposes and assessee has due registration- Addition cannot be made as cash credits . [ S.12A, 68 ]
Sneha Trust for Charity and Education v. ACIT (2020) 78 ITR 25 (SMC) (SN)( Cochin) (Trib)S. 11 : Property held for charitable purposes – Accumulation of income – Details of purposes for which income accumulated need not be specified in Form 10- Investor protection fund Trust — No prohibition in law that trust qualified under Sections 11 to 13 could not claim exemption. [ S.11(2) ,13(3), Form No. 10 ]
National Stock Exchange Investor Protection Fund Trust v. Dy. CIT (E) (2020) 78 ITR 12 (SN) (Mum) (Trib)S. 6(1) : Residence in India – Individual -Period of stay in India -Staying in India for 151 days – Salary received for period in respect of services rendered abroad – Not taxable in India- DTAA -India – Australia- [ S.15 , Art .15 ]
Paul Xavier Antonysamy v. ITO (2020) 183 ITD /453/ 78 ITR 48 (SN) (Chennai) (Trib)S. 4 : Charge of income-tax -Capital or revenue -Mesne profits — Income from house property – Compensation for wrongful possession by its erstwhile tenant -Capital receipt [ S. 22, 25AA, 25B ]
Trans Freight Containers Ltd. v. Dy. CIT (2020) 78 ITR 5 (SN) (Mum) (Trib)Wealth -tax Act, 1957
S. 21AA: Assessment – Association of persons – Members’ Club — No business or profession carried on by social members’ Club- Surplus assets to be divided equally amongst members — Members’ shares determinate at that date —Club not chargeable to Wealth-Tax. [ S.2(31) 3(1) ]
Bangalore Club v. CWT (2020) 427 ITR 260/ 316 CTR 622/ 193 DTR 441/ 275 Taxman 480 (SC )