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)
Digest of case laws
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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. 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 )S. 276CC : Offences and prosecutions – Failure to furnish return of income – Quashing complaint — Power of High Court — No power to consider facts [S.54F , Criminal Procedure Code, 1973, S. 482 ]
Jayashree (Mrs.) v. ITO (2020) 427 ITR 209 (Mad) (HC)S. 271(1)(c) : Penalty – Concealment – Search and seizure -Block assessment – Penalty confirmed – Direction by CIT(A) regarding levy of penalty under S. 271AAA was rightly deleted by the Tribunal- Assessee has not challenged the levy of penalty u/s 271(1)( c ) of the Act . [ S. 153A,251, 271AAA]
R. Mahalakshmi ( Smt). v ACIT (2020) 427 ITR 126 /193 DTR 313/ 273 Taxman 17 (Mad)(HC)S. 263 : Commissioner – Revision of orders prejudicial to revenue –Duty drawback – Subject matter of appeal- Issue neither considered nor decided in appeal before Commissioner (Appeals) — Revision is held to be proper . [ S.80I,147 , 251 ]
Nahar Spinning Mills Ltd. v. CIT (2020) 427 ITR 131/193 DTR 161/ 274 Taxman 325/ (2021) 318 CTR 108 (P&H)(HC)