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. 32 : Depreciation -Modem-Eligible for higher rate of depreciation at 60 Per Cent.

Dy. CIT v. Asianet Satellite Communications Ltd. (2020) 79 ITR 695 (Cochin) (Trib)

S.28(i):Business loss- Loss on account of fluctuation in rate of foreign exchange -Allowable as business loss [ S.37(1), 145 ]

Dy. CIT v. Coffee Day Global Ltd. (2020) 79 ITR 322 (Bang) (Trib)

S.28(i) :Business income- Intercorporate deposit-Interest on margin money-Interest earned assessable as business income and not as income from other sources.[S.56 ]

Essar Shipping Ltd. v. ACIT (2020) 79 ITR 555 (Mum) (Trib)

S. 14A : Disallowance of expenditure – Exempt income – Sufficient interest free fund – No disallowance can be made – Administrative expenses – No bifurcation of expenses – Disallowance at 0.5 Per Cent. is held to be a reasonable estimation.[ R.8D ]

ACIT v. Niit Technologies Ltd. (2020)79 ITR 60 ( Delhi) (Trib)

S. 14A : Disallowance of expenditure – Exempt income -No exempt income in relevant previous year — No disallowance can be made .[ R 8D ]

Dy. CIT v. JSW Ltd (2020)79 ITR 585 / 116 taxmann.com 565 /183 ITD 148/ 189 DTR15 / 205 TTJ 1 (Mum) (Trib)

S. 14A : Disallowance of expenditure – Exempt income – No exempt income received during year — Disallowance cannot be made [ R.8D ]

Dy. CIT v. Hind Industries Ltd. (2020)79 ITR 1 / (2021 ) 186 ITD 272(Delhi) (Trib)

S. 14A : Disallowance of expenditure – Exempt income – No income exempt from tax received in relevant previous year —Disallowance cannot be made .[ R.8D(2)(iii) ]

Dy. CIT v. Coffee Day Global Ltd. (2020) 79 ITR 322 (Bang) (Trib)

S. 11 : Property held for charitable purposes – Providing facilities to tourists and pilgrims coming to Kurukshetra – No commercial element in activities- Entitle to exemption [ S.2(15) 12 ]

JCIT (OSD)(E ) v. Kurukshetra Development Board (2020) 181 ITD 465 /79 ITR 31 / 208 TTJ 234(Chd) (Trib)

S. 10B: Export oriented undertakings – Books of account – No requirement to maintain separate books of account- Exemption allowable at source and not after computation of gross total income

ACIT v. Niit Technologies Ltd. (2020)79 ITR 60 ( Delhi) (Trib)

S. 9(1)(vii):Income deemed to accrue or arise in India – Fees for technical services -Management services to associated enterprise —Matter remanded to the Assessing Officer – Services of corporate guarantee not services of managerial, technical or consultancy services – Education cess and secondary and higher education Cess — Not applicable while taxing income on gross basis under tax treaty —
DTAA- India -France – Reimbursement of expense -Matter remanded to the Assessing Officer . [ S.92C, Art. 13(3) ]

Jcdecaux S. A. v. ACIT (2020) 79 ITR 222( Delhi ) (Trib)