S.45(3) : Foreign exchange forward contract loss – Allowable as business loss and setoff against loss. [ S.28(i) ]
PCIT v. Rikin Exports (Bom)(HC)(UR) Editorial : SLP of revenue is dismissed. (SLP18517/2019 dt.24/02/2020)S.45(3) : Foreign exchange forward contract loss – Allowable as business loss and setoff against loss. [ S.28(i) ]
PCIT v. Rikin Exports (Bom)(HC)(UR) Editorial : SLP of revenue is dismissed. (SLP18517/2019 dt.24/02/2020)S.45: Capital gains – No cost of acquisition of TDR (Development rights) – Not liable to capital gain tax.
PCIT v. Manohar H. Kakwani. (Bom) (HC) (UR) Editorial: SLP of revenue is dismissed (SLP No.18498 of 2019 dt.02/08/2019)(2019) 416 ITR 125 (St.)(SC)S. 45: Capital gains – Land – Survey – Statement -There was no building on the land which was subject to depreciation – Rent was received only in respect of land – Provision of S.50 cannot be applied merely on the basis of statement in the course of survey [ S.50 ,133A, 194I ]
PCIT v. Firoz Tin Factory (Bom)(HC)(UR) Editorial: SLP of revenue is dismissed (SLP No.21694 of 2019 dt.06/09/2019)(2019) 417 ITR 56 (St.)(SC)S. 44: Insurance business – Loss from Jeevan Suraksha fund cannot be added while computing the income from insurance business. [(S. 10(23AAB) ]
PCIT v. Life Insurance Corporation of India. (Bom)(HC)(UR) Editorial : SLP granted to the revenue (CA No.7335 of 2019 dt.06/09/2019)(2019) 418 ITR 14 (St.)(SC)S. 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.41(1) : Remission or Cessation of trading liability – Waiver of loan – OTS Scheme -Addition can not be made in to the income in respect of waiver of principal loan which was utilised for acquisition of capital assets . [ S. 28(iv)]
CIT v. Rieter India Pvt. Ltd. (Bom)(HC)(UR) Editorial: SLP of revenue is dismissed (SLP No.12690 of 2019 (2019) 414 ITR 3(St.)(SC)S.37(1) : Business expenditure : Bank NRI deposits mobilisation expenditure – replacement of shares – Held to be allowable.[ S.44AC ]
CIT v. Hongkong and Shanghai Banking Corporation Ltd. (Bom) (HC) (UR) Editorial: SLP of revenue is dismissed (SLP No.18521 of 2019 dt.02/08/2019)(2019) 416 ITR 124 (St.)(SC)S.37(1) :Business expenditure – Commission paid to the foreign agents for having worked on behalf of the Assessee in procuring sales is held to be allowable- Business Loss – No colourable device employed by Assessee in the process sale of shares at low price- Loss is held to be allowable .[ S.28(i) ]
PCIT v .Navin Fluorine International Ltd. (Bom)(HC)(UR) Editorial: SLP of revenue is dismissed (SLP No.19379 of 2019 dt.13/08/2019) (2019) 417 ITR 55 (St.)(SC)S.37(1) : Business expenditure – Capital or revenue – Bank NRI mobilisation expenditure – Amount paid to vacating the premises – Held to be allowable
CIT v. Hongkong and Shanghai Banking Corporation Ltd (2020) 114 taxmann.com 275 (Bom.)(HC) Editorial: SLP of revenue is dismissed (SLP (C )No.19466 of 2019dt )(2019) 418 ITR 9 (St) (SC)/ (2020) 114 taxmann.com 276 (SC)S.32: Depreciation –Special foundation of windmill – 80% depreciation allowed on Civil Construction, electrical and other non-integral part of installations as against 15% restricted by the AO .
PCIT v. Mahalaxmi Infra Projects Ltd (Bom) (HC) www.itatonline.org.