S.28(i) :Business loss – Business expenditure — Obsolescence allowance — Write of off obsolete stock – Allowable as business loss .[ S. 37(1) 145A]
CIT v. Gigabyte Technology (India) Ltd. (2020) 421 ITR 21 /195 DTR 334/ 273 Taxman 184 (Bom)(HC)S.28(i) :Business loss – Business expenditure — Obsolescence allowance — Write of off obsolete stock – Allowable as business loss .[ S. 37(1) 145A]
CIT v. Gigabyte Technology (India) Ltd. (2020) 421 ITR 21 /195 DTR 334/ 273 Taxman 184 (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.28(i): Business income- Client code modification-(CCM )- Shifting of profits- Addition as income on the basis of alleged doubtful transaction is held to be not valid – Deletion of addition b the Tribunal is affirmed. [S.69, 143(3)]
PCIT v. Pat Commodity Service Pvt. Ltd. (Bom.)(HC), www.itatonline.orgS. 14A: Disallowance of expenditure – Exempt income -Disallowance cannot exceed assessee’s exempt income. [R.8D]
Nirved Traders Pvt. Ltd. (2020) 421 ITR 142 (Bom) (HC)S. 14A: Disallowance of expenditure – Exempt income – Disallowance cannot exceed exempt income earned — Tribunal restricting disallowance to extent offered by assessee is held to be proper. [R.8D]
CIT v. HSBC Invest Direct (India) Ltd. (2020) 421 ITR 125 (Bom) (HC)S. 14A : Disallowance of expenditure – Exempt income – In the absence of any exempt income, disallowance is not permissible. [ R.8D]
PCIT v Dish TV India Ltd (Bom) (HC) (UR ).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.11: Exemptions – Trust was not engaged in running the restaurant, bar etc. – Exemption is held to be allowable.
CIT(E) v. Matoshri Arts & Sports Trust. (Bom) (HC) (UR) Editorial: SLP of revenue is dismissed (SLP No.17828 of 2019 dt.26/07/2019)(2019) 416 ITR 127 (St.)(SC)