S. 36(1)(iii) : Interest on borrowed capital-Loan to sister concern from non –interest bearing funds–No disallowance can be made.
CIT v. Harrisons Malayalam Ltd. (2019) 414 ITR 344 / 183 DTR 302/ 266 Taxman 414/ 311 CTR 802(Ker.)(HC)S. 36(1)(iii) : Interest on borrowed capital-Loan to sister concern from non –interest bearing funds–No disallowance can be made.
CIT v. Harrisons Malayalam Ltd. (2019) 414 ITR 344 / 183 DTR 302/ 266 Taxman 414/ 311 CTR 802(Ker.)(HC)S. 14A : Disallowance of expenditure-Exempt income–Satisfaction-AO cannot disallow the expenditure far in excess of what has been disallowed, without demonstrating how the working of the assessee is wrong. [R. 8D]
CIT v. DSP Adiko Holdings Pvt. Ltd. (2019) 414 ITR 555 (Bom.) (HC) CIT v. DSP HMK Holdings P. Ltd (2019) 414 ITR 555 (Bom.)(HC)S. 12AA : Procedure for registration–Trust or institution-Cancellation of registration cannot be done retrospective effect- Education- Amounts spent on construction of buildings and acquisition of Television channel for educational purposes-Entitle to exemption-Depreciation is allowable–Proviso inserted w.e.f. 1-4 .2015 is not retrospective–High Court has the power to set aside the order of Settlement Commission which i.e. erroneous. [S. 11, 12AA(3), 245D(4), Art. 226.]
Indian Medical Trust v. CIT (2019) 414 ITR 296/ 265 Taxman 473/ 311 CTR 19/182 DTR 252 (Raj.)(HC)S. 11 : Property held for charitable purposes–Depreciation is allowable–Amount transferred to private university–Exemption cannot be denied–Expenditure on foreign travel for purpose of Trust- Held to be allowable. [S. 12AA, 13, 32]
CIT(E) v. Mahima Shiksha Samiti (2019) 414 ITR 673 (Raj.)(HC)S. 5 : Scope of total income-Accrual-Real income theory-Bad debt -Mercantile system of accounting-Bill raised for premature termination of contract-Contracting company not accepting Bill- Income did not accrue–Another bill of which a small part is received after four years–Claim as bad debt is to be accepted. [S. 36(1)(vii)]
CIT v. Bechtel International Inc. (2019) 414 ITR 558 / ( 2020) 113 taxmmann.com 514 / 192 DTR 422(Bom.)(HC)S. 4 : Charge of income-tax–Capital or revenue-Grant in aide– Disbursement of salaries and flood relief-Protect the functioning of the assessee-Held to be capital receipt. [S. 28(i)]
PCIT v. State Fisheries Development Corporation Ltd. (2019) 414 ITR 443 (Cal)(HC) Editorial: PCIT v. State Fisheries Development Corporation Ltd. ( 2019) 411 ITR 4 (St)S. 2(24) : Income–Collection of value added tax on behalf of the State Government–Excess over expenditure deposited in State Treasury–Not assessable as income. [S. 2(24(i), 12A]
CIT v. H. P. Excise and Taxation Technical Service Agency. (2019) 414 ITR 539 (HP) (HC) Editorial: SLP of revenue is dismissed CIT v. H. P. Excise and Taxation Technical Service Agency. (2019) 414 ITR 7 (St) (SC)Prohibition of Benami Property Transactions Act , 1988.
S.3: Prohibition of benami transactions- The Benami Amendment Act, 2016, amending the Benami Act, 1988, comes into force on 01.11.2016 and does not have retrospective effect. [S. 2((9), 5,8 / Art . 226 , 227 ]
S. 254(1) : Appellate Tribunal -Low tax effect Appeals- Less than 50 lakhs – Applies to all pending appeals- 628 Departmental appeals are dismissed . [ S.253 ] .
ITO v. Dinesh Madhavlal Patel (2019) 108 taxmnn.com 211 / 181 DTR 9 (Ahd)(Trib), www.itatonline.orgS. 197 : Deduction at source – Certificate for lower rate –Quasi judicial – Must be supported by valid and cogent reasons- Orders passed by a statutory authority under “dictation” of a superior officer or anyone else is bad in law .[ R.28AA ]
Bently Nevada LLC v. ITO ( 2019) 267 Taxman 333/ 183 DTR 257/ 311 CTR 677(Delhi)(HC),www.itatonline.org