S. 80HHC : Export business-Income derived-Profits due to exchange fluctuation and provision written back–Entitle to deduction.
CIT v. TTK LIG Ltd. (2018) 409 ITR 390 (Mad.)(HC)S. 80HHC : Export business-Income derived-Profits due to exchange fluctuation and provision written back–Entitle to deduction.
CIT v. TTK LIG Ltd. (2018) 409 ITR 390 (Mad.)(HC)S. 35AD : Deduction in respect of expenditure on specified business-Hotel business- Certification of Hotel as three-Star Category Hotel in subsequent year-Deduction cannot be denied on the ground that Certification was in later year. [S. 35D(5)(aa)]
CIT v. Ceebros Hotels Pvt. Ltd. (2018) 409 ITR 423/( 2019) 261 Taxman 41 (Mad.)(HC)S. 28(i) : Business loss-Fertiliser Bonds Issued By Central Government In Lieu of subsidy-Sale of Bonds at price Lower than face value-Loss is allowable as business Loss.
CIT v. Gujarat State Fertilizers And Chemicals Ltd. (2018) 409 ITR 378 (Guj.)(HC)S. 28(i) : Business loss- Capital or revenue-Investment in shares as Stock-in-trade-Consistency method-Loss is allowable as business loss. [S. 45]
Calibre Financial Services Ltd. v. ITO (2018) 409 ITR 410/ ( 2019) 260 Taxman 201 (Mad.)(HC)S. 14A : Disallowance of expenditure – Exempt income – Recording of satisfaction- Mixed funds – Maxopp Investment Ltd. v. CIT (2018) 402 ITR 640 (SC) does not lay down a proposition that the moment it is demonstrated that the assessee had availed of mixed funds, i. e., interest-free as well as interest bearing funds and utilized them for making investments into securities earning tax-free income and the rest applicability of section 14A read with rule 8D would be automatic Resorting to the method prescribed under rule 8D is not automatic-Deletion of addition by the Tribunal is held to be justified. [R. 8D]
CIT v. Shreno Ltd. (2018) 409 ITR 401/( 2019) 261 Taxman 239 (Guj.)(HC)S. 14A : Disallowance of expenditure-Exempt income – Mixed funds-Having sufficient own funds–No disallowance can be made. [R. 8D]
CIT v. Gujarat State Fertilizers And Chemicals Ltd. (2018) 409 ITR 378 (Guj.)(HC)S. 264 : Commissioner-Revision of other orders–Appeal filed was withdrawn–Revision application is maintainable-Writ petition is maintainable against the revision order -Sale of agricultural land-In the assessment of Co-owner the land was accepted as agricultural land–Rejection of revision application was held to be not valid–Matter remanded. [S. 45, 264(4)(a)]
Pallavarajha v. CIT (2018) 409 ITR 282/ 176 DTR 115/ 311 CTR 451 (Mad.)(HC)S. 254(1) : Appellate Tribunal – Duties- Reassessment —Tribunal reversing decision of Commissioner (Appeals) without cogent reasons — Order of Tribunal is held to be not valid. [S. 147]
Prime Chem Oil Ltd. v. ACIT (2018) 409 ITR 309 (Raj.)(HC)S. 254(1) : Appellate Tribunal–Duties-Reversal of findings of fact of Assessing Officer by Tribunal without recording reasons and also not deciding the cross appeal filed by the department- Matter remanded to Tribunal for fresh adjudication. [S. 80IB]
PCIT v. Montage Enterprises Pvt. Ltd. (2018) 409 ITR 185 / 305 CTR 444/ 171 DTR 70 (Delhi)(HC)S. 195 : Deduction at source-Non-resident-Payment for technical services rendered outside India–Amendment with retrospective effect from 1-4-1962- Not liable to deduct tax at source. [S.9(1)(1) (vii)]
CIT v. Motif India Infotech (P.) Ltd. (2018) 409 ITR 178 (Guj.) (HC)