S. 37(1) : Business expenditure-Management fees-Onus discharged-No substantial question of law.[S.260A]
PCIT v. Anand Divine Developers (P.) Ltd. (2024) 297 Taxman 353 (Delhi)(HC)S. 37(1) : Business expenditure-Management fees-Onus discharged-No substantial question of law.[S.260A]
PCIT v. Anand Divine Developers (P.) Ltd. (2024) 297 Taxman 353 (Delhi)(HC)S. 37(1) : Business expenditure-Insurance broker-Supervisory and risk management charges paid to its sister concerns-Allowable as revenue expenditure.
PCIT v. Trinity Insurance Brokers (P.) Ltd. (2024) 297 Taxman 38 (Delhi)(HC)S. 37(1) : Business expenditure-Interest on securities-Securities held as stock in trade-Order of High Court is affirmed-SLP of Revenue is dismissed.[S. 28(i), Art. 136]
CIT v. State Bank of India (2024) 297 Taxman 6/ 463 ITR 701 (SC) Editorial: CIT v. State Bank of India(2023) 292 Taxman 38/ 445 ITR 122 (Telangana)(HC)S. 37(1) : Business expenditure-Interest-Directed to file paper book-Failure to file the paper book within specified time of 15 days, High Court dismissed the appeal-On SLP delay in filing of paper book is condoned-Directed the High Court to decide the appeal on merits along with other connected appeals. [S. 260A, Art. 136]
Herbicides India Ltd. v. ACIT (2024) 297 Taxman 389 (SC) Editorial : Herbicides India Ltd. v. ACIT (Raj)(HC) (DBMRA 303-2014 dt. 25-2-2015, DBCR 25-2015, DBMRA dt. 26-4 2017)S. 37(1) : Business expenditure-Corporate social responsibility-Expenses towards contribution/donation to educational institutions, trust, local bodies for discharging its corporate social responsibility-Order of High Court is affirmed-SLP is granted to the Revenue. [Art. 136]
PCIT v. Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (2024) 297 Taxman 400 (SC) Editorial: PCIT v. Gujarat Narmada Valley Fertilizers & Chemicals Ltd (2020) 121 taxmann.com 82/ 422 ITR 164 (Guj)(HC)S. 37(1) : Business expenditure-Capital or revenue-Licence-Capital asset-Amortisation of expenditure-Licence to operate telecommunication services-One-time entry fee and licence fee based on percentage of annual gross revenue earned-Both payments capital in nature and to be amortised-Intangible asset capital in nature-Review petition is dismissed. [S. 35ABB, The Telegraph Act, 1885, S, 4(1), 8, 20, 20A and 21]
Bharti Hexacom Ltd. v. CIT (2024) 297 Taxman 368/337 CTR 254 (SC) Editorial : Review petition dismissed, CIT v. Bharti Hexacom Ltd(2023) 155 taxmann.com 322/ 458 ITR 593 /335 CTR 1 (SC)S. 22 : Income from house property-Notional income-Constitutional validity-Notice is issued to Attorney General of India.[S. 23(5)(1), Art. 226]
Rabbani S. Khan v. Dy. CIT (2024) 297 Taxman 295 (Bom.)(HC)S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income.[R.8D]
PCIT v. Devata Tradelink Ltd. (2024) 297 Taxman 86 (Delhi) (HC) Dy. CIT v. Jite Shipyard Ltd. (2024) 297 Taxman 476 (Delhi)(HC)S. 11 : Property held for charitable purposes-Form No 10 was filed in the course of assessment proceedings-Amendments in the Act went unnoticed-Delay in filing the Form No 10B is condoned. [S. 10(23A),12A, Art. 226]
Bar Council of India v. CIT (E) (2024) 297 Taxman 247 (Delhi)(HC)S. 11 : Property held for charitable purposes-Reassessment-Accumulation of income-Filed revised form-Assessee could not be precluded from filing a revised Form No. 10 during reassessment proceedings.[S.11(2) 12A,143(1), 147, 148, Form No.10, Rule 17]
CIT (E) v. Canara Bank Relief and Welfare Society (2024) 297 Taxman 153 (Delhi)(HC)