S. 80P : Co-operative societies -Interest on fixed deposits-Interest was held to be deductible [ S.80P(2)(a)(i)]
ACIT v. Central Bank of India Employees Co-Operative Society Ltd ( 2018) 63 ITR ( Trib) 283 ( Kol) ( Trib)
Digest of case laws
Online digest of latest case laws
This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws S.68: Cash credits- Share application money-Existing share holders- Confirmation and other details were filed -Addition as undisclosed was held to be not justified .
ITO v. Dhanalaxmi Equipment P. Ltd ( 2018) 63 ITR ( Trib) ( S.N.)33 / 165 DTR 177 (Jaipur) ( Trib)S. 68: Cash credits- Sale of shares – Offline transactions- Merely on the ground that six companies failed to reply to notices issued to them, addition was held to be not justified . [ S. 133(6)]
Kesha Appliances Pvt. Ltd v. ITO ( 2018) 63 ITR ( Trib) 294 ( Delhi) (Trib)S. 68: Cash credits- Share application- The assesse explained the source of money received and was not answerable for source of the money in the hands of investors .
Prachan Fashion House P. Ltd v. ITO ( 2018) 63 ITR ( Trib) (S.N.) 54 (SMC)(Delhi) ( Trib)S.37(1): Business expenditure -Expenses to keep its status of the Company active was held to be allowable as business expenditure as business loss .[ S. 28(i) ]
Kesha Appliances Pvt. Ltd v. ITO ( 2018) 63 ITR ( Trib) 294 ( Delhi) (Trib)S. 32: Depreciation – Option- Newly established industrial undertakings – Back ward areas –Additional question was admitted and the matter was remanded to the Tribunal to consider factual aspect [ S. 80HH, 260A(4)]
CIT v. Auto Mobile Corporation of Goa Ltd ( 2018) 405 ITR 310/164 DTR 168 ( Bom) (HC)S. 11 : Property held for charitable purposes – Quality control accreditation of organisations -Application fees membership fees and fees for organising seminars-Entitle to exemption[ S. 2(15), 12 ]
Dy.CIT v. Quality Council of India ( 2018) 63 ITR ( Trib) (S.N.) 43 Delhi) ( Trib)Advocate Act , 1961
S.7:Code of ethics – Dishonest practice – For misrepresentations before the Court, which should under any and all circumstances be dealt with the iron hand of the judiciary with zero tolerance for such blatantly unethical and mala-fide behaviour- Exemplary cost of Rs 10 lakh was to be paid to plaintiffs [ Contempt Courts Act , 1971 ]
Adjournment –Delay in filing affidavit of reply – Cost of Rs.4 , 50,000 / was levied .
Ram Nagar Trust No. 1 v. Mehtab L. Sheikh (Bom)(HC) , www.itatonline.orgCentral Goods and Service Tax Act , 2017
GST Network: The regime is not tax friendly.