S. 37(1) : Business expenditure-Corporate Social Responsibility-Special Leave Petition Dismissed on facts-Leaving Question Of Law Open. [Art. 136]
PCIT v. Rites Ltd. (2024)460 ITR 593/297 Taxman 5 (SC) Editorial: Refer, PCIT v. PEC Ltd (2023) 451 ITR 436 /221 DTR 481/ 330 CTR 593/ 291 Taxman 281 (Delhi)(HC) / PCIT v. Rites Ltd. (2023) 451 ITR 436 / 221 DTR 481/ 330 CTR 593/ (Delhi)(HC)
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. 36(1)(vii) :Bad debt-Amounts should be actually written off in profit and loss account-Allowable as deduction.
Shriram Transport Finance Co. Ltd. v. ITO (OSD) (2024)460 ITR 66 (Mad)(HC)S. 32 : Depreciation-Claimed depreciation in accordance with Appendix I-No substantial question of law. [ITR. 5(1), 5(1)(IA)]
CIT v. Jindal Steel and Power Ltd. [2009] 180 Taxman 543/ (2024)460 ITR 159 (P&H)(HC)S.28(i): Business loss-Derivative contracts-Foreign Exchange fluctuations-Allowable as business loss.[S. 37(1)]
Shriram Transport Finance Co. Ltd. v. ITO (OSD) (2024)460 ITR 66 (Mad)(HC)S.14A : Disallowance of expenditure-Exempt income-No reasons recorded-Order of Tribunal is affirmed.[R. 8D]
Shriram Transport Finance Co. Ltd. v. ITO (OSD) (2024)460 ITR 66 (Mad)(HC)S. 12AA : Procedure for registration-Trust or institution-Condonation of delay-Application was rejected-Denial of exemption is justified-SLP rejected. [S. 260A]
Academy of Medical Sciences v. CIT (2024)460 ITR 592/ 297 Taxman 2 (SC) Editorial :Refer Academy of Medical Sciences v. CIT (2018) 403 ITR 74 (Ker)(HC)S. 9(1)(vi) : Income deemed to accrue or arise in India – Royalty-Fees for technical services-Business profits not taxable in India – DTAA-India – Malaysia [S.9(1)(vii), 90(2) art. 5, 7, Copyright Act, 1957, S. 14(a), 14(b)]
CIT (IT) v. Colgate Palmolive Marketing Sdn Bhd(2023) 152 taxmann.com 124/ (2024)460 ITR 284 (Bom)(HC)S. 4 : Charge of income-tax-Diversion of income by overriding title-Amounts transferred to statutory reserve fund-Amounts received and then transferred-No diversion of income by overriding title.[S. 145]
Shriram Transport Finance Co. Ltd. v. ITO (OSD) (2024)460 ITR 66 (Mad)(HC)Prohibition of Benami Property Transactions Act, 1988,
S. 24: Benami Property — Provisional Attachment of property — No provision warranting authorities to provide opportunity of Cross-Examination of witnesses whose statements have been relied upon — Orders continuing provisional attachment of property till order of adjudicating authority is not erroneous.[ 24(2) 24(3) 24(4)(a)(i) , 26(3) , ITAct , S.132 , Art . 226 ]
N. Naveen Baalaji v .Dy. CIT (Benami Prohibition) (2024)460 ITR 23 (Mad)(HC) D.V.Balaji Baalaji v .Dy. CIT (Benami Prohibition) (2024)460 ITR 23 (Mad)(HC) N. Sukanya Baalaji v .Dy. CIT (Benami Prohibition) (2024)460 ITR 23 (Mad)(HC) Bonjour Bonheur Pvt Ltd Baalaji v .Dy. CIT (Benami Prohibition) (2024)460 ITR 23 (Mad)(HC) K.Nagarjan Baalaji v .Dy. CIT (Benami Prohibition) (2024)460 ITR 23 (Mad)(HC) N.Manjula Baalaji v .Dy. CIT (Benami Prohibition) (2024)460 ITR 23 (Mad)(HC) Editorial : Refer Marg Realities Ltd v. Dy.CIT ( Benami Prohibition ) ( 2022) 448 ITR 574 (Mad)( HC) (SJ) , is affirmed .Direct Tax Vivad Se Vishwas Act, 2020 (2020) 422 ITR 121 (St)
S. 4: Filing of declaration – -Refund — Set-Off of refund —Capital gains for assessment year 2016 -17 – Set off of demand for the Assessment year 2014 -15 -Direction is issued to Department to make suitable adjustments to transfer amount paid under Scheme for Assessment year 2016-17 .[ S. 3, 5 , ITAct , S.244A , Art . 226 ]
Dass Media Pvt. Ltd. v. PCIT [2023] 156 taxmann.com 286 / (2024)460 ITR 521/336 CTR 814 (Mad)(HC)