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
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S. 37(1) : Business expenditure-Compensation-Subsidiaries-Captive use-Delay of 526 days-SLP of Revenue is dismissed.[Art. 136]

PCIT v. Industrial Development Corporation of Orissa Ltd. (2024) 300 Taxman 603/ 469 ITR 395 (SC) Editorial : PCIT v. Industrial Development Corporation of Orissa Ltd(2023) 147 taxmann.com 298 // (2023) 22 ITR -OL 167 (Orissa )(HC) , 2022 SCC Online . Orissa 3940(Orissa)(HC)

S. 37(1) : Business expenditure-Capital or revenue-Software development-Allowable as revenue expenditure-SLP of Revenue expenditure.[Art. 136]

PCIT v. Adadyn Technologies (P.) Ltd. (2024) 300 Taxman 112 (SC) Editorial : PCIT v. Adadyn Technologies (P.) Ltd. (2024) 162 taxmann.com 666 (Karn)(HC)

S. 36(1)(iii) : Interest on borrowed capital-Own interest free funds-Order of Tribunal deleting the disallowance is affirmed.[S.260A]

PCIT, Central v. Shapoorji Pallonji and Co. Ltd. (2024) 164 taxman.com 707 (Bom)(HC) Editorial : SLP of Revenue is dismissed, PCIT, Central v. Shapoorji Pallonji and Co. Ltd. (2024) 300 Taxman 182 (SC)

S. 36(1)(iii) : Interest on borrowed capital-Own interest free funds-Order of High Court affirming the order of the Tribunal is up held-SLP of Revenue is dismissed.[Art. 136]

PCIT, Central v. Shapoorji Pallonji and Co. Ltd. (2024) 300 Taxman 182 (SC) Editorial : PCIT, Central v. Shapoorji Pallonji and Co. Ltd. (2024) 164 taxman.com 707 (Bom)(HC)

S. 14A : Disallowance of expenditure-Exempt income-Disallowance made voluntarily was more than exempt income-No further disallowance can be made.[S. 260A, R.8D]

PCIT v. Coffee Day Enterprises Ltd. (2024) 165 taxxmann.com 328 (Karn)(HC) Editorial : SLP of Revenue is dismissed on account of delay in filing of SLP. PCIT v. Coffee Day Enterprises Ltd. (2024) 300 Taxman 357 (SC)

S. 14A : Disallowance of expenditure-Exempt income-Interest free funds-Presumed that investments were made out of interest-free fund-Disallowance cannot be made.[S. 260A,R.8D]

PCIT, Central v. Shapoorji Pallonji and Co. Ltd. (2024) 164 taxman.com 707 (Bom)(HC) Editorial : SLP of Revenue is dismissed, PCIT, Central v. Shapoorji Pallonji and Co. Ltd. (2024) 300 Taxman 182 (SC)

S. 14A : Disallowance of expenditure-Exempt income-Disallowance made voluntarily was more than exempt income-No further disallowance can be made-Delay of 340 days-SLP of Revenue is dismissed on account of delay in filing of SLP-Question of law, if any is kept open. [R.8D, Art. 136]

PCIT v. Coffee Day Enterprises Ltd. (2024) 300 Taxman 357 (SC) Editorial : PCIT v. Coffee Day Enterprises Ltd. (2024) 165 taxxmann.com 328 (Karn)(HC)

S. 14A : Disallowance of expenditure-Exempt income-Interest free funds-Presumed that investments were made out of interest-free fund-Disallowance cannot be made-Order of High Court is affirmed-SLP of Revenue is dismissed. [R. 8D, Art.136]

PCIT, Central v. Shapoorji Pallonji and Co. Ltd. (2024) 300 Taxman 182 (SC) Editorial : PCIT, Central v. Shapoorji Pallonji and Co. Ltd. (2024) 164 taxman.com 707 (Bom)(HC)

S. 14A : Disallowance of expenditure-Exempt income-Borrowed capitals-Investing in shares to earn income from dividend-Expenditure incurred on interest paid on borrowed funds is not allowable as deduction-SLP of assessee is dismissed [S.10(33), 36(1)(iii), Art. 136]

Mahesh K. Mehta v. Dy. CIT (2024) 300 Taxman 600/ 469 ITR 397 (SC) Editorial : Mahesh K. Mehta v. Dy. CIT (2024) 298 Taxman 238/471 ITR 237 (Bom.)(HC)

S. 11 : Property held for charitable purposes-Donations other charitable institutions-Out of accumulated income-Direction as part of corpus donations-Not hit by Explanation 2 to section 11(1) of the Act. [S.11(1), 11(2), 11(3), 11(3)(d), 260A]

CIT (E) v. Jamnalal Bajaj Foundation (2024) 300 Taxman 36 /468 ITR 723 (Delhi)(HC)