S. 40(a)(ii) : Amounts not deductible-Rates or tax-Tax includes Cess-Education cess is not deductible.
Srei Infrastructure Finance Ltd. v. Asst. CIT (2023)105 ITR 371 / 154 taxmann.com 650 (Kol) (Trib)S. 40(a)(ii) : Amounts not deductible-Rates or tax-Tax includes Cess-Education cess is not deductible.
Srei Infrastructure Finance Ltd. v. Asst. CIT (2023)105 ITR 371 / 154 taxmann.com 650 (Kol) (Trib)S.37(1) : Business expenditure-Interest paid on excess refund of duty drawback-Not penalty or fine-Allowable as deduction. [S. 37, Expln. 1,145, Customs And Central Excise Duties Drawback Rules, 2017, R. 17]
Mahalasa Exports v.ITO (2023)105 ITR 69 (SN)(Bang) (Trib)S. 36(1)(iii) : Interest on borrowed capital-Investments in special purpose vehicles-Interest is allowed as deduction-Bad debt-Additional claim first time in the course of assessment-Allowed as deduction.[S. 36(1)(vii), 251]
Srei Infrastructure Finance Ltd. v. Asst. CIT (2023)105 ITR 371 / 154 taxmann.com 650 (Kol) (Trib)S. 32 : Depreciation-Rate of depreciation-Computer servers, software and networking equipment-Depreciation is allowable at 60 Per Cent.
Harman Connected Services Corporation India P. Ltd. v. Asst. CIT (2023)105 ITR 36 (SN)/ 151 taxmann.com 500 (Bang) (Trib)S.14A : Disallowance of expenditure-Exempt income-Interest-Sufficient non interest bearing funds-Administrative expenses the Assessing Officer is directed to restrict the disallowance under rule 8D(2)(iii) of the Rules to the extent of 0.5 per cent. of the average of exempt income yielding investments. [S. 36(1)(iii), R. 8D(2)(iii)]
Aurum Platz P. Ltd. v. Dy. CIT (2023)105 ITR 615 / 225 TTJ 771 / 152 taxmann.com 85 (Mum) (Trib) Srei Infrastructure Finance Ltd. v. Asst. CIT (2023)105 ITR 371 / 154 taxmann.com 650 (Kol) (Trib)S.14A : Disallowance of expenditure-Exempt income-Interest expenses-Not maintaining separate books for investments-Disallowance by the Assessing Officer is affirmed. [R.6D]
Angelica Properties P. Ltd. v. Add. CIT (2023)105 ITR 442 (Pune) (Trib) Vason Engineers Ltd v. Add. CIT (2023)105 ITR 442 (Pune) (Trib)S. 11 : Property held for charitable purposes-Income applied to charitable purposes more than receipts of year-Excess applied can be carried forward to succeeding year-Plant and machinery-Depreciation is allowed.[S. 32]
Dy. CIT (E) v. Ahmedabad Urban Development Authority (2023)105 ITR 24 (SN)(Ahd) (Trib)S. 10AA : Special Economic Zones-Turnover-Expenses incurred in foreign currency for providing technical services outside India-Not to be excluded from export turnover.
Harman Connected Services Corporation India P. Ltd. v. Asst. CIT (2023)105 ITR 36 (SN)/ 151 taxmann.com 500 (Bang) (Trib)S. 9(1)(vii) : Income deemed to accrue or arise in India-Non-Resident-Fees for technical services-Rendering services-Matter remanded-DTAA-India-Ireland.[art. 12]
Avaya International Sales Ltd. v.Asst. CIT (2023)105 ITR 48 (SN)/ 153 taxmann.com 536 (Delhi) (Trib)S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Distributor of software-Not sale of copyright-Income from sale of software in India is not royalty-DTAA-India-Singapore [Art.12(3)]
Dy. CIT v. Software One Pte. Ltd. (2023) 105 ITR 605 / 155 taxmann.com 133 (Delhi) (Trib)