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. 35 : Expenditure on scientific research-Weighted deduction 1Department of Scientific and Industrial Research not certified part of expenses and did not furnish reason – Assessing Officer is directed to examine issue a fresh thereafter.[S.35(2AB), R. 6(7A)]
Dy. CIT v. Reliance Industries Ltd. (2024)109 ITR 180 (Mum)(Trib)
S. 32 : Depreciation-Block of asset-Good will – Intangible assets – Commercial assets – Matter is restored. [S. 32(1(ii)]
Joshi Technologies International Inc. v. Asst. CIT (IT) (2024)109 ITR 70 (Ahd)(Trib)
S. 32 : Depreciation-Rate of depreciation 1Plant and machinery 1Additional depreciation 1Exploration of crude Oil-Production of articles or things-Depreciation allowable at 60 Per Cent. [S.32(1)(iia), ITR, 1962, Appx. I, Entry Iii(8)(xii).]
Joshi Technologies International Inc. v. Asst. CIT (IT) (2024)109 ITR 70 (Ahd)(Trib)
S. 32 : Depreciation-Written down value – Optional-Depreciation was not claimed when it was optional-Assessee cannot be thrust upon to reduce written down value of assets.
Dy. CIT v. Reliance Industries Ltd. (2024)109 ITR 180 (Mum)(Trib)
S. 32 : Depreciation 1Purchase of assets treated as bogus 1Proportionate disallowance of depreciation each year is proper.
Dy. CIT v. Reliance Industries Ltd. (2024)109 ITR 180 (Mum)(Trib)
S.14A : Disallowance of expenditure-Exempt income-No exempt income – No disallowance can be made.[R.8D]
Indowind Energy Ltd. v.Dy. CIT (2024)109 ITR 68 (SN)(Chennai)(Trib)
S.14A : Disallowance of expenditure-Exempt income – Suo motu disallowance-Additional disallowance cannot be made by general remarks without satisfying himself as to correctness of disallowance – Addition is deleted.[R.8D]
Tata Steel Ltd. v. Dy. CIT (2024)109 ITR 18 (Mum) (Trib)
S.14A : Disallowance of expenditure-Exempt income-Failure to record objective dissatisfaction-Not examined the working submitted by assessee – Disallowance is deleted.[R.8D]
Dy. CIT v. Reliance Industries Ltd. (2024)109 ITR 180 (Mum)(Trib)
S. 10AA : Special Economic Zones-Qualifying profits 1Computation 1Gross total income 1Deduction to be allowed from the total income and shall not exceed such total income. [S.80AB]
Dy. CIT v. Reliance Industries Ltd. (2024)109 ITR 180 (Mum)(Trib)
S. 74: Losses- Capital gains- Short term capital loss from sale of shares – Issue of bonus shares – Sale of original shares – Loss is allowable to be set off against the long term capital gain – Allegation of colourable device is not accepted .[ S. 45 ]
ACIT v. Renu Vohara (Mum)( Trib) www.itatonline.org .