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-Submitted tabulation form regarding deduction of expenses-Matter remanded.

Electronica Machine Tools Ltd. v. Dy. CIT (2023)107 ITR 24 (SN) (Pune) (Trib)

S. 23 : Income from house property-Annual value-Interest on borrowed to acquire property-Directed to allow deduction-Interest-Free Security Deposit-Notional Interest on interest-Free Security deposit could not be added to annual letting value of property. [S. 22, 24 (a)]

Gurpreet Singh Dhillon v. Asst. CIT (IT) (2023)107 ITR 55 (SN)(Delhi) (Trib)

S.14A : Disallowance of expenditure-Exempt income-Investment held as stock-in-trade-Disallowance is restricted to exempt income. [R.8D]

Wealth First Portfolio Managers P. Ltd. v. Dy. CIT (2023)107 ITR 14 (SN)(Ahd)(Trib)

S. 14A : Disallowance of expenditure-Exempt income-Disallowance is restricted to extent of exempt income earned.[R.8D]

Electronica Machine Tools Ltd. v. Dy. CIT (2023)107 ITR 24 (SN) (Pune)(Trib.)

S.14A : Disallowance of expenditure-Exempt income-Disallowance can be inly in respect of investments which yield exempt income [R.8D(2) (iii)]

EDC Ltd. v. Asst. CIT (2023)107 ITR 409 (Panaji) (Trib.)

S. 12AB: Procedure for fresh registration-Commissioner (E) did not specifically pointing out which specific details called for were Not filed by assessee-Matter restored to Commissioner (E) for de novo consideration.

Shree Uttar Gujarat Panchgam Leuva Patidar Samajik Parishad v CIT (2023)107 ITR 12 (SN.)(Ahd) (Trib)

S. 12AB : Procedure for fresh registration-Assessee should be given one more chance to contest-Matter remanded. [S.10AB, 12A]

Noble Kingdom Public School Shiksha Samiti v.CIT (E) (2023)107 ITR 488 (Jaipur) (Trib)

S. 12AA : Procedure for registration-Trust or institution-Formed to implement Corporate Social Responsibility activities of financing company-Directed to grant exemption. [S.11,12AB, 13, 37(1), Form 10A]

Santosh Foundation v. CIT (E) (2023)107 ITR 492 / 226 TTJ 466(Amritsar) (Trib)

S. 11 : Property held for charitable purposes-Object of general public utility-Serve as forum for exchange of ideas in mobility engineering and creation, maintenance and adherence of code of conduct for profession-Conducting meetings, workshops, seminars and other educational programs for development of mobility engineering-Falls under “Any Other Object of General Public Utility”-Objects and activities in nature of trade, commerce or business-Entitlement to exemption to be examined in light of gross receipts and receipts from activity of trade, commerce or business-If gross receipts from conducting conferences considered, receipts exceeded 20 Per Cent. of gross receipts of assessee-Matter remanded-Mutuality-Matter remanded-Taxability of corpus donations receipts towards magazine fund and depreciation to be considered afresh in light of amended provisions of Section 2(15) and of Supreme Court In Asst. CIT (E) v. Ahmedabad Urban Development Authority [2022 449 ITR 1 (SC) [S. 2(15)]

SAE India v. ITO (E) (2023)107 ITR 88 (SN)(Chennai) (Trib)

S. 10 (23C): Educational institution-University or educational institution must exist solely for educational purposes and not for purpose of profit each year-Earning royalties from publications-Not existing solely for education but for profit-Not entitled to exemption. [S.10(23C)(vi) 10A,10B, 80IB]

Indian Institute of Banking and Finance v. CIT (2023)107 ITR 250 / 226 TTJ 43(Mum.)(Trib.)