S. 32 : Depreciation – Rate of depreciation – Computer accessories and peripherals – Entitle to depreciation at 60 percent.
PCIT v Nestle India Ltd. (No. 2) (2023)457 ITR 216 /294 Taxman 397 (Delhi)(HC)S. 32 : Depreciation – Rate of depreciation – Computer accessories and peripherals – Entitle to depreciation at 60 percent.
PCIT v Nestle India Ltd. (No. 2) (2023)457 ITR 216 /294 Taxman 397 (Delhi)(HC)S. 32 : Depreciation-Revaluation-Actual cost – Taken over assets and liabilities of the firm-Actual cost of assets will be actual cost which assessee paid to predecessor after revaluing assets-Entitled to claim depreciation for subsequent years on basis of actual cost paid. [S. 43(1), Proviso ,260AR. 5]
PCIT v. Dharmanandan Diamonds (P.) Ltd. (2023) 294 Taxman 29 /(2024)467 ITR 26 (Bom.)(HC)/Editorial :SLP of Revenue is dismissed , PCIT v. Dharmanandan Diamonds Pvt. Ltd. (2024)467 ITR 31/ 64 300 Taxman 95 (SC)S. 28(i) : Business loss-Penny stock-Share trading-Information from investigation wing-VAS Infrastructure Ltd (VASIL)-Not black listed by SEBI-Order of Tribunal allowing the loss is affirmed. [S. 10(38), 45, 260A]
PCIT v. Genuine Finance P. Ltd. (2023) 294 Taxman 303/(2024) 462 ITR 492 (Guj.)(HC)S. 28(i) : Business loss-Penny stock-Share trading-Information from investigation wing-VAS Infrastacture Ltd. (VASIL)-Not black listed by SEBI-Order of Tribunal allowing the loss is affirmed. [S. 10(38), 45, 260A]
PCIT v. Genuine Finance P. Ltd. (2023) 294 Taxman 303 (Guj.)(HC)S. 28(i) : Business loss – Marked-to-market Loss-On open equity tock future contracts-Forward contracts-Suffered on stock-In-Trade – Speculative transaction-Ascertained loss – Allowable as deduction-SLP of revenue is dismissed. – Supreme Court – Special Leave Petition Dismissed. [S. 37(1), 43 (5), 73]
PCIT v. DSP Merill Lynch Capital Ltd. (2023) 456 ITR 768 / 294 Taxman 161 / 333 CTR 569 (SC) Editorial : PCIT v. DSP Merill Lynch Capital Ltd (2022) 142 taxmann.com 579 / (2023) 21 ITR-OL 710 (Bom)(HC), affirmed.S. 22 : Income from house property-Principle of mutuality-Matter remanded to the Tribunal for fresh decision. [S. 254(1), 260A]
Saturday Club Ltd. v. PCIT (2023) 294 Taxman 459 (Cal.)(HC)S. 14A : Disallowance of expenditure-Exempt income-No exempt income earned-Question of law admitted.[R.8D, 260A]
PCIT v. Urban Infrastructure Holding (P.) Ltd. (2023) 294 Taxman 496 (Bom.)(HC) Editorial : Arising from order of ITA No. 1979/Mum / 2015 dated 31-3 2017. (AY. 2009-10)S. 14A : Disallowance of expenditure-Exempt income-Failure to record dissatisfaction-Not earned any exempt income-Order of Tribunal deleting the disallowance is affirmed. [S. 115JB, 260A, R.8D]
PCIT(C) v. JSW Energy Ltd. (2023) 294 Taxman 407 /(2024)460 ITR 496 (Bom.)(HC)S. 14A : Disallowance of expenditure-Exempt income-Strategic investments-Subsidarry companies, associate concerns and partnership firms-Restricted 5% of aggregate of expenditure-Order of Tribunal was quashed and set aside-a Assessing Officer was directed to pass an order in accordance with law and formula laid down in Maxopp Investment Ltd. v. CIT [2018] 254 Taxman325 / 402 ITR 640 (SC). [R. 8D, 260A]
PCIT v. D.B. Realty (P.) Ltd. (2023) 294 Taxman 241 (Bom.)(HC)S. 11 : Property held for charitable purposes-Capitation Fee-No action was initiated against by State for any violation of the Act-Certificate was issued under section. 12A of the Act-Denial exemption is held to be not justified.[S. 12, 12A, Karnataka Educational Institution (Prohibition of capitation fee) Act, 1984]
PCIT (E) v. Rashtreeya Sikshana Samithi Trust (2023) 294 Taxman 349 / 334 CTR 705 (Karn.)(HC)