S. 37(1) : Business expenditure-Diesel & petrol expenses-Ad-hoc disallowance-No fining that expenses are bogus-Addition is deleted.
Pawan Aggarwal v. DCIT (2023) 202 ITD 712 (Chd.)(Trib.)S. 37(1) : Business expenditure-Diesel & petrol expenses-Ad-hoc disallowance-No fining that expenses are bogus-Addition is deleted.
Pawan Aggarwal v. DCIT (2023) 202 ITD 712 (Chd.)(Trib.)S. 36(1)(viia) : Bad debt-Provision for bad and doubtful debts-Schedule bank-Disallowance could not be made merely on ground that certain provision made by assessee were not in nature of bad and doubtful debts.
Surat District Co-op. Bank Ltd. v. ACIT (2023) 202 ITD 624 (Surat)(Trib.)S. 36(1)(va) : Any sum received from employees-Sunday or gazeted holiday-Payment was made on next working day-Allowed as deduction. [S.43B, 139(1)]
G.D. Foods and Manufacturing (India) (P.) Ltd. v. ADIT (2023) 202 ITD 116 (Delhi) (Trib.)S. 32 : Depreciation-Plant and machinery-Solar Power Plant-Captive use of factory-Installed in office premises-Office building is part of factory and electricity so generated was used for factory-Matter remanded to Assessing Officer for verification.
Viney Corporation Ltd. v. ACIT (2023) 202 ITD 533 (Delhi) (Trib.)S. 32 : Depreciation-Plant and machinery-Additional depreciation-Put to use less than 180 days-Only 50 per cent of additional depreciation could be claimed in that year and thus, balance 50 per cent of additional depreciation could be availed in subsequent year. [S. 32(1)(iia)]
DCIT v. GMR Warora Energy Ltd. (2023) 202 ITD 501 (Mum) (Trib.)S. 28(i) : Business income-Interest on FDRs earned by contractor-Considered like contract receipts for the purpose of estimation of profit of 10 % of receipts-Interest on income tax refund and NSC deposits is assessable as income from other sources.[S. 56, 145]
Shiv Shakti Construction v. ACIT (2023) 202 ITD 655/ 225 TTJ 676 (Delhi) (Trib.)S. 28(i) : Business income-Carbon credits-Capital or revenue-Income earned from sale of Renewable Energy Certificates (REC)/carbon credits is a capital receipt and not business income-Return-An assessee can amend a return filed by him during assessment proceedings-Commission paid-Disallowance is not justified. [S. 4, 37(1), 69C, 139(5), 143(3)]
Satia Industries Ltd. v. NFAC (2023) 106 ITR 550 / 202 ITD 189 (Amritsar)(Trib.)S. 28(i) : Business income-Unaccounted receipts-Cash receipts-Matter remanded. [S. 132]
Anuradha Properties & Townships (P.) Ltd. v. ACIT (2023) 202 ITD 91 (Hyd)(Trib.)S. 24 : Income from house property-Deductions- Administrative expenses was not as deduction-Deletion of addition is justified. [S. 24(i), 153A]
DCIT v. Forum Projects (P.) Ltd. (2023) 202 ITD 51 (Kol) (Trib.)S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed the exempt income.[R.8D]
DCIT v. Forum Projects (P.) Ltd. (2023) 202 ITD 51 (Kol) (Trib.)