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. 37(1) : Business expenditure-Sugarcane, purchase-Difference between statutory minimum price and statutory additional price fixed for sugarcane-Component of profit which would be a part of final determination of additional purchase price fixed under clause 5A of sugarcane (Control) Order, 1966-Remaining amount was to be allowed as business expenditure-Matter remanded. [Sugarcane (Control) Order, 1966, Clause 5A]

Shree Khedut Sahakari Khand Udyog Mandi Ltd. v. DCIT (2023) 199 ITD 173 (Surat) (Trib.) Shree Mahuva Pradesh Sahakari Khand Udyog Mandi Ltd. v. ITO (2023) 199 ITD 117 (Surat) (Trib.) Shree Sayan Vibhag Sahakari Khand Udyog Mandi Ltd. v. DCIT (2023) 199 ITD 161 (Surat) (Trib.)

S. 37(1) : Business expenditure-Builder-Loan processing charges on behalf of buyers-Allowable as deduction.

ITO v. M.D. House Build. (2023) 199 ITD 153 (Surat) (Trib.)

S. 37(1) : Business expenditure-Renovation and repairs-Licence agreement-Allowable as revenue expenditure.

DCIT v. International Seaports (Haldia) (P.) Ltd. (2023) 199 ITD 188 /221 TTJ 46 (Kol)(Trib)

S. 37(1) : Business expenditure-Interest and processing charges-Letting of properties assessed as business income-Allowable as deduction. [S. 28(i)]

ACIT v. Tupelo Builders (P.) Ltd. (2023) 199 ITD 58 / 221 TTJ 192 (Delhi)(Trib)

S. 37(1) : Business expenditure-Mark-to-market loss on swap contract-loans were converted into foreign currency loan to take benefit of low interest rate-Order of CIT(A) is affirmed. [S. 28(i)]

DCIT v. Adani Power Maharashtra Ltd. (2023) 199 ITD 226 (Ahd.)(Trib.)

S. 37(1) : Business expenditure-Interest payment on delayed deposit of Income-tax-Not an allowable expenditure.

Premier Irrigation Adritec (P.) Ltd. v. ACIT (2023) 199 ITD 342 /222 TTJ 732 (Kol) (Trib.)

S. 37(1) : Business expenditure- Payment to sub contractor-Bad debt-Government contracts-Matter remanded.[S.36(1)(vii), 36(2)]

Maytas-Rithwik (JV) v. ACIT (2023) 199 ITD 518 (Hyd) (Trib.)

S. 36(1)(va) : Any sum received from employees-Employee’s contribution-Belated payment-Not entitle to deduction. [S.143(1)(a), 254((2)]

Nalina Dyave Gowda. (Ms.) v. ADIT (2023) 199 ITD 28 (SMC) (Bang) (Trib.) Premier Irrigation Adritec (P.) Ltd. v. ACIT (2023) 199 ITD 342 / 222 TTJ 732 (Kol) (Trib.) Savleen Kaur. v. ITO (2023) 199 ITD 437 / 221 TTJ 409 (Delhi) (Trib.)/General Power System. v. ITO ( 2023) 203 ITD 702 (Pune) (Trib.)/Dy. CIT v. N. R. Wires P. Ltd. (2023)105 ITR 292 (Raipur) (Trib)/Asst. CIT v Montecarlo Construction Ltd. (2023)107 ITR 411 (Ahd) (Trib)

S. 36(1)(va) : Any sum received from employees-Employee’s contribution-Belated payment-Entitle to deduction. [S.2(24)(x), 43B, 143(1)(a)]

P.R. Packaging Service v. ACIT (2023) 199 ITD 724 / 221 TTJ 137 / 221 DTR 1 (Mum) (Trib)

S. 36(1)(iii) : Interest on borrowed capital-Diversion of funds-Proportionate interest paid on said diverted funds was to be disallowed.

Garve Motors (P.) Ltd. v. ACIT (2023) 199 ITD 136 (Pune) (Trib.)