S. 37(1) : Business expenditure-Provision for scheme not contingent-Made on scientific basis-Own orders in earlier years-No contrary findings-Addition to be deleted.
Havells India Ltd. v. ACIT (LTU) (2023)101 ITR 81 (Delhi) (Trib)S. 37(1) : Business expenditure-Provision for scheme not contingent-Made on scientific basis-Own orders in earlier years-No contrary findings-Addition to be deleted.
Havells India Ltd. v. ACIT (LTU) (2023)101 ITR 81 (Delhi) (Trib)S. 37(1) : Business expenditure-Interest on foreign currency loan-Loss on fluctuation of rates-Foreign exchange gains offered to tax-loss arising of the same to also be allowed.[S. 28(i)]
Praxair India P. Ltd. v. Dy. CIT (2023) 101 ITR 640 (Bang.)(Trib.)S. 37(1) : Business expenditure-Debit of cash discount prior to crystalising during year and not in prior or subsequent year-Deduction allowable. [S. 145]
Ganesh Ginning Factory v.Asst. CIT(2023)101 ITR 90 (SN) (Ahd) (Trib) Gajanand Ginning and Pressing Pvt. Ltd v. ITO (2023)101 ITR 90 (SN) (Ahd) (Trib) Premjibhai Vallabhbhai Kukadiya v. ITO (2023)101 ITR 90 (SN) (Ahd) (Trib)S. 37(1) : Business expenditure-No documents in support of claim of quantum of expenses-Disallowance sustained.
Asst. CIT v. Dhar Construction Co. (2023)101 ITR 49 (SN)(Gauhati) (Trib)S. 37(1) : Business expenditure-Travel expenses-No evidence to support claim-Expense not allowable.
Saranya Agro Foods Pvt. Ltd. v ITO (2023)101 ITR 60 (SN)(Chennai) (Trib)S. 36(1)(vii) : Bad debt-Bad debt or part thereof-Sum received-Declared as income in subsequent year-Disallowance is not justified.[S. 36(2)]
Vijay Liladhar Mohmaya v ITO (2023)101 ITR 33 (SN) (Mum) (Trib)S. 36(1)(iii) :Interest on borrowed capital-Interest free loans-no business transaction with parties-Notional interest computed at 0.88 % on average-Reasonable.
Saranya Agro Foods Pvt. Ltd. v. ITO (2023)101 ITR 60 (SN)(Chenni) (Trib)S. 35D : Amortisation of preliminary expenses-Business expenditure-Payment to registrar of companies towards fees considered as preliminary expenses and 1/5th allowed in initial years-Cannot be disallowed in subsequent years.[S. 37(1)]
Vatika Hotels P. Ltd. v. Asst. CIT (2023)101 ITR 21 / 199 ITD 741(Delhi) (Trib)S. 35 : Scientific research expenditure-Weighted deduction-Recognition of facility different from approval-No Approval-Not entitled to exemption. [S. 35(2AB)]
Dy. CIT v. Ajeet Seeds Ltd. (2023) 199 ITD 600/101 ITR 86 (SN) (Pune) (Trib)S. 32 : Depreciation-Condition Precedent-Ownership of asset-Asset purchased by sister concern-Mere agreement for use of asset does not vest assessee with any right, title and interest-Depreciation not sustainable.
Radisson Hospitality Marketing (India) Pvt. Ltd. v. Asst. CIT (2023)101 ITR 15 (SN)(Delhi) (Trib)