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. 28(i): Business loss-Set off-New business-Income from other sources-Set up-Matter remanded-Set-Off of expenses incurred against interest income allowable. [S. 37(1), 56]

Messung Systems P. Ltd. v.ITO (2023)101 ITR 30 (Pune)(Trib)

S. 28(i) : Business income-Income from other sources-Income earned from FDs out of cash credit limits for securing contracts-Part of business income-Miscellaneous income from sale of scrap-Additions unjustified. [S. 56]

R. G. Colonizers Pvt. Ltd. v. Dy. CIT (2023)101 ITR 409 (Jaipur) (Trib)

S. 28(i) : Business income-Accrual of income-Advance received for services to be rendered in subsequent years-AO taxed in current year-CIT(A) allowing 10% to be treated in subsequent year-Addition to be deleted.[S. 5, 145]

Matrimony.Com Ltd. v.Asst. CIT (2023)101 ITR 253 (Chennai) (Trib)

S. 22 : Income from house property-No change in facts-Cannot be treated as income from business and profession.[S. 28(i)]

Pawa Builders Pvt. Ltd. v. Dy. CIT (2023)101 ITR 43 (SN)(Delhi) (Trib)

S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income-AO is directed to restrict disallowance accordingly. [R. 8D]

Hero Corporate Service Pvt. Ltd. v Dy. CIT (2023)101 ITR 77 (SN)(Delhi) (Trib)

S.14A : Disallowance of expenditure-Exempt income-Book profits-Disallowance cannot be added to book profits. [S.115JB]

Praxair India P. Ltd. v Dy. CIT (2023)101 ITR 640 (Bang)(Trib)

S. 14A : Disallowance of expenditure-Exempt income-Vague and stereotyped reasons for making disallowance-No satisfaction recorded-Disallowance to be reversed.[R. 8D]

Praxair India P. Ltd. v Dy. CIT (2023)101 ITR 640 (Bang)(Trib)

S. 14A : Disallowance of expenditure-Exempt income-Absence of exempt income-Disallowance to be deleted. [R. 8D]

Matrimony.Com Ltd. v. ACIT (2023)101 ITR 253 (Chennai)(Trib.)

S. 14A : Disallowance of expenditure-Exempt income-Disallowance to be limited to the quantum of exempt income earned-Amendment disallowing irrespective assessee is in receipt of exempt income is prospective. [R. 8D]

Dy. CIT v. Zylog Systems Ltd. (2023)101 ITR 1 (Chennai) (Trib)

S. 14A : Disallowance of expenditure-Exempt income-Own funds available to cover investments-Presumption-Own funds are used-Interest expense-Cannot be disallowed-Disallowance can be made only in respect of investment which yielded dividend income. [R. 8D]

ACIT v. Electrosteel Casting Ltd. (2023)101 ITR 359 (Kol) (Trib)