S. 40(b)(v) : Amounts not deductible-Partner-Remuneration-Not stipulation in partnership deed-Not allowable as deduction. [S. 260A]
Egg Guard v. ITO (2023) 457 ITR 762/ 291 Taxman 615 /331 CTR 794/ 224 DTR 5 (Telangana)(HC)S. 40(b)(v) : Amounts not deductible-Partner-Remuneration-Not stipulation in partnership deed-Not allowable as deduction. [S. 260A]
Egg Guard v. ITO (2023) 457 ITR 762/ 291 Taxman 615 /331 CTR 794/ 224 DTR 5 (Telangana)(HC)S. 40(a)(iib) : Amounts not deductible-Surcharge on sales tax or turnover tax paid by assessee-company to State Government was not a ‘fee or charge’-Review petition was dismissed. [S. 37(1)]
ACIT v. Kerala State Beverages Manufacturing and Marketing Corporation Ltd (2023) 291 Taxman 357 / 333 CTR 14/ 224 DTR 479 (SC) Editorial : Refer Kerala State Beverages Manufacturing and Marketing Corporation Ltd v. ACIT (2022) 440 ITR 492 / 286 Taxman 1 (SC)S. 37(1) : Business expenditure-Business development-Cash expenses-Genuineness of vouchers was not in dispute-Assessing Officer could not sit in arm chair of a businessman and decide what expenditure was expedient-Assessee was entitled for deduction.
K. Chandrashekar Praskash v. ACIT (2023) 455 ITR 751 / 291 Taxman 217 (Karn)(HC)S. 37(1) : Business expenditure-Provision-Warranty-Based on past experience-Allowable as a deduction. [S. 145]
TTK Prestige Ltd. v. DCIT (2023) 291 Taxman 220 (Karn) (HC)S. 37(1) : Business expenditure-Derivative loss-Business loss-Mark-to-market basis-account Foreign exchange fluctuation-Mercantile basis-Allowable as deduction. [S. 28(i), 145]
PCIT v. Kesoram Industries Ltd. (2023) 291 Taxman 562 (Cal)(HC)S. 37(1) : Business expenditure-Education cess-Not allowable as deduction-As per Explanation 3 to the provision of section 40(a)(ii) inserted by Finance Act, 2022 with effect from 1-4-2005 surcharge or cess forms a part of ‘tax’ [S. 40(a)(ii)]
JCIT v. Chambal Fertilizers & Chemicals Ltd. (2023) 291 Taxman 438 (SC)S. 36(1)(viia) : Bad debt-Provision for bad and doubtful debts-Schedule bank-Deduction to be computed at rate of 7.5 per cent of total income-After setting off of brought forward losses. [S. 36(vii), 72]
DCIT v. Syndicate Bank (2022) 291 Taxman 166 (Karn) (HC)S. 32 : Depreciation-Software-Period of use was less than 180 days-Entitle only 30 percent depreciation.
K. Chandrashekar Praskash v. ACIT (2023) 455 ITR 751 /291 Taxman 217 (Karn)(HC)S. 32 : Depreciation-Activity of mining, mineral processing for exports, shipping etc. Amounted to production of iron-ore-Entitled for additional depreciation in respect of machinery used in mining.
PCIT v. Vedanta Ltd. (2023) 291 Taxman 205/(2022) 448 ITR 732 (SC) Editorial : PCIT v. Sesa Goa Ltd (2023) 146 taxmann.com 35 / 291 Taxman 229 (Bom)(HC)S. 14A : Disallowance of expenditure-Exempt income-Suo-moto disallowance-Recorded the dissatisfaction–Assessing Officer recomputed the amount at higher amount-Order of Tribunal affirming the disallowance was up held. [S. 10(34), R. 8D(2)(iii)]
H.T. Media Ltd. v. PCIT (2023) 291 Taxman 423/ 332 CTR 734/ 224 CTR 197 (Delhi)(HC)