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-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)S. 14A : Disallowance of expenditure-Exempt income-Dividend income earned from the overseas entity-Included in the total income-No disallowance can me made-DTAA-India-Oman. [S. 90(2), R.8D, Art. 25]
PCIT v. IFFCO Ltd. (2023) 291 Taxman 493 (Delhi)(HC)S. 14A : Disallowance of expenditure-Exempt income-No exempt income was received or receivable during relevant previous year-Disallowance cannot be made-Amendment to section 14A is prospective.[R.8D]
PCIT v. Delhi International Airport (P.) Ltd. (2023) 291 Taxman 490 (Delhi)(HC)S. 10(37) : Capital gains-Agricultural land-Compensation received for acquisition land [Gujarat Town Planning and Urban Development Act, 1976 S. 107]
PCIT v. Urmi Nilesh Nagarsheth (2023) 291 Taxman 611 (Guj.)(HC)S. 4 : Charge of income-tax-Club-Principle of mutuality-Non-permanent members, non-life members, temporary or honorary members, they are not entitled to vote or offer themselves as candidates for any elective office, or have no right of disposal over the surplus-Principle of mutuality is applicable. [S. 2(24)]
Jubilee Hills International Centre v. ITO (2023) 457 ITR 70/291 Taxman 600/ 334 CTR 158 (Telangana) (HC)S. 69C : Unexplained expenditure -Unexplained investment – Unexplained money – Survey – Cash found less than the amount disclosed in the books of account – Addition cannot be made as an unexplained investment. [ S. 69, 69A,115BBE , 133A, 145 ]
Almech Enterprises v. ACIT ( Mum)( Trib) www.itatonline .orgS. 147: Reassessment – After the expiry of four years – Accommodation entries –Shell companies – Borrowed satisfaction – Information from investigation wing -Natural justice – Search – Survey-No failure to disclose material facts –Without the application of mind – Opportunity for cross-examination was not provided – Reassessment was quashed. ( Tribunal has passed 359 pages order dealing with all issues on reassessment proceedings .) [ S.131, 132.132(4), 133(6), 133A, 148, 153A, 153C ]
Evershine Recreation Private Limited v .DCIT ( Chd)( Trib) www.itatonline.orgBlack Money (Undisclosed Foreign Income and Assets ) and Imposition of Act , 2015 .
S. 43:Penalty for failure to furnish return of income an information or furnish inaugurate particulars of an asset ( Including financial interest in any entity ) outside India – Asset was not disclosed in Schedule FA – Disclosed in Schedule Part A-85 – Bonafide mistake – When there is no defiance of law or malafide or dishonest breach – Levy of penalty was not justified – Penalty was cancelled . [ S.10]
Ocean Diving Centre Ltd v. Dy. CIT ( Mum)( Trib) www.itatonline. Org