S. 28(i) : Business income-Income earned by letting out of property for running software Technology park-Assessable as business income. [S. 22, 56]
CIT v. Tidel Park Ltd. (2021) 437 ITR 311 (Mad.)(HC)S. 28(i) : Business income-Income earned by letting out of property for running software Technology park-Assessable as business income. [S. 22, 56]
CIT v. Tidel Park Ltd. (2021) 437 ITR 311 (Mad.)(HC)S. 17(2) : Perquisite-Valuation of perquisites- Salary – Deduction at source -Rent as per Rule 3-Accommodation provided by Central Government and State Government to its employees-Not applicable to undertakings controlled by Central or State Governments. [S. 15, 192, ITR, 1962, R. 3]
Indian Institute of Science v. Dy. CIT (2021) 438 ITR 400 / 204 DTR 329/ 322 CTR 217 (Karn)(HC).Editorial: Affirrmed in Indian Institute of Science v .Dy. CIT (2022) 446 ITR 418 (SC)S. 14A : Disallowance of expenditure-Exempt income-Failure to examine the contention that no expenses were incurred to earn exempt income-Matter remanded. [S. 254(1), R.8D]
Karur Vysya Bank Ltd. v. CIT (2021) 438 ITR 465 /(2022) 284 Taxman 692 (Mad.)(HC)S.14A : Disallowance of expenditure-Exempt income-Schedule bank-Stock in trade-Investment in shares and securities-Shares and securities are held as stock in trade-No disallowance can be made-Common funds-Non interest bearing funds more than the investment-There is no statutory provision which obligated the assessee to maintain separate accounts which might justify proportionate disallowance-Proportionate disallowance of expenses cannot be made. [R. 8D]
South Indian Bank Ltd v. CIT (2021) 438 ITR 1 / 205 DTR 337 / 322 CTR 465 / 283 Taxman 178(SC) Catholic Syrian Bank Ltd. v. CIT(2021) 438 ITR 1 / 205 DTR 33 / 322 CTR 465 (SC) Federal Bank Ltd. v. Dy. CIT (2021) 438 ITR 1 / 205 DTR 337 / 322 CTR 465 (SC)S. 12AB : Procedure for fresh registration-Charitable Trust-Show cause notice for cancellation of registration-New procedure with effect from 1-4-2021-Application on 4-5-2021-Show cause notice dated 10-8-2021-Lack of jurisdiction-Writ is maintainable-Show cause notice was kept in abeyance till order passed on application as per new procedure. [S. 12A, Art, 226]
S. R. Trust v. PCIT (2021) 438 ITR 511 / 208 DTR 329/ 323 CTR 1051/( 2022) 285 Taxman 162 (Mad.)(HC)S. 12AA : Procedure for registration-Trust or institution-Survey-Donation received by way of cheque was returned to donors by cash-Cancellation registration and 80G exemption was held to be justified. [S.80G (v), 133A]
CIT (E) v. Batanagar Education and Research Trust (2021) 282 Taxman 1 (SC) Editorial : Batanagar Education and Research Trust v. CIT (E) (2021)129 Taxman.com 29 (Cal) (HC), set aside.S. 12AA : Procedure for registration-Trust or institution-Educational institution-Excess of income over expenditure-Registration cannot be denied. [S. 2(15)]
CIT v. Angels Educational Trust (2021) 282 Taxman 450/ 208 DTR 134/(2022) 440 ITR 449/(2022) 326 CTR 223 (Mad.) (HC)S. 11 : Property held for charitable purposes-Capital asset-Application of income-Depreciation allowable. [S. 12A, 32]
Mazdoor Welfare Trust v. Dy. CIT (E) (2021) 282 Taxman 146 (Mad.) (HC)S. 11 : Property held for charitable purposes-Cost of purchase was treated as application of income-Entitle to depreciation. [S. 32]
CIT v. Kongunadu Arts & Science (2021) 282 Taxman 158 (Mad.)(HC)S. 10A : Free trade zone-Foreign exchange-Software development and consultancy-Technical services-Eligible for exemption-Matter remanded to the Assessing Officer.
Cherrytec Interlisolve Ltd. v. ACIT (2021) 282 Taxman 86 (Mad.) (HC)