S. 43A : Rate of exchange-Foreign currency-Foreign exchange fluctuation gain-Capital receipt-On actual realization to be adjusted against cost of asset.
PCIT v. Apollo Tyres Ltd. (No. 3) (2022) 447 ITR 431 (Ker.)(HC)S. 43A : Rate of exchange-Foreign currency-Foreign exchange fluctuation gain-Capital receipt-On actual realization to be adjusted against cost of asset.
PCIT v. Apollo Tyres Ltd. (No. 3) (2022) 447 ITR 431 (Ker.)(HC)S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Turnover tax-Liberty to assessee to prove that no deduction claimed for earlier assessment years-Direction to Assessing Officer to rectify assessment order. [S. 43B, Art. 136]
Ishwardas Sons v. CIT (2022) 447 ITR 755/ 220 DTR 94 /329 CTR 689 / 289 Taxman 620(SC)S. 40(a)(ia) : Amounts not deductible-Deduction at source-Remuneration to director-Shortfall in tax deduction at source-No disallowance can be made-Proper course of action is invoke section 201 of the Act. [S. 37(1), 40A(2)(b), 197(1), 201]
PCIT v. Future First Info. Services Pvt. Ltd. (2022)447 ITR 299/(2023) 290 Taxman 490 (Delhi)(HC)S. 37(1) : Business expenditure-Expenditure prohibited by law-Amounts paid by Hospitals as referrals to Doctors-Not deductible-Interpretation of taxing statutes-Interpretation taking into account intention of legislature-Reassessment notice was quashed. [S. 147, 148, Art. 226, General Clauses Act, 1897, S. 2(38), Indian Penal Code, 1860, S. 43, Medical Council (Professional Conduct, Etiquette and Ethics) Regulations, 2002, R. 6.8]
Peerless Hospitex Hospital and Research Center Ltd. v. PCIT (2022) 447 ITR 60 / 326 CTR 249 / 213 DTR 81 / 287 Taxman 711 (Cal.)(HC)S. 37(1) : Business expenditure-Capital or revenue-Expenditure on improvements in leased premises to run fast food business-Allowable as revenue expenditure.
PCIT v. Jubilant Foodworks Ltd. (2022) 447 ITR 29 (All.)(HC) Editorial : Dy. CIT v. Jubilant Foodworks Ltd. (2022) 93 ITR 1 (Delhi)(Trib), affirmed.S. 37(1) : Business expenditure-Books of account and documents in custody of Central Bureau of Investigation-Assessing Officer has power and duty to requisition documents from another Public Authority-Disallowance of expenditure is not valid-Findings of Tribunal cannot be interfered with unless perverse or illegal. [S. 131, 260A]
PCIT. v. Ennoble Construction (2022) 447 ITR 444 / 220 DTR 95 / 329 CTR 923(Karn.)(HC)S. 37(1) : Business expenditure-Capital or revenue-Owner of Hotel-Compensation paid towards termination of agreement to receive back possession of building, furniture and fixtures-Allowable as revenue expenditure.
PCIT v. Elel Hotels and Investments Ltd. (2022) 447 ITR 92/ 220 DTR 478/(2023) 332 CTR 870 (Delhi)(HC) Editorial : Order of Tribunal in PCIT v. Elel Hotels and Investments Ltd. (2022) 28 ITR (Trib)-OL 616 (Delhi)(Trib.), affirmed.S. 37(1) : Business expenditure-Pre-paid expenses or advance payments-Entitled to claim expenses in year in which incurred.
PCIT v. Apollo Tyres Ltd. (No. 3) (2022) 447 ITR 431 (Ker.)(HC)S. 37(1) : Business expenditure-Loss on foreign exchange forward contracts-Allowable as revenue expenditure.
PCIT v. Apollo Tyres Ltd. (No. 2) (2022) 447 ITR 403 (Ker.)(HC)S. 37(1) : Business expenditure-Capital or revenue-Expansion of existing business-Expenditure on setting up new unit-Expenditure on feasibility study-Loan Processing fee and bank charges-Revenue expenditure.
PCIT v. Apollo Tyres Ltd. (No. 2) (2022)447 ITR 403 (Ker.)(HC) PCIT v. Apollo Tyres Ltd. (No. 3) (2022)447 ITR 431 (Ker.)(HC)