S. 32 : Depreciation -Non- compete fee – Intangible assets – Right in personam and not right in rem – Not entitle to depreciation [ S. 32(1)(ii) ]
Sagar Ratna Restaurants Pvt Ltd v . ACIT ( 2022) 195 ITD 88 / BCAJ – July -P. 79 ( Delhi)( Trib)S. 32 : Depreciation -Non- compete fee – Intangible assets – Right in personam and not right in rem – Not entitle to depreciation [ S. 32(1)(ii) ]
Sagar Ratna Restaurants Pvt Ltd v . ACIT ( 2022) 195 ITD 88 / BCAJ – July -P. 79 ( Delhi)( Trib)S. 24 : Income from house property – Deductions – Rent of furniture and fixtures etc- 30% deduction allowable as deduction- Reimbursement of member’s share of contribution for repairing the entire society building is held to be not taxable as it has no income element . [ S.4, 22, 24(a)]
Lewis Family Trust v.ITO ( 2022) BCAJ- February -P. 39 ( Mum)( Trib)S. 10(38) : Long term capital gains from equities – Sale of shares – Taxable loss cannot be set off against income from tax under Chapter III- Short term capital loss arising on sale of shares cannot be set off against long term capital gains from sale of shares which are exempt u/s 10(38)- Revenue was not justified in disallowing assessee’s claim for carry forward of loss. [ S. 45 ]
Sikha Sanjay Sharma (Mrs ) v.DCIT (2022) 195 ITD 178 ( Ahd)( Trib)S.69A: Unexplained money – Demonetization – AIR information -Amount deposited to bank from earlier withdrawals – Addition was deleted – Cash Deposits in Partnership Firm’s bank Account – Amount transferred to partner’s account as withdrawal from capital –Addition cannot be made in the hands of partner . [ S. 2(31)iv),133(6)] S.69A: Unexplained money – Demonetization – AIR information -Amount deposited to bank from earlier withdrawals – Addition was deleted – Cash Deposits in Partnership Firm’s bank Account – Amount transferred to partner’s account as withdrawal from capital –Addition cannot be made in the hands of partner . [ S. 2(31)iv),133(6)]
Ajit Bapu Satam v. Dy. CIT CIT (2022) 220 TTJ 153 / 218 DTR 119 / (2023) 147 taxmann.com 222 (Mum)(Trib.) www.itatonline .orgS. 11 : Property held for charitable purposes – Education – Study and promote the latest development in the filed of Architecture – Mere surplus arising as a result of charitable activities the Institution does not cease to be a charitable institution – Entitle to exemption. [ S. 2(15), 12A, Architect Act , 1872 ]
The Indian Institute of Architects v. ITO (Mum)( Trib) www.itatonline .orgS. 271G : Penalty-Documents-International transaction-Transfer pricing-Transactional Net Margin Method-Bifurcation of profits-Failure to furnish the details-Deletion of penalty is held to be valid. [S. 273B, R. 10D(1)]
ACIT v. DA Jhaveri (2022) 94 ITR 35 (SN) (Mum.)(Trib.)S. 271BA : Penalty-Failure to furnish reports-International transaction-Transfer pricing-Reasonable cause-Penalty cancelled. [S. 92E, 273B]
Mahanagar Telephone Nigam Ltd. v. Dy.CIT (2022) 94 ITR 44 (SN) (Delhi)(Trib.)S. 271(1)(c) : Penalty-Concealment-Relevant limb specifying charge not struck off-Penalty not leviable.
Shoreline Hotel Pvt. Ltd. v. Dy.CIT (2022) 94 ITR 18 (SN) (Mum.)(Trib.)S. 271(1)(c) : Penalty-Concealment-Valuation of closing stock-Less than cost price-Levy of penalty was quashed.
Sheth Ship Breaking Corporation v. JCIT (2022) 94 ITR 38 (SN) (Ahd.)(Trib.)S. 271(1)(c) : Penalty-Concealment-Bonafide mistake-Claim with respect to Long term capital loss.
Pawan Garg v. ACIT (2022) 94 ITR 159 / 217 TTJ 20 (SMC) (Chd.) (Trib.)