S. 37(1) : Business expenditure-Expenses incurred for the business cannot be disallowed by the AO on the question of commercial expediency.
ITO v. Bhagchand Jain (2022) 94 ITR 472 / 217 TTJ 202 (Jaipur)(Trib.)S. 37(1) : Business expenditure-Expenses incurred for the business cannot be disallowed by the AO on the question of commercial expediency.
ITO v. Bhagchand Jain (2022) 94 ITR 472 / 217 TTJ 202 (Jaipur)(Trib.)S. 37(1) : Business expenditure-Supervisory fees-The AO cannot sit in the armchair of businessman and decide whether particular expenditure is required to be incurred for the business or not-Deduction is allowable in the year of payment of tax deduction at source. [S.40(a)(i)]
ACIT v. Dong Woo Surface Tech India (P.) Ltd. (2022) 94 ITR 547 (Chennai)(Trib.)S. 36(1)(iii) : Interest on borrowed capital-Investments in acquisition of shares in companies to have controlling stake-Investment for purpose of business-No disallowance of interest expenses. [S. 14A]
Gujarat Nippon Enterprises Pvt. Ltd. v. ITO (2022) 94 ITR 2 (SN) (Ahd.)(Trib.)S. 36(1)(iii) : Interest on borrowed capital-Capital work-in-progress-Interest required to be capitalised-Matter remanded.
ACIT v. Silver Jubilee Motors Ltd. (2022) 94 ITR 19 (Trib.) (SN) (Pune)(Trib.)S. 36(1)(iii) : Interest on borrowed capital-Interest free loans to wholly-owned subsidiary-Commercial expediency-Interest on borrowed capital allowable as deduction.
Moonrock Hospitality (P.) Ltd. v. ACIT (2022) 94 ITR 185 (Delhi) (Trib.)S. 32 : Depreciation-Ownership of asset-Car loan-Vehicle registered in name of director-Vehicle used in business-Entitle to depreciation and interest paid on car loan. [S. 37(1), Motor Vehicles Act, 1988]
Sehgal Autoriders Pvt. Ltd. v. Dy.CIT (2022) 94 ITR 11 (SN) (Pune)(Trib.)S. 32 : Depreciation-Use of vehicle-Neither log book maintained nor any income earned during the year-Disallowance is justified-Legal expenses-No business carried on-Not allowable as deduction. [S. 37(1), 38(2)]
Jayant Maniklal Lunawat v. JCIT (2022) 94 ITR 29 (SN) (Pune)(Trib.)S. 32 : Depreciation-Demerger-Acquisition of fixed asset-Denial of depreciation is not justified. [S. 2(19AA), 43(1)]
ACIT v. Uttaranchal Jal Vidyut Nigam Ltd. (2022) 94 ITR 435 (Delhi)(Trib.)S. 32 : Depreciation-Assets installed and kept ready-Depreciation allowable-Assets need not be used for whole year.
ACIT v. Gopalpur Ports Ltd. (2022) 94 ITR 75 (SN) (Cuttack) (Trib.)S. 32 : Depreciation-Goodwill-Amalgamation of companies-Depreciation on goodwill acquired to be allowed. [S. 32(1)(ii), 43(1), 43(6)]
Altimetrik India Pvt. Ltd. v. CIT (2022) 194 ITD 124 / 94 ITR 25 (SN) (Bang.)(Trib.)