S. 68 : Cash credits-Capital gains-Penny stock-Shell company-Shares held as investments for more than ten years-Addition as cash credit was deleted. [S. 45]
PCIT v. Jagat Pravinbhai Sarabhai (2022) 289 Taxman 298 (Guj.)(HC)S. 68 : Cash credits-Capital gains-Penny stock-Shell company-Shares held as investments for more than ten years-Addition as cash credit was deleted. [S. 45]
PCIT v. Jagat Pravinbhai Sarabhai (2022) 289 Taxman 298 (Guj.)(HC)S. 45 : Capital gains-Two separate accounts-Investment portfolio-Stock in trade-Sale of investments assessable as capital gains and not as business income. [S. 28(i)]
Gyan Traders Ltd. v. CIT (2022) 289 Taxman 628 (Cal.)(HC)S. 43B : Deductions on actual payment-Employees’ contribution towards provident fund and ESI would qualify for deduction even if paid after due date prescribed but before due date of filing of return.-Amendment is prospective in nature. [S. 36(1)(va)]
PCIT v. TV Today Network Ltd. (2022) 289 Taxman 132 / 217 DTR 1 / 328 CTR 204 (Delhi)(HC) Editorial : Refer, Checkmate Services P. Ltd. v. CIT (2022)448 ITR 518/ 218 DTR 218 /329 CTR 1 (SC)S. 40(a)(ia) : Amounts not deductible-Deduction at source-Commission, brokerage, etc.-Passenger service fee-Withheld by Airlines-Not liable to deduct tax at source-Verify factual aspect, matter was restored to the file of the Assessing Officer. [S. 194H]
Delhi International Airport (P.) Ltd. v. PCIT (2022) 138 taxmann.com 541 (Karn.)(HC) Editorial: Notice issued in SLP filed by Revenue, PCIT v. Delhi International Airport (P.) Ltd. (2022) 289 Taxman 78 (SC)S. 37(1) : Business expenditure-Consumption incentive-Ascertained liability-Provision-Allowable as deduction. [S. 145]
PCIT v. TV Today Network Ltd. (2022) 289 Taxman 132 / 217 DTR 1 / 328 CTR 204 (Delhi)(HC)S. 37(1): Business expenditure-Loss on investment in subsidiary-Expansion of business-Permanent diminution in value of investment made in equity shares-Allowable as business expenditure. [S. 28(i), 36(1)(vii]
PCIT v. Vaibhav Global Ltd. (2022) 138 taxmann.com 506 (Raj.)(HC) Editorial : Notice issued in SLP filed by Revenue, PCIT v. Vaibhav Global Ltd. (2022) 289 Taxman 407 (SC)S. 37(1) : Business expenditure-Donation of amount to BDC for construction of ring road-Allowable as business expenditure.
PCIT v. Mysore Minerals Ltd. (2022) 143 taxmann.com 219 (Karn.)(HC) Editorial: SLP of Revenue dismissed, PCIT v. Mysore Minerals Ltd. (2022) 289 Taxman 408 (SC)S. 37(1) : Business expenditure-Cancellation of joint venture agreement-Compensation paid-Nexus between cancellation of JDA and execution of construction agreement-Allowable as deduction.
Nitesh Estates (P.) Ltd. v. ACIT (2022) 289 Taxman 45 (Karn.)(HC)S. 36(1)(vii) : Bad debt-Amount offered as income-Written as bad debt in books of account-Debtor has shown as liability in its books of account-Allowable as deduction as bad debt. [S. 36(2)]
PCIT v. Nilgiri Financial Consultants Ltd. (2022) 289 Taxman 115 (Delhi)(HC)S. 36(1)(iii) : Interest on borrowed capital-Investment company-Commercially expedient-Difference between interest received and paid by assessee for purpose of business-Deletion of disallowance was affirmed. [S. 37(1)]
CIT v. Shriram Investments (2022) 289 Taxman 315 (Mad.)(HC)