S. 24 : Income from house property-Deductions-Rental income from property in America Property tax-Deduction allowable. [S. 22]
Nitin Gupta v. ITO (2021) 91 ITR 47 (SN) / 214 TTJ 247 (SMC) (Delhi) (Trib.)
Digest of case laws
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This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws S. 24 : Income from house property-Deductions-Property tax and interest on loan-Mortgage interest statement-Allowable as deduction-Cash credits-Matter remanded. [S. 23,24(b), 68]
Nitin Gupta v. ITO (2021) 207 DTR 159 (SMC) (Delhi)(Trib.)S. 22 : Income from house property-Notional addition of rental income by making an adhoc increase of 10% over and above value assessed in previous year is without any basis-Addition is deleted. [S. 23, 24]
Shahrukh Khan v. DCIT (2021) 209 TTJ 356 / 197 DTR 1 (Mum.)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Interest expenditure-Balance-Sheet of assessee showing assessee’s own funds available in excess of investments-Interest cannot be disallowed. [R.8D (2)(iii)]
Tejas Networks Ltd. v. DCIT (2021) 91 ITR 52 (SN) (Bang.)(Trib.)S. 14A : Disallowance of expenditure-Exempt income-Interest expenditure-Sufficient own funds-Disallowance is not valid-Direction to consider only those investments upon which exempt income earned-Held to be proper. [R.8D]
Kanoria Chemicals and Industries Ltd. v. ACIT (2021) 91 ITR 82 (SN) /(2022) 210 DTR 279(Kol.)(Trib.)S.14A : Disallowance of expenditure-Exempt income-No exempt income during year-No disallowance can be made. [R. 8D]
DCIT v. East Coast Imports and Exports (2021) 91 ITR 6 (SN) (Vishakha)(Trib.)S.14A : Disallowance of expenditure-Exempt income-Disallowing more than 50 Per Cent. of total expenditure claimed-No further disallowance called for-Deletion of disallowance while computing book profits is held to be proper. [S. 115JB, R.8D]
ACIT v. Cyrus Investments Pvt. Ltd. (2021) 91 ITR 49 (SN) (Mum.) (Trib.)S. 14A : Disallowance of expenditure-Exempt income-Reserves and surplus funds more than investments-Presumption that such investment was made from interest-free funds available with assessee-No interest disallowance warranted. [R. 8D]
N. R. Agarwal Industries Ltd. v. ACIT (2021) 91 ITR 503 (Surat)(Trib.)S. 14A: Disallowance of expenditure-exempt income-Interest-Not earning any exempt income during year-No disallowance of interest [R. 8D]
JCIT v. Reliance Life Sciences Pvt. Ltd. (2021) 91 ITR 468 (Mum.) (Trib.)S. 14A : Disallowance of expenditure-Exempt income-Investments made from own funds-No disallowance to be made [R. 8D]
Dy. CIT v. Daawat Foods Ltd. (2021) 91 ITR 110 (Delhi)(Trib.)