S. 37(1) : Business expenditure-Electricity charges-Allowable as deduction.
CIT v. Tube Investments of India Ltd. (2022) 446 ITR 676/ 288 Taxman 524 / 220 DTR 383 / 329 CTR 986 (Mad.)(HC)/Editorial : SLP of Revenue dismissed , CIT v. Tube Investments of India Ltd. (2023) 292 Taxman 465 (SC)/ CIT v. Tube Investments of India (P.) Ltd. (2023) 292 Taxman 546 (SC)
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. 37(1) : Business expenditure-Capital or revenue-Laying pipelines for treatment of effluents of different industries-Amount spent in getting ISO certification-Revenue expenditure.
CIT(E) v. Narmada Clean Tech Ltd. (2022) 446 ITR 366 (Guj.)(HC)S. 36(1)(vii) : Bad debt-Amounts written off in the books of account-Order of Tribunal is affirmed-Allowable as deduction.
PCIT v. XPRO India Ltd. (2022) 446 ITR 668 / 217 DTR 265/ 328 CTR 593/ 289 Taxman 283 (Cal.)(HC)S. 17(2) : Perquisite-Salary-Valuation-Undertaking owned or Controlled by Central Government-Not Central Government-Cannot claim valuation of perquisites under Rule applicable to Government employees. [S. 15, R. 3, Art. 12, 136]
Indian Institute of Science v. Dy. CIT (2022) 446 ITR 418/ 217 DTR 457/ 328 CTR 621/ 289 Taxman 13 (SC) Editorial : Indian Institute of Science v. DY. CIT (2021) 438 ITR 400 (Karn.)(HC) affirmed.S. 4 : Charge of income-tax-Capital or revenue-Compensation received-Non-achievement of performance parameters-Capital receipt. [S. 28(i), 43(1)]
PCIT v. XPRO India Ltd. (2022) 446 ITR 668 / 217 DTR 265/ 328 CTR 593/ 289 Taxman 283 (Cal.)(HC)S. 4 : Charge of income-tax-Transfer of rights-Transfer is genuine-Set off credit-No evidence-Deletion of addition is valid. [ S. 28(iv) ]
CIT v. Tube Investments of India Ltd. (2022) 446 ITR 676 / 288 Taxman 524 / 220 DTR 383 / 329 CTR 986 (Mad.)(HC). Editorial : SLP of Revenue dismissed , CIT v. Tube Investments of India Ltd. (2023) 292 Taxman 465 (SC)/ CIT v. Tube Investments of India (P.) Ltd. (2023) 292 Taxman 546 (SC)S. 4 : Charge of income-tax-Income or capital-Subsidy received from Government for upgrading of Infrastructure facilities-Capital receipt. [S. 115JB]
CIT (E) v. Narmada Clean Tech Ltd. (2022) 446 ITR 366 (Guj.)(HC)S. 4 : Charge of income-tax-Income or capital-Sale of Carbon Credits-No cost of acquisition-Capital receipt-Subsidy-Technology upgradation fund-Compensation on non-performance of the energy generation-Capital receipt. [S. 28(i), 80IA]
CIT v. BEST Corporation Ltd. (2022) 446 ITR 211 (Mad.)(HC)S. 56 : Income from other sources –Stamp value – Market value of flat on agreement date is to be considered and not the value of registration of sale agreement -Addition is deleted . [ S. 45 , 56(2)(vii)(b) ]
Sanjraj Mehta v .ITO (Mum)( Trib) www.itatonline .orgS. 154 : Rectification of mistake -Inadvertent mistake by assessee- The AO has to rectify the said mistake [ S. 143(1)]
Poorvanchal Vikas Foundation v .ITO (2022) The Chamber’s Journal – September – P. 134( Varanasi)( Trib )