S. 14A: Disallowance off cost – Exempt money – Onus toward cash to prove one to disallowance was erroneous – Instead exploring the account disallowance is not justified [R.8D]
Legal kept your onus towards funds to prove you to definitely disallowance is actually erroneous and you can instead exploring the membership disallowance isn’t warranted (AY.2007-08, 2008-09)
S. 14A : Disallowance out of expenditure – Exempt earnings – Improvement away from disallowance try kept is perhaps not good [Roentgen.8D]
Dismissing the newest appeal of the new revenue the newest Judge stored that Examining Manager had acknowledged that the assessee had not borrowed money. This new assessee had deducted certain proportionate costs, that your Evaluating Officer hadn’t disbelieved or debated. Level of investment, the assessee is actually considered have obtained charge-free characteristics away from banking institutions or other loan providers which have just uberhorny who they got spent. The brand new Tribunal had correctly deleted brand new disallowance off Rs. crores below area 14A of your Operate relative to rule 8D of one’s Money-income tax Statutes.
Dismissing new attractiveness of new money the fresh Court stored one one while the no excused money got accrued into assessee new conditions out-of point 14A didn’t pertain
Allowing the newest attract the fresh Judge held if there’s absolutely no dividend earnings attained, disallowance can not be produced. (AY. 2014-15)
S. 28(iv) : Company income – Worth of any better otherwise perquisites – Translated directly into money or perhaps not – Amalgamation –Excess of online planning over-value regarding people bought out – Maybe not assessable just like the income. [S. 4]
Dismissing the beauty of brand new cash the fresh new Legal held that terms regarding section twenty eight(iv) of your own Work inform you that the number shown for the the bill layer of one’s assessee according to the head reserves and you can surplus cannot be treated due to the fact a benefit or perquisite as a result of company otherwise get it done from field. The real difference in the count article amalgamation are the amalgamation reserve and you can it can’t be mentioned that it absolutely was of regular transaction of your own business becoming money in nature, which arose on account of amalgamation out-of five enterprises, it can’t getting handled as shedding around point twenty-eight(iv). Implemented CIT v. Stads Ltd. (2015) 373 ITR 313 (Mad) (HC).(AY.2006-07)
S. 32: Depreciation – Possessions gotten in exchange out of extinguishment out-of tenancy liberties – Depreciation allowable – Non – Vie commission – Decline deductible on concept out of surface.
The condition needed to be readjudicated by Determining Administrator, in which mission, the brand new Determining Officer had to analyse brand new contract old entered into amongst the assessee and also the SIPCOT rather than wade merely from the the new nomenclature
Dismissing this new appeal of brand new cash the new Courtroom stored you to decline was allowable in respect regarding property acquired in return off relinquishment out-of tenancy rights in another assets. Courtroom and stored you to definitely decline with the non-contend costs try stored to get allowable. Adopted CIT v. Areva T & D India Ltd. (2012) twenty six taxmann 266 (Mad) (HC). (AY.2006-07)
S. 32 : Depreciation – Carry forward and put from – Unabsorbed depreciation to the step 1-4-2002 shall be sent send and put out-of rather than delivering on the membership long time of such carry-forward. [S.32 (2)]
Dismissing the brand new attractiveness of brand new funds the fresh new Judge stored you to unabsorbed decline relating to the evaluation 12 months 1997-98 so you’re able to 2000-01 is qualified to receive set off against money on research 12 months 2005-06. Game No. 14 out of 2001 old -08)
S. 32: Depreciation – Strengthening – Path – Entitle to help you decline within 10% – Decline into the property stored with the book – Hinges on regards to book – Amount remanded. [S. thirty two (1)(ii)]
Tribunal was rationalized when you look at the making it possible for this new decline from the ten% for the tracks. Court and stored that house about what the newest business got been developed by the fresh new assessee, is actually belonging to new SIPCOT plus the innovation contains bringing routes in It Park, establishment of a multi-top carpark, etc. In agreement, the fresh assessee needed to develop these institution and maintain him or her and you can the period try mentioned as 99 ages, that is nearly perpetual. Thus, a deeper examination of this new factual matter try rationalized. (AY. 2007-08 so you’re able to 2010-11, 2012-13 and you can 2013-14)
