S. 14A : Disallowance out of expense – Excused income – Zero exempt money gotten – Provision is not appropriate [R

S. 14A : Disallowance out of expense – Excused income – Zero exempt money gotten – Provision is not appropriate [R

S. 14A: Disallowance regarding expense – Exempt earnings – Onus towards money to show you to definitely disallowance try erroneous – Instead examining the levels disallowance isn’t justified [R.8D]

Legal kept the onus toward cash to show that disallowance is erroneous and in the place of exploring the membership disallowance isn’t justified (AY.2007-08, 2008-09)

S. 14A : Disallowance away from cost – Exempt income – Improvement regarding disallowance is actually stored becoming not appropriate [Roentgen.8D]

Dismissing brand new appeal of the new money the brand new Court stored that Assessing Administrator had acknowledged your assessee hadn’t borrowed fund. New assessee had deducted particular proportionate cost, which the Assessing Manager had not disbelieved or disputed. Level of investment, this new assessee is thought to have obtained fees-free functions out of banking companies and other financial institutions which have which they had spent. The newest Tribunal had accurately removed the brand new disallowance regarding Rs. crores less than point 14A of Work in line with laws 8D of your own Earnings-tax Laws.

Dismissing new beauty of the latest money this new Court held you to that because the no excused money had accumulated for the assessee brand new terms of part 14A don’t apply

Enabling the interest the latest Judge stored when there’s no dividend income acquired, disallowance can’t be produced. (AY. 2014-15)

S. 28(iv) : Business earnings – Property value much better or perquisites – Translated in to money or not – Amalgamation –More than web thought over-value out-of enterprises bought out – Perhaps not assessable just like the earnings. [S. 4]

Dismissing the brand new attractiveness of the new funds the brand new Court stored the arrangements away from part twenty eight(iv) of Work inform you that the matter reflected in the bill sheet of assessee underneath the lead reserves and you may extra can’t be addressed since an advantage or perquisite arising from business or do so away from field. The real difference during the matter blog post amalgamation is the latest amalgamation put aside and you will it can’t become mentioned that it absolutely was out-of typical exchange of the company becoming money in general, and this arose due to amalgamation of four organizations, it can’t getting managed due to the fact falling significantly less than point twenty eight(iv). Implemented CIT v. Stads Ltd. (2015) 373 ITR 313 (Mad) (HC).(AY.2006-07)

S. 32: Depreciation – Property gotten inturn off extinguishment out-of tenancy liberties – Depreciation allowable – Non – Participate fee – Decline deductible toward principle regarding feel.

The matter had to be readjudicated because of the Determining Administrator, in which goal, the Examining Manager must analyse brand new contract old joined with the within assessee additionally the SIPCOT and never go only by the fresh new nomenclature

Dismissing new beauty of the brand new revenue new Courtroom kept bondage.com giriЕџ one to decline try deductible according out of property gotten reciprocally out of relinquishment out-of tenancy rights in another assets. Legal along with held one to depreciation with the low-vie fees are held become allowable. Followed CIT v. Areva T & D India Ltd. (2012) twenty-six taxmann 266 (Mad) (HC). (AY.2006-07)

S. 32 : Depreciation – Carry forward and place off – Unabsorbed depreciation into the step one-4-2002 is going to be sent submit and place away from instead providing into account very long time of such carry forward. [S.thirty two (2)]

Dismissing the fresh new beauty of the cash brand new Courtroom held one to unabsorbed depreciation relating to the evaluation 12 months 1997-98 to help you 2000-01 try qualified to receive go-off facing earnings to your comparison 12 months 2005-06. Circular No. 14 away from 2001 dated -08)

S. 32: Decline – Strengthening – Road – Entitle so you’re able to depreciation at the ten% – Decline on the possessions stored on the lease – Hinges on regards to book – Amount remanded. [S. thirty two (1)(ii)]

Tribunal was justified in the enabling the new decline at the 10% in paths. Judge and kept the residential property about what new studio had already been produced by the newest assessee, is actually owned by the newest SIPCOT and also the invention contains providing tracks within the It Park, facilities away from a multi-height car parking, an such like. Beneath the contract, the fresh new assessee needed to write this type of establishment and sustain him or her and you will the period is stated is 99 decades, that’s very nearly continuous. Therefore, a further study of the fresh new informative topic is actually justified. (AY. 2007-08 to 2010-11, 2012-13 and you can 2013-14)

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