S. 14A : Disallowance regarding expense – Exempt money – No excused money obtained – Supply is not applicable [Roentgen
S. 14A: Disallowance regarding expenses – Exempt earnings – Onus on the cash to show you to definitely disallowance is actually incorrect – Versus exploring the levels disallowance is not warranted [R.8D]
Courtroom stored that the onus on funds to prove that disallowance try incorrect and you can instead of examining the profile disallowance is not warranted (AY.2007-08, 2008-09)
S. 14A : Disallowance away from costs – Excused income – Enhancement off disallowance was stored to get not legitimate [R.8D]
Dismissing the newest attractiveness of new funds the fresh Court stored your Assessing Officer had accepted the assessee hadn’t lent money. The brand new assessee had subtracted certain proportionate cost, which the Evaluating Manager hadn’t disbelieved or debated. Level of investment, brand new assessee is considered have received charge-totally free properties out-of banking institutions and other creditors that have who it got spent. This new Tribunal got precisely deleted the fresh disallowance away from Rs. crores below area 14A of your own Act prior to code 8D of one’s Earnings-income tax Laws.
Dismissing this new attractiveness of the brand new funds the latest Legal stored one to one as zero excused money got accrued towards assessee the provisions off part 14A failed to implement
Enabling this new appeal the fresh new Judge held that when there’s absolutely no bonus money generated, disallowance cannot be produced. (AY. 2014-15)
S. 28(iv) : Team income – Property value any benefit otherwise perquisites – Translated directly into currency or perhaps not – Amalgamation –More than websites planning over value out-of enterprises taken over – Not assessable just like the earnings. [S. 4]
Dismissing the latest beauty of the fresh new funds brand new Court kept your provisions regarding section twenty eight(iv) of your own Act inform you the number mirrored within the the balance sheet of the assessee under the lead reserves and excessive can not be managed as an advantage or perquisite due to organization or take action from field. The real difference from inside the matter article amalgamation was new amalgamation reserve and you will it cannot become said that it absolutely was of normal transaction of your company are financial support in nature, which arose on account of amalgamation regarding five organizations, it cannot getting treated since the shedding under section 28(iv). Then followed CIT v. Stads Ltd. (2015) 373 ITR 313 (Mad) (HC).(AY.2006-07)
S. 32: Depreciation – Assets acquired in exchange away from extinguishment of tenancy liberties – Decline deductible – Non – Compete commission – Depreciation deductible toward principle from structure.
The issue needed to be readjudicated of the Examining Officer, whereby objective, this new Assessing Administrator must evaluate this new agreement old joined on within assessee while the SIPCOT and not go simply because of the the latest nomenclature
Dismissing the new attractiveness of new cash this new Courtroom stored you to depreciation are deductible in respect out of possessions acquired in return away from relinquishment off tenancy legal rights an additional property. Courtroom and additionally held you to definitely depreciation to your low-contend fees is stored to be deductible. Used CIT v. Areva T & D India Ltd. (2012) twenty-six taxmann 266 (Mad) (HC). (AY.2006-07)
S. thirty two : Depreciation – Carry-forward and set out-of – Unabsorbed depreciation on step 1-4-2002 would be transmitted send and place of in the place of providing on the account long-time of these carry-forward. [S.thirty-two (2)]
Dismissing brand new attractiveness of the brand new cash the newest Courtroom stored one unabsorbed depreciation regarding the research year 1997-98 to 2000-01 is actually entitled to go-off against money for the review seasons 2005-06. Circular Zero. 14 of 2001 dated -08)
S. 32: Depreciation – Building – Road – Entitle to depreciation on 10% – Decline for the property stored into the lease – Hinges on terms of lease – Amount remanded. [S. thirty two (1)(ii)]
Tribunal was justified within the allowing the newest depreciation within ten% during the roads. Legal together with held your residential property about what the fresh business got started developed by the newest assessee, try belonging to the brand new SIPCOT as well as the invention contains bringing paths in It Playground, business of a multi-height carpark, an such like. In arrangement, the brand new assessee needed to establish such sugarbook profile business and keep maintaining them and you will that time try mentioned to get 99 years, which is virtually continuous. Ergo, a much deeper examination of the brand new factual matter is actually justified. (AY. 2007-08 to help you 2010-11, 2012-13 and you will 2013-14)
