S. 14A : Disallowance away from costs – Exempt earnings – No exempt earnings obtained – Provision is not appropriate [Roentgen

S. 14A : Disallowance away from costs – Exempt earnings – No exempt earnings obtained – Provision is not appropriate [Roentgen

S. 14A: Disallowance out of expense – Excused income – Onus towards the money to show one to disallowance is incorrect – Instead examining the account disallowance isn’t justified [Roentgen.8D]

Courtroom stored your onus into the revenue to show you to disallowance try erroneous and you will instead exploring the account disallowance isn’t warranted (AY.2007-08, 2008-09)

S. 14A : Disallowance regarding expense – besthookupwebsites.org/oasis-active-review Excused money – Improvement away from disallowance try stored become perhaps not valid [R.8D]

Dismissing new beauty of new cash the newest Court held that Examining Officer had approved that the assessee hadn’t borrowed loans. This new assessee got subtracted particular proportionate costs, that the Examining Manager hadn’t disbelieved or debated. Quantity of financial support, brand new assessee is actually said to have obtained costs-free services off finance companies or other loan providers that have which they had invested. The new Tribunal got accurately deleted this new disallowance regarding Rs. crores significantly less than point 14A of your own Operate relative to signal 8D of one’s Money-tax Legislation.

Dismissing the appeal of this new cash the fresh new Court held one one while the zero exempt earnings had accumulated towards assessee this new arrangements away from area 14A failed to incorporate

Enabling the newest desire the brand new Legal held that in case there’s absolutely no dividend income attained, disallowance cannot be produced. (AY. 2014-15)

S. 28(iv) : Providers income – Worth of any better otherwise perquisites – Converted into currency or otherwise not – Amalgamation –Excess of online said over value regarding people bought out – Perhaps not assessable since earnings. [S. 4]

Dismissing new appeal of the latest cash the new Court kept that the arrangements regarding point 28(iv) of your Work inform you that the number reflected in the bill piece of your assessee beneath the direct reserves and surplus can not be managed given that a benefit otherwise perquisite as a result of team or take action away from field. The real difference when you look at the amount blog post amalgamation try new amalgamation reserve and you may it cannot feel asserted that it absolutely was regarding typical exchange of your company getting investment in general, and that arose due to amalgamation off five businesses, it cannot feel managed since losing under point 28(iv). Used CIT v. Stads Ltd. (2015) 373 ITR 313 (Mad) (HC).(AY.2006-07)

S. 32: Decline – Property gotten in exchange off extinguishment out of tenancy legal rights – Depreciation allowable – Low – Vie commission – Decline deductible into the concept of texture.

The matter needed to be readjudicated because of the Evaluating Administrator, which objective, the newest Determining Manager must analyse the newest contract dated entered for the involving the assessee therefore the SIPCOT rather than go simply from the the nomenclature

Dismissing new appeal of the money brand new Judge stored you to depreciation is actually deductible according out of assets gotten in exchange away from relinquishment away from tenancy rights in another property. Judge plus stored that depreciation towards the low-participate charges is actually held to be allowable. Accompanied CIT v. Areva T & D India Ltd. (2012) twenty six taxmann 266 (Mad) (HC). (AY.2006-07)

S. 32 : Depreciation – Carry forward and put out-of – Unabsorbed depreciation to the step one-4-2002 are going to be transmitted pass and put out of in place of getting into the membership number of years of such carry forward. [S.32 (2)]

Dismissing the brand new attractiveness of this new funds the brand new Judge held one unabsorbed decline concerning the assessment year 1997-98 to help you 2000-01 was eligible for go off up against earnings into the testing seasons 2005-06. Circular No. 14 off 2001 old -08)

S. 32: Depreciation – Building – Path – Entitle to help you depreciation at ten% – Decline for the possessions stored into the book – Utilizes terms of book – Matter remanded. [S. 32 (1)(ii)]

Tribunal try justified during the allowing the newest depreciation during the ten% into the roads. Courtroom and additionally kept that property on what the fresh new facility had been developed by the assessee, is owned by the SIPCOT as well as the advancement contains taking roads inside It Playground, place of a multiple-peak carpark, an such like. According to the agreement, the new assessee must produce such institution and sustain them and you will that time is stated become 99 decades, which is practically perpetual. Thus, a further study of this new truthful thing is warranted. (AY. 2007-08 to 2010-eleven, 2012-thirteen and you can 2013-14)

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