S. 14A: Disallowance off costs – Exempt income – Onus into the revenue to prove one disallowance is actually incorrect – In the place of exploring the accounts disallowance is not rationalized [Roentgen.8D]
Court kept the onus on the funds to show that disallowance try erroneous and in the place of examining the accounts disallowance isn’t justified (AY.2007-08, 2008-09)
S. 14A : Disallowance off expense – Exempt money – Enhancement of disallowance are kept become maybe not legitimate [Roentgen.8D]
Dismissing the fresh new beauty of the fresh new revenue the latest Judge stored the Examining Administrator got recognized your assessee had not lent funds. This new assessee got subtracted particular proportionate cost, that your Evaluating Administrator hadn’t disbelieved otherwise disputed. Volume of financing, the new assessee was believed to have received charge-totally free services regarding finance companies or any other creditors with which they got spent. The Tribunal got correctly removed brand new disallowance of Rs. crores not as much as section 14A of your Work according to laws 8D of one’s Money-income tax Regulations.
Dismissing the newest beauty of this new money the newest Court kept one to you to definitely once the zero excused money got accumulated to the assessee the specifications away from section 14A failed to use
Enabling the fresh new desire the fresh Court kept if there’s no bonus income acquired, disallowance can’t be produced. (AY. 2014-15)
S. 28(iv) : Team money – Worth of any better otherwise perquisites – Converted in to money or not – Amalgamation –Overabundance internet idea over value out of enterprises bought out – Perhaps not assessable because money. [S. 4]
Dismissing brand new appeal of new money the Legal held your arrangements regarding area twenty-eight(iv) of Work make it clear your count shown during the the bill piece of one’s assessee within the lead supplies and you will excess cannot be treated once the an advantage otherwise perquisite as a result of providers or take action out-of field. The real difference inside count blog post amalgamation try the new amalgamation reserve and you can it cannot getting said that it was off regular transaction of business getting investment in the wild, and this emerged because of amalgamation out-of four people, it cannot become treated as the dropping not as much as point 28(iv). Then followed CIT v. Stads Ltd. (2015) 373 ITR 313 (Mad) (HC).(AY.2006-07)
S. 32: Depreciation – Property acquired inturn of extinguishment off tenancy liberties – Depreciation allowable – Low – Participate fee – Depreciation allowable into concept regarding consistency.
The matter needed to be readjudicated of the Examining Administrator, for which goal, the Assessing Officer had to analyse the latest agreement dated inserted for the involving the assessee additionally the SIPCOT rather than go only by the fresh new nomenclature
Dismissing the newest beauty of brand new funds the newest Legal stored one to depreciation is actually allowable according out of property gotten inturn away from relinquishment off tenancy legal rights an additional assets. Court and held that depreciation with the non-participate charge is actually stored are deductible. Used CIT v. Areva T & D Asia Ltd. (2012) twenty-six taxmann 266 (Mad) (HC). (AY.2006-07)
S. thirty-two : Decline – Carry forward and place off – Unabsorbed depreciation on the 1-4-2002 might be sent forward and put regarding instead bringing on the account very long time of such carry forward. [S.thirty two (2)]
Dismissing new appeal of the fresh cash this new Courtroom held that unabsorbed depreciation concerning the analysis 12 months 1997-98 so you’re able to 2000-01 try eligible for stop facing earnings to the review seasons 2005-06. Rounded No. fourteen out-of 2001 old -08)
S. 32: Decline – Building – Path – Entitle so you’re able to depreciation from the 10% – Decline for the possessions held for the book – Utilizes terms of book – Count remanded. [S. thirty-two (1)(ii)]
Tribunal 
are rationalized from inside the enabling the brand new decline from the 10% within the routes. Courtroom as well as held the house on which brand new facility got already been developed by new assessee, try belonging to the newest SIPCOT and also the development consisted of delivering tracks in It Playground, institution away from a multi-height carpark, etc. Beneath the arrangement, the new assessee had to write these establishment and maintain her or him and you may that time are stated to be 99 ages, that’s around perpetual. For this reason, a further study of the newest factual question are warranted. (AY. 2007-08 so you can 2010-11, 2012-thirteen and you can 2013-14)
