Journal CLL

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Karnataka Value Added Tax Act, 2003 Section 66—Refund of tax paid on purchase of inputs—Inputs disallowed included purchase of food and beverages, housekeeping and office maintenance, printing and stationery, maintenance of photocopying machine, sports goods and events, car lease, etc
Cerner Healthcare Solutions (P) Ltd. v. Addl. CCT 2021 TaxPub(VAT) 76 (Karn-HC)
Income Tax Act, 1961 Section 47(v)—Capital gains—Exemption under section 47(v)—Out of 80 lakhs shares, 25 shares of assessee-company, were held by nominees of holding company
CIT v. Shardlow India Ltd. 2020 TaxPub(DT) 3011 (Mad-HC) : (2020) 316 CTR (Mad) 297
Income Tax Act, 1961 Section 36(1)(iii)—Business deduction under section 36(1)(iii)—Interest on borrowed capital—No proof that amount diverted generated from internal floor
Samir Synthetics Mills v. Dy. CIT 2020 TaxPub(DT) 3104 (Ahd-Trib)
Income Tax Act, 1961 Section 14A—Disallowance under section 14A—Expenditure against exempt income—Rule 8D not applicable during the year
HCL Comnet Systems and Services Ltd. v. Dy. CIT 2020 TaxPub(DT) 2777 (Del-Trib)
Income Tax Act, 1961 Section 14A—Disallowance under section 14A—Expenditure against exempt income—No exempt income earned during the year
Dy. CIT v. Hind Industries Ltd. 2020 TaxPub(DT) 2748 (Del ‘G’-Trib) : (2020) 79 ITR (Trib) 1 (Del ‘G’-Trib)
Income Tax Act, 1961 Section 14A—Disallowance under section 14A—Expenditure against exempt income—Interest expenses—Assessee pleading to have made investment out of sufficient own funds—Failure to furnish day-to-day fund flow analysis
Samir Synthetics Mills v. Dy. CIT 2020 TaxPub(DT) 3104 (Ahd-Trib)
Income Tax Act, 1961 Section 14A—Disallowance under section 14A—Expenditure against exempt income—Assessee claimed that investment was made in its own subsidiary out of interest-free funds
BBR Projects (P) Ltd. v. ITO 2020 TaxPub(DT) 3093 (Hyd-Trib)
Income Tax Act, 1961 Section 32—Depreciation—Allowability—Depreciation on ‘Content Management Software’ (CMS)
Taxman Publications (P) Ltd. v. ACIT 2020 TaxPub(DT) 2872 (Del-Trib)
Income Tax Act, 1961 Section 14A—Disallowance under section 14A—Expenditure incurred against earning of exempted income—Disallowance of 1% on the investment made in equity shares
Khetan Tiles (P) Ltd. v. Dy. CIT 2020 TaxPub(DT) 2991 (Jp-Trib)
Income Tax Act, 1961 Section 38(2)—Depreciation—Partial user—Building etc. partly used for buisness—Assessee firm failed to controvert personal use of motor car by partners—No suo moto disallowance claimed as regards depreciation thereon
Samir Synthetics Mills v. Dy. CIT 2020 TaxPub(DT) 3104 (Ahd-Trib)