Deduction under s 36(1)(iii) , Exemption under s 10(23C)(vi), Appeal under s 268A & Depreciation

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From: CA Saiprasad Bagrecha <saiprasadbagrecha@gmail.com>

 

http://www.indiantaxhome.com/2011/07/deduction-under-s-361iii.html

Interest paid by the assessee, on account of an investment in its sister concern from borrowed funds for the acquisition of shares in a subsidiary company in order to have control over that company, is eligible for a deduction under s 36(1)(iii), as held by MumHC in CIT v Phil Corporation Ltd & Anr — In favour of: The assessee; Tax Appeal No 57 of 2002.

 

http://www.indiantaxhome.com/2011/07/exemption-under-s-1023cvi.html

Matter has been remitted for consideration of issue whether the society, which has been mainly formed with the objective of carrying out an educational activity, can be denied an exemption merely on the suspicion that it may deviate from it in the future, as held by DelHC in Palam Jain Educational & Welfare v DGIT — In favour: Others; Writ Petition (Civil) No 7578/2008.

 

http://www.indiantaxhome.com/2011/07/appeal-under-s-268a.html

Monetary limit — Appeal filed by the revenue would not be barred by the Board's circular even if the assessee files a loss in the return on the ground of the tax effect being "Nil" or lower than the monetary limit fixed by the Board and, in such cases, the notional tax effect should be taken into account, as held by GujHC in CIT v BD Patel Quarry Works Private Limited — In favour of: The revenue; Tax Appeal No 621 of 2009.

 

http://www.indiantaxhome.com/2011/07/depreciation_25.html

 Depreciation on the capital assets was allowable even when capital expenditure on the acquisition of the corresponding assets had already been allowed as "application of income" for the purpose of allowing the exemption under s 11, as held by PHHC in CIT v Market Committee, Tohona — In favour of: The assessee; ITA No 186 of 2011.

 

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