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1 - 10 of 24 (0.54 seconds)Dr Bimal Roy Soni vs Acit Circle -I Jaipur on 6 January, 2021
Bimal Roy Soni, Jaipur vs. DCIT, Jaipur
In the result, appeals of the assessee is partly allowed.
Section 254 in The Income Tax Act, 1961 [Entire Act]
The Coinage Act, 2011
Section 154 in The Income Tax Act, 1961 [Entire Act]
Maxopp Investment Ltd.. vs Commr.Of I.T New Delhi on 12 February, 2018
39. In those cases, where shares are held as stock-in-trade, the main
purpose is to trade in those shares and earn profits therefrom.
However, we are not concerned with those profits which would naturally
be treated as 'income' under the head 'profits and gains from business
and profession'. What happens is that, in the process, when the shares
are held as 'stock-in-trade', certain dividend is also earned, though
incidentally, which is also an income. However, by virtue of Section 10
(34) of the Act, this dividend income is not to be included in the total
income and is exempt from tax. This triggers the applicability of Section
14A of the Act which is based on the theory of apportionment of
expenditure between taxable and non-taxable income as held in Walfort
Share & Stock Brokers (P.) Ltd. case. Therefore, to that extent,
depending upon the facts of each case, the expenditure incurred in
acquiring those shares will have to be apportioned.
M/S. Kalyan Awas Vikas Pvt. Ltd. , Jaipur vs Assistant Commissioner Of Income Tax, ... on 11 September, 2020
Bimal Roy Soni, Jaipur vs. DCIT, Jaipur
The hon'ble Madras High Court in the case of M/S. Marg Limited vs
Commissioner Of Income Tax (Judgment dt. 30.09.2020 in TCA Nos.41 to 43
/ 2017) has also held that "The legal position, as interpreted above by various
judgments and again reiterated by us in this judgment, remains that the
disallowance of expenditure incurred to earn exempted income cannot exceed
exempted income itself and neither the Assessee nor the Revenue are
entitled to take a deviated view of the matter".
Section 1 in The Income Tax Act, 1961 [Entire Act]
Section 4 in The Income Tax Act, 1961 [Entire Act]
The Commissioner Of Income Tax I vs Uti Bank Ltd Through Its Manager on 1 September, 2022
CIT v. UTI BANK LTD [2022] 289 Taxman 238 (SC)
South Indian Bank Ltd. CIT [2021] 283 Taxman 128 (SC)
10 ITA Nos. 239 & 240/JP/2022
Bimal Roy Soni, Jaipur vs. DCIT, Jaipur
Principal CIT v. Gujrat Fluorochemicals Ltd. [2022] 284 Taxman 451
(SC)
It was held and approved by the hon'ble Supreme Court that where interest
free own funds available with assessee exceeded its investments in tax free
securities, investments would be presumed to be made out of assessee's own
funds and proportionate disallowance was not warranted under section 14A.