https://www.taxtmi.com/caselaws?id=445741 The note addresses four recurring tax issues: section 14A disallowance is stated to be capped at the exempt income earned in the relevant year, with the Finance Act 2022 Explanation treated as not retrospectively applicable to earlier years; higher depreciation on buses is linked to their functional use in passenger transport as vehicles run on hire; receipts under a property leasing arrangement based on a percentage of gross sales are examined for business-income character by reference to commercial substance, risk sharing and contractual terms; and a claimed cost of improvement for short-term capital gains may require verification to confirm nexus and avoid double allowance. The note also indicates that incomplete agreements or factual records may justify remand for fresh examination. en-us Wed, 09 Aug 2023 00:00:00 +0530 Fri, 17 Nov 2023 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445741 The note addresses four recurring tax issues: section 14A disallowance is stated to be capped at the exempt income earned in the relevant year, with the Finance Act 2022 Explanation treated as not retrospectively applicable to earlier years; higher depreciation on buses is linked to their functional use in passenger transport as vehicles run on hire; receipts under a property leasing arrangement based on a percentage of gross sales are examined for business-income character by reference to commercial substance, risk sharing and contractual terms; and a claimed cost of improvement for short-term capital gains may require verification to confirm nexus and avoid double allowance. The note also indicates that incomplete agreements or factual records may justify remand for fresh examination. Case-Laws Income Tax Wed, 09 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445741