“Section 17(3)(i)”
The decision most relied on for Section 17(3)(i) is Lissie Medical Institutions v. CIT (348 ITR 344), cited in 164 judgments on BharatTax.
Leading authorities on Section 17(3)(i)
The Kerala High Court held that charitable institutions claiming exemption under Section 11 are not entitled to claim depreciation on assets used for charitable purposes, taking a view contrary to most other High Courts.
Supplementary commission forional or extra services does not fall within the ambit of Section 194H of the Income Tax Act, 1961. This may affect the applicability of certificates issued under Section 197.
Allotment of shares to employees under an Employee Stock Option Plan (ESOP) before April 1, 2000, is not a taxable perquisite if the benefit's value is unascertainable at the time of option exercise due to conditions like a lock-in period.
While there is no statutory time limit for filing Form 10 to claim exemption for income accumulation under Section 11(2), it must be furnished before the completion of assessment proceedings for the Assessing Officer to grant the exemption.
Interest income earned by a cooperative society on its funds deposited with banks is considered business income, making it eligible for deduction under Section 80P(2)(a)(i).
When a taxpayer's sole source of income is from the letting out of properties, such rental income is to be assessed under the head 'Income from House Property'.
Forfeited advance money received for the transfer of a capital asset is not taxable as revenue receipt. Such forfeiture pertains to a capital receipt directly related to the potential sale of a capital asset.
A transfer of an immovable asset for capital gains purposes requires an effective conveyance through a registered sale deed to pass title. Prior to the amendment introducing Section 2(47)(v), transactions involving mere execution of documents or granting possession without registration were not considered complete transfers for tax.
