“Section 17(5)”
The decision most relied on for Section 17(5) is Lissie Medical Institutions v. CIT (348 ITR 344), cited in 164 judgments on BharatTax.
Leading authorities on Section 17(5)
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.
Procedural law serves as an aid to justice, not an obstruction, and should not ordinarily be construed as mandatory; it is subservient to substantive justice.
Transfer of a right to receive capital asset is a transfer of a capital asset. The transfer of the right to receive a capital asset is considered a transfer of a capital asset for the purposes of capital gains tax.
Share application money received from non-residents requires scrutiny of the creditworthiness of the creditor and the source of funds, even if the transaction appears prima facie valid. Such scrutiny is essential for assessing the genuineness of the credit.
The Departmental Representative argues that the Discounted Cash Flow (DCF) method is not applicable when a company's project has gone off track, as projections lack a basis and credentials/financials are not established.
