Judgements and Orders, Supreme Court and High courts of India

Gist of Imp jusgements & Tribunal orders reported in Oct

Admin 30 November 2007 at 12:13

Posted in Others | 90 Views

Professionals can’t claim Sec 32 tax benefit, says SC

Aisha 30 November 2007 at 11:31

Posted in Career | 73 Views

Held by the Ho"ble Bench that section 54 does not prohibit from purchasing property in a foreign country however all other conditions should be satisfied.The Bench also observed that the assessee should be the absolute owner of the new property in or

Posted in Income Tax | 33 Views

Interest awarded to the assessee by the High Court for illeg

Late CA Sampat Jain 28 November 2007 at 18:08

. On a writ petition filed by the assessee challenging the seizure of certain jewellery and ornaments belonging to the assessee, the High Court held that the search and seizure were invalid and illegal. The High Court ordered that interest at t

Posted in Income Tax | 44 Views

Tax Liability of 'Incentive Bonus' ::

CA.Saibaburao Nanduri 27 November 2007 at 13:39

Held by Ho"ble court that since the incentive bonus was paid to the employees wholly and exclusively for business purposes such bonus was allowable as deduction u/s 37(1).

Posted in Income Tax | 71 Views

Penalty u/s 269SS ::

CA.Saibaburao Nanduri 25 November 2007 at 10:26

Held by the Hon`ble Court that, the A.O. must be satisfied, not arbitrarily but judiciously. In the facts and circumstances of the case, penalty levied on technical mistake committed by the assessee and due to this there is no loss of revenue, shall

Posted in Income Tax | 42 Views

Section 68 ::

CA.Saibaburao Nanduri 25 November 2007 at 10:26

Held by the Hon`ble Court that, if it be assumed that the subscribers of application money were not genuine, under no circumstances amount of share application money could be regarded as undisclosed income of the company. Therefore share application

Posted in Income Tax | 28 Views