Judgements and Orders, Supreme Court and High courts of India
Two building in the same compound constitute a "House" - Sec 7(4) of Wealth-tax Act 1957::
CA.Saibaburao Nanduri 07 September 2007 at 11:57
Held by the Hon"ble court that two contiguous buildings in the same compound constituted a house belonging to the assessee exclusively used by him for residential purposes hence the assessee was entitled to exemption in respect of both the buildings.
Building-Partially let out partially used for business::
CA.Saibaburao Nanduri 07 September 2007 at 11:57
Held that, let out portion not exempted, only part used for the business is exepmted.
Valuation of immovable property::
CA.Saibaburao Nanduri 07 September 2007 at 11:57
Held by the court that any Immovable property can not be valued at reversionary value for the purpose of capitalising the net annual letting value
Penalty on filing of wealth tax return::
CA.Saibaburao Nanduri 07 September 2007 at 11:57
Held that in the absence of material on record justifying the delay in filing of returns, assessee is liable to pay penalty for the entire period.
Admissibility of Business Expenditure ::
CA.Saibaburao Nanduri 07 September 2007 at 11:57
Held by hon"ble court that under mercantile system of accounting assessee is entitled to deduction of loss/ expenditure in the year in which such entry is made in books of account. Hence, A.O. is not justified in disallowing deduction for amount paya
Waiver of Penalty & Interest u/s 273A ::
CA.Saibaburao Nanduri 07 September 2007 at 11:57
Held by hon"ble court that it is clear from reading section 273A(3) that commissioner can once grant relief with regard to any number of assessment years. But once relief is granted under this section, the commissioner cannot grant any relief for any
Reasons for notice for Reassessment ::
CA.Saibaburao Nanduri 07 September 2007 at 11:57
Held by hon"ble court that section 148 is silent regarding communication of reasons of notice. However, if reasons are supplied along with the notice it will save assessee from unnecessary harassment and Deptt. from unnecessary litigation. Also, it w
Rent u/s 194(I) ::
CA.Saibaburao Nanduri 07 September 2007 at 00:19
Held by the Hon"ble court that the use of land starts as the wheels of an aircraft coming into an airport touch the surface of the airfield and likewise the parking of the aircraft also is use of land. Hence the landing and parking fees charged is "r
Capital Gain - Sale of entire undertaking ::
CA.Saibaburao Nanduri 07 September 2007 at 00:19
Asst.C.I.T. Vs. Raka Food Products
Deduction from Income from other sources u/s 57(iii)::
CA.Saibaburao Nanduri 07 September 2007 at 00:19
Held by Ho"ble Court that it is not necessary that the expenditure is obligatory, only fact to be shown is that the sum has been paid voluntarily and out of commercial expediency for the making or earning of income. The amount spent is not applicatio
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