Judgements and Orders, Supreme Court and High courts of India
FEMA :: Imprisonment and Fine ::
CA.Saibaburao Nanduri 05 September 2007 at 11:25
Held by Supreme Court that under section 56(1) (i) of the Foreign Exchange Regulation Act,although imprisonment is compulsory for not less than six months,yet the company can be prosecuted. It is clear and explicit that statute do not provide any imm
Negotiable Instruments Act,1981 :: Liability for dishonour of cheque ::
CA.Saibaburao Nanduri 05 September 2007 at 11:25
Held by Ho"ble court that liability u/s 141 is attracted if the person accused was incharge of and responsible for conduct of the company at the time of the offence. Hence the above mentioned fact has to be established before applying section 141.
Certificate under section 12 A ::
CA.Saibaburao Nanduri 04 September 2007 at 19:50
Any society merely because it has religious nature it can not be debarred from grant of registration under section 12A.
Unexplained Investments ::
CA.Saibaburao Nanduri 04 September 2007 at 19:50
The income from undisclosed sources should be assessed separately in the hands of firm and partners.
Depreciation u/s 32 ::
CA.Saibaburao Nanduri 03 September 2007 at 16:33
To claim depreciation under section 32 mere possession and use the property for the purpose of business or profession is enough
Business Income or Income from House Property ??
CA.Saibaburao Nanduri 03 September 2007 at 13:18
The primary objective of the assessee is to be seen. If the main intention is to exploit the immovable property by way of commercial activities it must be held as business income.
Capital Gain - exemption u/s 54 ::
CA.Saibaburao Nanduri 03 September 2007 at 13:18
Section 54 does not prohibit from purchasing property in a foreign country however all other conditions should be satisfied.
REVISION
CA.Saibaburao Nanduri 03 September 2007 at 13:18
A.O can not be termed as erroneous simply on the basis of an opinion which is framed in the mind of the Commissioner that the conclusion is prejudicial to the interest of revenue unless there is adequate proof for that.
Validity of Block Assessment
CA.Saibaburao Nanduri 02 September 2007 at 17:46
Notice u/s 158BC is a procedural act and any mistake in such notice can be rectified u/s 292B. Hence, Block assesseement proceedings cannot be held to be void merely due to the fact that block period was mentioned wrongly in the notice and that notic
Deduction u/s 35 D
CA.Saibaburao Nanduri 02 September 2007 at 10:12
neither reserve nor the surplus of the assessee is a part of the capital employed in the business of the company.
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