Income Tax Judgements

Expenditure on Software and Professional fees cannot disallowed as per the IT Act 1961 only on the ground that it was treated differently in the book

CS Bijoy 16 November 2011 at 12:04

Two appeals had been filed by the revenue, while the third appeal had been filed by the assessee. The revenue had filed appeals for both the assessment years, i.e., 1997-98 and 1998-99, while the assessee had filed an appeal only qua assessment year

Posted in Income Tax | 1637 Views

As per sec 297(2)(g) of IT Act 1961 proceeding completed before April 1962 is to be dealt with under the old provision

CS Bijoy 10 November 2011 at 14:08

The High Court, vide its impugned Judgment and Order dated 25.07.2005, has declared that Section 87(m)(ii) (b) of Finance (No.2) Act, 1998 is violative of Article 14 of the Constitution of India insofar as it seeks to deny the benefit of the ‘Kar Viv

Posted in Income Tax | 1570 Views

Interest received on FDR for letter of Credit related to business is to be taken in consideration for calculating deduction u/s 80HHC of IT Act 1961

CS Bijoy 07 November 2011 at 12:41

Circumstances of the case in confirming the order of the CIT(A) whereby the CIT(A) held that since the interest paid on borrowed funds is more than the interest received on FDR, therefore, 90% of the gross interest received from FDR should not be re

Posted in Income Tax | 2107 Views

As per sec 271(1)(c) of IT Act. in case of surrender of full income by the Assessee penalty can not be raised

CS Bijoy 04 November 2011 at 10:53

Whether the penalty under section 271(1)(C)of the Income Tax Act. can be raised after the disclosure made by the Assessee of his full income without the presence of proper evidence.

Posted in Income Tax | 2655 Views

Perquisites are not chargeable to tax if cost of education dose not exceed Rs.1000 per child

CS Bijoy 03 November 2011 at 11:40

“Whether on the facts and in the circumstances of the case, the learned ITAT erred in holding that Assessee was not in default under Section 201(1) and not liable for interest for lower deduction of TDS under Section 201(1A) of the Income Tax Act, 19

Posted in Income Tax | 1610 Views

Depreciation on Lease Transaction

CS Bijoy 20 July 2011 at 13:06

This appeal under Section 260-A of the Income-tax Act, 1961 (hereinafter referred to as „the said Act‟) has been preferred by the revenue being aggrieved by the judgment and / or order dated 22.02.2008 passed by the Income-tax Appellate Tribunal in r

Posted in Income Tax | 2509 Views

Income tax Appeal was partly allowed ny the HC on question relating to assessment

Riya 05 July 2011 at 11:36

This appeal under Section 260A of the Income-tax Act is at the instance of an assessee and is directed against order dated March 30, 2001, passed by the Income-tax Appellate Tribunal, “E” Bench, Calcutta, in Income-tax Appeal bearing IT (SS) A No.69/

Posted in Income Tax | 2107 Views