Income Tax Judgements

In the absence of any specific finding that any particular expenditure was incurred by the assessee in relation to exempted dividend income, no artificial disallowance can be made invoking section 14A of the Act.

Rule 12(1)(a) of the Income-tax Rules, 1962 and Form-I cannot go beyond the provisions of the Act; Form-I cannot lay down the order of priority of adjustment of TDS, advance tax, MAT Credit under section 115JAA which is contrary to the provisions of

Irrespective of the method followed by an assessee for accounting excise duty, adjustments as specified under section 145A are to be made; when the statute requires a particular methodology of adjustments for tax, duty, cess or fee then it is to be d

The provisions of section 143(2) are clear regarding the issuance of notice for both types of scrutinies independently and limit has also been prescribed for issuance of notice under section 143(2) for both types of scrutiny proceedings; hence, notic

Based on the methodology adopted for producing mineral oil, each well or a cluster of wells, depending on the nature of reservoir to be exploited, shall constitute an “undertaking” for the purpose of claiming a deduction under section 80-1B(9).

Section 142A is attracted, inter alia, where the assessee is found to have made investment outside the books of account or where any such investment made by him is not fully disclosed in the books of account; the condition precedent for making the re

It might be true that as per certain decisions a well or a tube-well is an apparatus and therefore a plant but these decisions are all before their inclusion in the definition of building; consequently, all types of wells and tube-wells would be incl

Only such deduction are allowed under section 42(1) as are specified in the agreement (PSC) and that too when they fall in any of the sub-clause (a), (b) or (c) of section 42(1); the PSC is an agreement between the Government of India and the assesse

The benefit of exemption under section 54 is to be extended only when the property sold as well as the property purchased by the assessee are intended to be used as residential houses.

Section 40C of the Act applies only in respect of Head Office expenses of a non-resident and has no application to the computation of deduction under section 80-IA; the head office expenses in the case of the non-resident as per provision of section