Income Tax Judgements
CIT vs. Raval Tiles
Taxguy 23 October 2008 at 13:39
Where the Tribunal did not pass an order on the appeal despite considerable delay and instead fixed the matter repeatedly for ‘clarifications’ and thereafter closed the matter for orders on the basis of written submissions and without hearing the ass
Interest Forgone not taxable
Taxguy 23 October 2008 at 13:32
Where the assessee entered into an agreement for transfer of its industrial undertaking under which the buyer agreed to pay it interest on the unpaid consideration w.e.f 1.3.1977 and subsequently on 30.6.1978 the parties agreed to defer the date of c
CAPITAL OR REVENUE RECEIPTS
CA. Shikha 20 October 2008 at 16:11
Whether compulsory deduction made by sugar cooperative societies on account of non-refundable and refundable deposits and other funds are revenue receipts liable to be taxed under the Income Tax Act.
Bombay High Court on section 28(1) of the Income-tax Act, 19
CA Pawan Goswami 17 October 2008 at 17:32
Section 28(i) of the Income-tax Act, 1961 - Business loss/deductions - Allowable as - Assessment year 1986-87 - ‘A’ Ltd., which carried on business of a financier, was amalgamated with assessee-company - Prior to its amalgamation, ‘A’ Ltd. had issued
Kerala High Court on section 37(1) of the Income-tax Act
CA Pawan Goswami 17 October 2008 at 17:30
ITAT Bangalore Philips software
Taxguy 07 October 2008 at 13:56
The profits of super profit companies should not be “normalized”; instead they should be excluded from the list of comparables; The proviso to section 92 C (2) provides a standard deduction of 5% to the taxpayers at their option.
Commissioner of Income Tax-IV vsM/s HCL Comnet Systems &
Taxguy 03 October 2008 at 14:14
There are two types of "debt". A debt payable by the assessee is different from a debt receivable by the assessee.
B.M. MALANI vsCOMMR. OF INCOME TAX & ANR
Taxguy 03 October 2008 at 14:09
A statutory authority despite receipt of such a request could have kept mum. It should have taken some action. It should have responded to the prayer of the appellant. However, another principle should also be borne in mind, namely, that a statutor
What is the nature of expenditure incurred by an assessee
Mr. PURNA P 27 September 2008 at 13:51
Neset Holdings (P) Ltd. v. CIT (2006) Relevant section: 37(1)
CIT v. Rajasthan Spinning and Weaving Mills Ltd. (2006)
Mr. PURNA P 27 September 2008 at 13:51
3. Can the value of bus donated by the assessee-employer to a school where the employees’ children were receiving education be allowed as deduction? CIT v. Rajasthan Spinning and Weaving Mills Ltd. (2006) Relevant section: 37
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