Income Tax Judgements
ALLOWABILITY OF BUSINESS EXPENDITURE QUA EX-GRATIA PAYMENT
CHEZHIYAN 24 September 2008 at 16:01
The ex-gratia payment in excess of the limits prescribed under the payment of Bonus Act either under section 36(1)(ii) or section 37(1) of the Income-tax Act, is allowable as business expenditure although the payment does not cover contractual or cus
Compulsory tax audit
Jitender 24 September 2008 at 16:01
Section 44ab, read with section 271B, of the Income-tax Act, 1961 - Compulsory tax audit - Assessment years 2001-02 and 2002-03 - Whether for purpose of section 44AB, it is not necessary that any books of account or any accounts maintained by asses
APMC is not local authority, should pay tax
Sathyanarayana G 24 September 2008 at 16:01
Agricultural Produce Market committees are not local authorities for tax tax exemption and are liable to pay tax
Income from House Property or Business Income
Devendra 24 September 2008 at 16:01
Whether income form lease of property is income form business or housing property?
Diamond Services International vs. Union Of India
Taxguy 24 September 2008 at 16:01
The meaning of "experience”, “use” and “impart” considered in detail
ACIT Vs. SAURASHTRA KUTCH STOCK EXCHANGE
Taxguy 23 September 2008 at 14:54
Rectification of an order stems from the fundamental principle that justice is above all. It is exercised to remove the error and to disturb the finality.
Mahendra Jain Vs. ITO
Taxguy 23 September 2008 at 14:54
Where the assessee is carrying on an illegal activity which is treated as a business, any loss arising in such business as a result of confiscation by the authorities is an allowable loss. However, where the assessee is carrying on a lawful business,
Commissioner of Income Tax, Madras vs Ponni Sugars Limited
Taxguy 23 September 2008 at 14:54
Whether the incentive subsidy received by the assessee is a capital receipt not includible in the total income
Burmah Castrol vs. DIT Mumbai
Taxguy 23 September 2008 at 14:54
CIT cannot disarray the AAR. An attempt to belittle the role of this Authority in the statutory scheme of adjudication cannot be countenanced.
AAR Vs. Foster's Australia
Taxguy 23 September 2008 at 14:54
Judgement of AAR can be taken to Supreme Court only after being challenged before a High Court.
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