Income Tax Judgements
Valuation of Stock
Rahul Tibrewal 19 February 2008 at 10:14
Whether A.O. was justified in invoking section 145 to value closing stock at cost or market price which ever is lower where assessee had adopted the policy of valuing its closing stock at market price only.
Interest earned by bank on dated Govt. securities-Taxability
kavita jain 18 February 2008 at 09:50
Section 2(7), read with section 4, of the Interest-tax Act, 1974.
Allowability of Business expenditure .
kavita jain 17 February 2008 at 23:05
There are a number of tests which are required to be considered while deciding whether the expenditure was revenue or capital in nature. A number of judgments have been cited before us in that regard. However, in the absence of the requisite details
Interest earned by bank on dated Govt. securities-Taxability
kavita jain 17 February 2008 at 23:05
Section 2(7), read with section 4, of the Interest-tax Act, 1974.
Sales made through export houses- Deduction u/s 80HHC(3).
kavita jain 16 February 2008 at 10:09
In the instant case, the matter was to be remitted to the Assessing Officer for the following reasons. Firstly, in the instant case there was no factual finding recorded by the High Court as to whether the ‘sales made through the export houses by the
S. 80HHC-DEDUCTION UNDER-EFFECT OF AMENDMENT OF 2005.
kavita jain 16 February 2008 at 10:09
It was not in dispute that when the order of the Commissioner was passed, there were two views on the word ‘profit’ in section 80HHC. The problem with section 80HHC is that it has been amended eleven times. Different views existed on day when the Com
Block assessement- Block period 91-92 to 2000-01-Surcharge,
kavita jain 15 February 2008 at 14:27
The power to levy a surcharge on income-tax is traceable to article 271 read with entry 82 of list I of seventh schedule to the Constitution of India. That power is not traceable to section 4 of the 1961 Act. Every year the Finance Act is enacted by
Profits and gains from publication of books
Garima 14 February 2008 at 13:25
The assessee was engaged in the business of printing and publication of yellow pages directory. It claimed deduction under section 80Q in respect of profits derived from such business. The Assessing Officer as well as the Commissioner (Appeals) denie
Penalty under section 271(1)(c) is civil liability.
kavita jain 07 February 2008 at 10:13
There is a conflict of opinions between the judgments of the Division Bench of the Supreme Court in the case of Dilip N. Shroff (supra) on one hand and on the other in the case of Shriram Mutual Fund (supra). Secondly, the object behind enactment of
Speculation doesn't include derivative trading
CA Nikita 06 February 2008 at 12:42
CAclubindia
