Income Tax Judgements

The scope and effect of section 147, as substituted with effect from 1-4-1989, as also sections 148 to 152 are substantially different from the provisions as they stood prior to such substitution. Under the old provisions of section 147, separate cla

Held by the Hon`ble Bench that whenever the law provides any concession for its rigors, the observance and satisfaction of the qualifying criteria are presumed and section 44AD would not operate to curtail the scope of section 2(24) read with section

80HHC deduction is required to be allowed after apportionment of income under Rule 8(1) of the 1962 Rules.

Inocme Tax Act, 1961-S. 43A(1)- Allowability of investment allowance u/s 32A- Tribunal and the High held that the allowance was to be granted in different assessment years- Order set asie- Matter remitted back to the High Court for fresh adjudicatio

Held by the Hon`ble Court that, order passed by commissioner u/s 263 without granting opportunity of personal hearing to assessee is violation of natural justice. Therefore revision order passed by the commissioner is not justified in law.

Held by the Hon`ble Court that it had come on the records that due to bad financial position no interest has been charged in order to safe guard the principal and assessee acted as an prudent person. Therefore no notional interest, on interest free l

Held by the Hon`ble Court that, as assessee merely acted as an agent and amounts repaid by the directors/managing directors including interest were not reflected in its accounts as loans or borrowing of the assessee. Therefore assessee was not a pers

Held by the Hon`ble Bench that the fact is that the society is engaged in an object of public utility and is not covered by the provision of section 13(1)(bb),thus the trust shall be entitled to exemption u/s 11 as the profit from the business is sol

Held by the Hon`ble Court that, the new unit was a part of the existing business moreover unity of control and inter-lacing of the units is also there. Therefore expenses incurred regarding setting up of the new unit which was part of the existing bu

Held by the Hon`ble Bench that as per sections 80AB and 80B the primary step for calculating the profits and gains is to determine the gross total income as per the provisions of the Act except giving effect to deductions under chapter VI-A, thereaft