Income Tax Judgements
Speculation Loss ::
CA.Saibaburao Nanduri 11 October 2007 at 12:07
Held by the Hon`ble Court that, under the settlement of the contract damages are paid and no physical delivery, only price difference between sale and purchase is considered. Therefore loss on sale of share is a speculative loss.
Admissibility of Business Expenditure :
CA.Saibaburao Nanduri 10 October 2007 at 15:47
Held by hon"ble court that under mercantile system of accounting assessee is entitled to deduction of loss/ expenditure in the year in which such entry is made in books of account. Hence, A.O. is not justified in disallowing deduction for amount paya
Section 194A of the Income-tax Act, 1961
Ravikumar.G 09 October 2007 at 17:21
Section 194A of the Income-tax Act, 1961 - Deduction of tax at source - Interest other than interest on securities - Assessment years 2000-01 and 2001-02 - Whether where assessee had borrowed money from financiers for making payment to its suppliers
Section 24 of the Income-tax Act, 1961
Ravikumar.G 09 October 2007 at 17:21
Section 24 of the Income-tax Act, 1961 - Income from house property - Deductions - Assessment years 1998-99 and 2001-02 - Assessees were co-owners of lease-hold rights in respect of a property situated at New Delhi - They had sublet said property to
Section 127 of the Income-tax Act, 1961
Ravikumar.G 09 October 2007 at 11:43
Section 127 of the Income-tax Act, 1961 - Income-tax authorities - Power to transfer cases - Block period 1-4-1987 to 10-2-1998 - Assessing Officer, Delhi, consequent to order allegedly passed under section 127 transferring assessee’s case from Bomba
Section 43B of the Income-tax Act, 1961 - Business disallowance
Ravikumar.G 09 October 2007 at 11:20
Section 43B of the Income-tax Act, 1961 - Business disallowance - Certain deductions to be allowed only on actual payment - Whether section 43B(f) is to be struck down being arbitrary, unconscionable and de hors Apex Court decision in case of Bharat
Penalty u/s 271(1) (c)
CA.Saibaburao Nanduri 08 October 2007 at 19:52
Held by the Hon`ble Court that, neither the assessee nor the Department proves anything about the loans therefore concealment was not proved and penalty u/s 271(1)(c) is not justified in law.
IT pros can't avoid tax on foreign earnings
CA Nikita 07 October 2007 at 21:58
Interest on Non-perfoming assets ::
CA.Saibaburao Nanduri 07 October 2007 at 20:07
Held by the Hon`ble Court that, the principle of accrual comes in to play only when income is recognised, income from non-performing assets in consonance with notification issued by R.B.I. and A.S. 9 issued by the I.C.A.I. will be taxable in the appr
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