Income Tax Judgements

Deduction of tax at source - Amendment to section 199, permitting to adjust tax deducted at source (TDS) proportionately in hands of co-owners had been brought in statute book only with effect from assessment year 1997-98, with prospective effect - I

Section 80-O of the Income-tax Act, 1961 - Deductions - Royalty, etc., from certain foreign enterprises - Assessment year 2000-01 - Whether creation of website, being a highly specialized work which includes state of art programming, technical writin

Section 199 of the Income-tax Act, 1961 - Deduction of tax at source - Credit for tax deducted - Assessment year 1996-97 - Whether amendment to section 199, permitting to adjust tax deducted at source (TDS) proportionately in hands of co-owners had b

Section 54F of the Income-tax Act, 1961 - Capital gains - Exemption of, in case of investment in residential house - Assessment years 1997-98 and 1998-99 - Assessing Officer denied exemption under section 54F on ground that assessee was in possession

Section 111A of the Companies Act, 1956 - Transfer of shares - Rectification of register on - Whether amendment made to section 111A(3) by Depositories Related Laws (Amendment) Act, 1997, with effect from 15-1-1997 is only prospective in nature - Hel

Business disallowance - Certain deductions to be allowed only on actual payment

Held by the Hon`ble Court that, the shares were allotted to the trust and trust made the grant to the employee subject to some condition. The stock option did not amount to perquisite and not covered under "salary".

Held by the Hon`ble Court that, the commissioner has power u/s 263 of the Income-tax Act, to revise an order issued by A.O. in pursuance to the direction of the inspecting assistant commissioner u/s 144A.

Held by the Hon`ble Court that, Tribunal was not justified in law for recalling the order passed by it in toto and setting the matter for a fresh hearing just because a point was debatable could hardly provide justification for recalling.

Export Business — Deduction u/s. 80HHC — Excise duty and sales tax to be excluded from the computation of ‘Total Turnover’ for the purpose of S. 80HHC of the Act.