Income Tax Judgements

Held by hon"ble court that aforesaid transaction means reliniquishment of a right in property which is transfer as defined in section 2(47). Thus the transaction was liable to capital gains tax.

Held by hon"ble court that any amount the payment of which is necessary for transferring the asset will be treated as expenditure incurred wholly & exclusively in connection with such transfer.

Held by hon"ble court that a plain reading of section 271(1)(c) clearly shows that penalty proceedings under the said section cannot be initiated by the assessing officer without forming his opinion and recording his satisfaction.

Held by hon"ble court that since the off period followed the on period and that since assessee had to undergo training during the off period, it was clear that all that had a nexus with the services he rendered in India. Hence,salary paid during off

Held by the Hon`ble Court that, it is not open to the assessing authority to embark upon any other enquiry and reopen the case which is already decided by the Tribunal in the favour of the assessee.

Held by the Hon`ble Court that, medical expenses of the managing director is not allowed under section 37(1).

Held by hon"ble court that any decision passed without recording reasons violates the important rule that "every order should be a speaking order"and is against the principles of Natural Justice. Thus the decision was liable to be set aside.

Held by the Hon`ble Court that, rule 6DD provides exception of payment by crossed Cheque and draft in certain circumstances and CBDT is also issued some guidelines for cash payment these are illustrative and not exhaustive. Therefore cash payment mad

Held by the Hon'ble court that if the order of the Tribunal is non-speaking order it is vitiated due violation of the rules of natural justice.The requirement of recording of reasons introduces clarity,checks the irrelevant considerations and minimis

Held by the Hon'ble court the expenditure u/s 35 of the Act is allowable only when such expenditure expended or related to business. The assessee derived income from consultancy services,preparation of feasibility report and other concerned activitie