Income Tax Judgements
Applicability of Section 40(b) ::
CA.Saibaburao Nanduri 05 September 2007 at 11:25
Discounts are given for business exigencies to everyone and as such discounts are neither salary nor commission, provisions of section 40(b) are not applicable to such discounts.
Income from property inherited to son in case of HUF ::
CA.Saibaburao Nanduri 05 September 2007 at 11:25
The property of the father inherited by his son, assessed in his individual capacity and not as karta of the HUF.Hence, income from such property belonged to the assessee.
Capital or revenue expenditure !
CA.Saibaburao Nanduri 05 September 2007 at 11:25
Membership and entry of a dealer in the OTC Exchange was only on payment of non-refundable deposits, upon the non payment of which the assessee would have been termed as an "inactive" member. This payment could not be treated as one of an "enduring n
Certificate under section 12 A ::
CA.Saibaburao Nanduri 04 September 2007 at 19:50
Any society merely because it has religious nature it can not be debarred from grant of registration under section 12A.
Unexplained Investments ::
CA.Saibaburao Nanduri 04 September 2007 at 19:50
The income from undisclosed sources should be assessed separately in the hands of firm and partners.
Depreciation u/s 32 ::
CA.Saibaburao Nanduri 03 September 2007 at 16:33
To claim depreciation under section 32 mere possession and use the property for the purpose of business or profession is enough
Business Income or Income from House Property ??
CA.Saibaburao Nanduri 03 September 2007 at 13:18
The primary objective of the assessee is to be seen. If the main intention is to exploit the immovable property by way of commercial activities it must be held as business income.
Capital Gain - exemption u/s 54 ::
CA.Saibaburao Nanduri 03 September 2007 at 13:18
Section 54 does not prohibit from purchasing property in a foreign country however all other conditions should be satisfied.
REVISION
CA.Saibaburao Nanduri 03 September 2007 at 13:18
A.O can not be termed as erroneous simply on the basis of an opinion which is framed in the mind of the Commissioner that the conclusion is prejudicial to the interest of revenue unless there is adequate proof for that.
Validity of Block Assessment
CA.Saibaburao Nanduri 02 September 2007 at 17:46
Notice u/s 158BC is a procedural act and any mistake in such notice can be rectified u/s 292B. Hence, Block assesseement proceedings cannot be held to be void merely due to the fact that block period was mentioned wrongly in the notice and that notic
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