Judgements by CA.Saibaburao Nanduri

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BUSINESS LOSS ::

  CA.Saibaburao Nanduri    10 December 2007 at 16:42

Held by the Hon`ble Bench that section 71(2) allows an assessee to set off of business loss from income under any head including capital gains, further no sequence is prescribed for set off of losses, thus it is open to the assessee to set off the bu

Posted in Income Tax |   119 Views


Income-tax Return

  CA.Saibaburao Nanduri    08 December 2007 at 12:39

Held by the Hon`ble Court that the provision relating to filing of return of income within the stipulated time is applicable to a person who is required to file a return u/s 139(1), a person not having any taxable income is not bound to file the INCO

Posted in Income Tax |   25 Views


Section 147, 148 ::

  CA.Saibaburao Nanduri    08 December 2007 at 12:39

Held by the Hon`ble Court that, what should be the correct net profit in the opinion of the A.O. had no relation with the formation of any opinion that assessee failed to disclosed truly and fully material facts necessary for assessment. Therefore no

Posted in Income Tax |   48 Views


TRANSFER OF ASSETS ;;

  CA.Saibaburao Nanduri    02 December 2007 at 21:03

Held by the Hon`ble Court that as the transfer of asset is not one in the nature of transfer of assets from subsidiary to holding as covered by section 47(v) but is distribution of assets to the shareholders upon the liquidation of the company, hence

Posted in Income Tax |   81 Views



Held by the Hon`ble Court that as the amounts set apart by the assessee for different A.Y. are done on the basis of past experience even though the liability is to be quantified and discharged in future, the provision made for the liability against w

Posted in Income Tax |   41 Views


CAPITAL GAINS ::

  CA.Saibaburao Nanduri    29 November 2007 at 11:27

Held by the Ho"ble Bench that section 54 does not prohibit from purchasing property in a foreign country however all other conditions should be satisfied.The Bench also observed that the assessee should be the absolute owner of the new property in or

Posted in Income Tax |   33 Views



Held by Ho"ble court that since the incentive bonus was paid to the employees wholly and exclusively for business purposes such bonus was allowable as deduction u/s 37(1).

Posted in Income Tax |   71 Views


Penalty u/s 269SS ::

  CA.Saibaburao Nanduri    25 November 2007 at 10:26

Held by the Hon`ble Court that, the A.O. must be satisfied, not arbitrarily but judiciously. In the facts and circumstances of the case, penalty levied on technical mistake committed by the assessee and due to this there is no loss of revenue, shall

Posted in Income Tax |   42 Views


Section 68 ::

  CA.Saibaburao Nanduri    25 November 2007 at 10:26

Held by the Hon`ble Court that, if it be assumed that the subscribers of application money were not genuine, under no circumstances amount of share application money could be regarded as undisclosed income of the company. Therefore share application

Posted in Income Tax |   28 Views


Section 142(2A)

  CA.Saibaburao Nanduri    20 November 2007 at 15:40

Held by the Hon`ble Court that, no authority has been given to assessing officer u/s 142(2A) of the Income tax Act to make an order for preparation of fresh books by referring the matter to an auditor under special audit. Therefore A.O. is not justif

Posted in Income Tax |   46 Views