Judgements and Orders, Supreme Court and High courts of India
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
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
Deduction u/s 37(1) of liability arising for warranty ::
CA.Saibaburao Nanduri 02 December 2007 at 09:49
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
Gist of Imp jusgements & Tribunal orders reported in Oct
Admin 30 November 2007 at 12:13
Professionals can’t claim Sec 32 tax benefit, says SC
Aisha 30 November 2007 at 11:31
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
Interest awarded to the assessee by the High Court for illeg
Late CA Sampat Jain 28 November 2007 at 18:08
. On a writ petition filed by the assessee challenging the seizure of certain jewellery and ornaments belonging to the assessee, the High Court held that the search and seizure were invalid and illegal. The High Court ordered that interest at t
Tax Liability of 'Incentive Bonus' ::
CA.Saibaburao Nanduri 27 November 2007 at 13:39
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).
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