Income Tax Judgements

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.

Reassessment — An assessee cannot change the legality of the notice issued u/s.148 of the Act reopening the assessment on the grounds of change of opinion in a case where no assessment is made u/s.143(3) of the Act, but only an intimation is issued u

Held by the Hon`ble Court that, amount paid was in excess of the minimum bonus prescribed under the Payment of Bonus Act. Therefore deduction is allowed in Income Tax Act.

Held by the Hon`ble Court that, as assessee merely acted as an agent and amounts repaid by the directors/managing directors including interest were not reflected in its accounts as loans or borrowing of the assessee. Therefore assessee was not a pers

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.