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Judgements by CA.Saibaburao Nanduri

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Interest free loan

  CA.Saibaburao Nanduri    29 May 2008 at 18:01

Held by the Hon`ble Court that it had come on the records that due to bad financial position no interest has been charged in order to safe guard the principal and assessee acted as an prudent person. Therefore no notional interest, on interest free l

Posted in Income Tax |    Views



Held that the disallowances under section 40(b) cannot be made for the specific services rendered by the partner which are not in the capacity of partner

Posted in Income Tax |    Views


Revision u/s 263

  CA.Saibaburao Nanduri    25 May 2008 at 20:15

Held by the Hon`ble Court that, order passed by commissioner u/s 263 without granting opportunity of personal hearing to assessee is violation of natural justice. Therefore revision order passed by the commissioner is not justified in law.

Posted in Income Tax |    Views



Held by the Hon`ble Court that, loose papers themselves not indicating receipt of undisclosed income and in the absence of opportunity of cross examination, additions on the basis of entries on loose papers found during search not justified in law.

Posted in Income Tax |    Views


Bad Debts

  CA.Saibaburao Nanduri    20 May 2008 at 16:52

Held by the Hon`ble Court that, unless the A.O. had rejected the entire books of accounts to be totally unreliable and finding extreme perversity in declaration of debts to be bad debts the stand of assessee cannot be ignored by the revenue. Therefor

Posted in Income Tax |    Views


Section 147

  CA.Saibaburao Nanduri    20 May 2008 at 16:52

Held by the Hon`ble Court that, what the court is required to check is whether material exists on record for the A.O. to form the "reason to believe" and mere change in opinion on an interpretation of a provision by itself without anything more can n

Posted in Income Tax |    Views


Effect of section 44AD ::

  CA.Saibaburao Nanduri    20 May 2008 at 16:52

Held by the Hon`ble Bench that whenever the law provides any concession for its rigors, the observance and satisfaction of the qualifying criteria are presumed and section 44AD would not operate to curtail the scope of section 2(24) read with section

Posted in Income Tax |    Views



Held by the hon`ble bench that as the carry forward of loss is permitted only when the return is filed within due date of filing of return, the mistake is apparent from the records, thus the A.O. can rectify the same by passing a order under section

Posted in Income Tax |    Views


Capital Gain::

  CA.Saibaburao Nanduri    19 May 2008 at 17:16

Held by the hon`ble bench that section 54F does not mention any sub-section of section 139, thus it cannot be interpreted as section 139(1). The amount of consideration from the sale of shares utilised before the date of filing of return u/s 139(4) i

Posted in Income Tax |    Views



Held that in order to allow interest paid on borrowings in case of partnership firms, the assessee first to establish that it is allowable u/s 36(1)(iii) and then it does not exceed amount in excess of the limit laid down in sec. 40(b)(iv). Also held

Posted in Income Tax |    Views











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