Judgements and Orders, Supreme Court and High courts of India

Held by Ho"ble Court that the application for extension of time submitted by the assessee and the reply to the show cause notice was not considered by the AO while levying the penalty for not furnishing the wealth-tax return with in due date as evide

Held by the Hon'ble court that exemption u/s 5(1)(iv) has been provided to one house or part of the house belonging to the assessee.Cinema building and market cannot be held as a house.

Held by the Hon"ble court that two contiguous buildings in the same compound constituted a house belonging to the assessee exclusively used by him for residential purposes hence the assessee was entitled to exemption in respect of both the buildings.

Held that, let out portion not exempted, only part used for the business is exepmted.

Held by the court that any Immovable property can not be valued at reversionary value for the purpose of capitalising the net annual letting value

Held that in the absence of material on record justifying the delay in filing of returns, assessee is liable to pay penalty for the entire period.

Held by hon"ble court that under mercantile system of accounting assessee is entitled to deduction of loss/ expenditure in the year in which such entry is made in books of account. Hence, A.O. is not justified in disallowing deduction for amount paya

Held by hon"ble court that it is clear from reading section 273A(3) that commissioner can once grant relief with regard to any number of assessment years. But once relief is granted under this section, the commissioner cannot grant any relief for any

Held by hon"ble court that section 148 is silent regarding communication of reasons of notice. However, if reasons are supplied along with the notice it will save assessee from unnecessary harassment and Deptt. from unnecessary litigation. Also, it w

Held by the Hon"ble court that the use of land starts as the wheels of an aircraft coming into an airport touch the surface of the airfield and likewise the parking of the aircraft also is use of land. Hence the landing and parking fees charged is "r