Judgements by CA.Saibaburao Nanduri

Held by the Hon`ble Court that, whenever there is concurrent finding by the below authorities no interference should be called for by the high court.

Held by the Hon`ble Bench that the income obtained was not merely because of the bare letting of the premises but also because of the facilities and services rendered and just as utilisation of accommodation for providing board and lodging facility t

Held by the Hon`ble Court that, the two different method of valuation of closing stock are not permissible under law. If permitted it would lead to anomalous results.

Held by the Hon`ble Court that, there is no time limit under section 140A, however read with sec. 139 there is time limit for payment of the balance tax and for filing of return, and assessee paid the tax on next working day therefore the levy of int

Held by the Hon`ble Court that, by virtue of its right by way of a lease form month to month or for a period not more than one year assessee is not owner of the house property as per section 27(iiib). Therefore income is assessable as business income

Held by the Hon`ble Court that, it is well settled law that while disposing of an appeal , the authority must record reason of its decision. Therefore it is not justified in law to dispose of an appeal without recoding any reason.

Held by the Hon`ble Court that as no nexus could be found between the borrowing and the interest free advance to sister concern and with clear finding that there was no element of commercial expediency, the interest paid on borrowed fund is not deduc

Proceedings in search cases cannot be used as an opportunity to either reopen concluded assessment or to reassess returned income:ITAT

Held by the Hon`ble Bench that as per section 55(2) clause (aa) in case assessee becomes entitled to an additional financial asset by virtue of original holding of shares the cost of acquisition of the original shares cannot be spread over for calcul

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.