Income Tax Judgements

Pre S. 94(7) dividend stripping loss cannot be disallowed. Transaction cannot be ignored on ground that it is for tax-planning

DEPB sale proceeds cannot be bifurcated into “profits” and “face value”. The entire amount is “profits” for s. 80HHC r.w.s. 28(iiid)

The Supreme Court on February 2, 2010 delivered a judgment in the case of Asstt. CIT v. Hotel Blue Moon [2010] 188 Taxman 113, [along with other 5 appeals heard together] against the Income-tax Department. The only issue for the determination of the

Though in Section 68 proceedings, the initial burden of proof lies on the assessee yet once he proves the identity of the creditors/share applicants by either furnishing their PAN number or income tax assessment number and shows the genuineness of t

The assessee had received interest free deposit in respect of shops given on rent. The Assessing Officer added to the assessee’s income notional interest on the interest free deposit at the rate of 18 per cent simple interest per annum .

Router and switches can be classified as a computer hardware when they are used along with a computer and when their functions are integrated with a ‘computer’

Where the Assessing Officer has not carried out necessary enquiry which ought to have been carried out for allowing deduction to the assessee under section 40(b), the order passed by the Assessing Officer was erroneous and prejudicial to the interest

where it is found that for earning exempted income no expenditure has been incurred, disallowance under section 14A cannot stand - Held, yes

Taxability of payment for reimbursement of expenses incurred outside India Fact of case : in this case, the assessee running merchant banking business had debited in its accounts reimbursements of expenses made to the parent company against the

Decision by the Hyderabad Bench of the Tribunal in Dy CIT V. Chaya Lakshmi Creations P ltd. removes the dust over the question- “ Whether renovation expenditure on building taken on lease would be capital or revenue in nature?”- That any expenditure