Income Tax Judgements

Limitation period u/s 154 (7) for rectification begins from

Rajnish 29 December 2009 at 20:33

Period of limitation should be seen from the date revised order which also should be reised

Posted in Income Tax | 2950 Views

Exemption u.s 54

chetan soni 29 December 2009 at 20:33

That the capital gains arise from the sale of house property can be invested in two flats & can claim the exemption u/s 54.

Posted in Income Tax | 4929 Views

Central excise refund taxable: ITAT

CA. Dhiraj Birla 29 December 2009 at 20:33

Tax dept says Central excise refund should be taxed because it is a benefit derived from a government scheme and is distinct from profit derived from industrial activity

Posted in Income Tax | 2199 Views

Charitable Trust Exemption Repayment of loan

CA. Dhiraj Birla 29 December 2009 at 20:33

It is an admitted fact that the property of the assessee-trust was in a dilapidated condition and would not earn income to carry out the objects of the trust. For the purpose of carrying out the objects of the trust, it has become necessary to demoli

Posted in Income Tax | 5617 Views

Sec 195 Issue

CA Anand Sarda 29 December 2009 at 20:33

Assessee is liable for TDS qua payment made for purchase of software from non-residents.

Posted in Income Tax | 2463 Views

Bombay High court Judgement on Depreciation

CMA Ramesh Krishnan 29 December 2009 at 20:33

Depreciation allowable even if asset not used at all for entire year

Posted in Income Tax | 3399 Views

CIT v. Solapur Distt. Co-op. Milk Producers & Process Union

CA.Tarun Maheshwari 29 September 2009 at 11:54

Business expenditure/loss : Assessee federal society of primary milk societies : Milk rate difference determined in March and paid in subsequent year : Is allowable business expenditure/loss.

Posted in Income Tax | 2093 Views

CIT v. Ashish Rajpal

CA.Tarun Maheshwari 29 September 2009 at 11:54

Revision : S. 263 of Income-tax Act, 1961 : A.Y. 2002-03 : Notice u/s.263 referring to four issues and final order passed referred to nine issues : Order of revision bad in law.

Posted in Income Tax | 1817 Views

Bombay High Court rejected the claim of depreciation on the

Jinesh Bhagdev 22 September 2009 at 11:27

Recently, the Bombay High Court in the case of various stock broking houses1 held that the depreciation cannot be granted on Bombay Stock Exchange Membership Card (BSE card) acquired on or after 1 April 1998 either by nomination or directly through

Posted in Income Tax | 2530 Views

Derivative Transaction

Jinesh Bhagdev 14 September 2009 at 13:27

Derivatives transactions having underlying asset as shares are covered under section 43(5) prior to the amendment (effective from AY 2006-07) exempting derivatives from the definition of ‘speculative transaction’

Posted in Income Tax | 3408 Views