Income Tax Judgements

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 | 2480 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 | 3422 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 | 2119 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 | 1859 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 | 2548 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 | 3419 Views

Deals before 2006 were speculative, rules ITAT

Aditya Maheshwari 14 September 2009 at 13:27

All F & O transactions before 2006 to be held as speculative

Posted in Income Tax | 1629 Views

Set off of losses under STCG

Aditya Maheshwari 14 September 2009 at 13:27

Set - off of short-term capital loss which has been subject to STT against short-term capital gains arising on off-market transactions including buy back / open offer, etc., which are not subject to STT

Posted in Income Tax | 3566 Views

Derivatives will also fall within meaning of `commodity'

Aditya Maheshwari 14 September 2009 at 13:27

If it is held that the transaction in derivatives does not fall in section 43(5), it will make clause (d) and Explanation thereto below section 43(5) introduced by Finance Act, 2005 to be redundant.

Posted in Income Tax | 2662 Views