Income Tax Judgements
BHC in Cartini India Limited
Sanjeev Jain 25 June 2009 at 17:15
BHC in context of reopening within four years (not covered by proviso to section 147), held that AO cannot form a prima facie opinion that deduction is not allowable and accordingly reopen the assessment on the ground that income chargeable to tax ha
section 254/income-tax act
Member (Account Deleted) 25 June 2009 at 17:15
Section 254, read with section 201, of the Income-tax Act, 1961 - Appellate Tribunal - Powers of - Assessment years 1994-95 to 2000-01 - Tribunal, by order dated 30-11-2005, held that once revenue had collected tax in respect of impugned payments mad
Busy, fails to file IT Returns-Unavoidable Circumstances
Sourabh Sharma 11 June 2009 at 13:50
Laptops of Auditors seized during search of an assessee
Kedar Pande 11 June 2009 at 13:50
Laptops of Auditors seized during search of an assessee – Income Tax Department cannot force auditors to part with information of other parties stored in computers: Delhi HC
Section 37(1) of the Income-tax Act, 1961
Member (Account Deleted) 11 June 2009 at 13:50
Section 142A, read with section 143, of the Income-tax Act,
Member (Account Deleted) 11 June 2009 at 13:50
Depreciation on Motor Vehicles
CA.Tarun Maheshwari 26 May 2009 at 14:15
Depreciation — Higher depreciation could not be allowed on the motor trucks used in business of running them on hire, unless there is an evidence that the assessee was in the business of hiring out motor vehicles.
Business Expenditure — S. 42(1)
CA.Tarun Maheshwari 26 May 2009 at 14:15
Business Expenditure — S. 42(1) — Special provisions for prospecting for mineral oil — Production sharing contract accounts is an independent accounting regime — Foreign exchange losses on account of foreign currency transaction is allowable as a ded
Appeal to the High Court — Finding of facts recorded
CA.Tarun Maheshwari 26 May 2009 at 14:15
Appeal to the High Court — Finding of facts recorded by the Tribunal that machinery was not idle for the entire block period — hence it was not necessary to go into the connotation of the word ‘used’ appearing in S. 32 of the Act
Business expenditure : Bonus
CA.Tarun Maheshwari 26 May 2009 at 14:15
Business expenditure : Bonus : S. 36(1)(ii) of Income-tax Act, 1961 : A.Y. 1985-86 : Customary bonus over and above payable under the Bonus Act : Paid for last 10 years as a practice : Eligible for deduction u/s.36(1)(ii) second proviso.
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