Income Tax Judgements

Substantial question of law — Whether credit for MAT is to be allowed before charging of interest u/s.234B and u/s.234C of the Act is a question of law.

Section 246, read with section 143, of the Income-tax Act, 1961 - Commissioner (Appeals) - Appealable orders - Assessment year 1995-96 - Whether so long as Explanation to section 143(1) was on statute up to 1-6-1999 till its omission by Finance Act,

I. Section 48 of the Income-tax Act, 1961 - Capital gains - Computation of - Assessment year 1998-99 - Whether expression ‘full value of consideration’ used in section 48 does not have any reference to market value but only to consideration referred

Business expenditure — If income from an activity is assessed as an income, expenditure incurred in respect of that activity should be allowed.

The Tribunal has power to allow claim for deduction which was not made in the return of income : Assessee claimed 1/5th revenue expenditure on deferred basis: Tribunal can allow full revenue expenditure on accrual basis.

Larger Bench of High Court deciding a bunch of Appeals vide a significant ruling has ruled that power to impose penalty under Section 271 of the Act depends upon the satisfaction of the Income Tax Officer in the course of the proceedings under the

There was a general investigation by the Investigation wing regarding a fake gift racket. There was no information with the AO when the assessee voluntarily surrendered the income, that gifts or credits received by assessee were fake. In the assessme

Income tax - Search u/s 132 - assessee is a tax consultant - Revenue conducts a search - finds papers related to bogus TDS certificates and refund collected from Revenue -

Income tax - Sec 56 - assessee was a partner in a firm - Firm reconstituted after the death of one of the partners - assessee continued to be a partner in the new firm -

Swamiji in jail - His income cannot be treated as income of TRUST - amounts which have 'come in' are income - the amounts received by the writ petitioner constituted income since it was profits and gains arising out of his vocation, profession or bus