Income Tax Judgements

Section 44ab, read with section 271B, of the Income-tax Act, 1961 - Compulsory tax audit - Assessment years 2001-02 and 2002-03 - Whether for purpose of section 44AB, it is not necessary that any books of account or any accounts maintained by asses

It is the object for which the subsidy/assistance is given which determines the nature of the incentive subsidy; the form of the mechanism through which the subsidy is given is irrelevant

Where the applicant is in the business of providing bioanalytical services to various pharmaceutical companies around the world, the consideration/fee paid by the Indian pharmaceutical companies to the applicant in respect of bioequivalence tests con

Agricultural Produce Market committees are not local authorities for tax tax exemption and are liable to pay tax

The ex-gratia payment in excess of the limits prescribed under the payment of Bonus Act either under section 36(1)(ii) or section 37(1) of the Income-tax Act, is allowable as business expenditure although the payment does not cover contractual or cus

The ex-gratia payment in excess of the limits prescribed under the payment of Bonus Act either under section 36(1)(ii) or section 37(1) of the Income-tax Act, is allowable as business expenditure although the payment does not cover contractual or cus

Where the assessee is carrying on an illegal activity which is treated as a business, any loss arising in such business as a result of confiscation by the authorities is an allowable loss. However, where the assessee is carrying on a lawful business,

The ex-gratia payment in excess of the limits prescribed under the payment of Bonus Act either under section 36(1)(ii) or section 37(1) of the Income-tax Act, is allowable as business expenditure although the payment does not cover contractual or cus

Rectification of an order stems from the fundamental principle that justice is above all. It is exercised to remove the error and to disturb the finality.

Whether the incentive subsidy received by the assessee is a capital receipt not includible in the total income