Income Tax Judgements
AAR Vs. Foster's Australia
Taxguy 23 September 2008 at 14:54
Judgement of AAR can be taken to Supreme Court only after being challenged before a High Court.
Delhi High Court on section 37(1) of the Income-tax Act, 196
CA Pawan Goswami 18 September 2008 at 11:35
GIFTS FALLING WITHIN THE PURVIEW OF SECTION 37(3) OF THE INC
CHEZHIYAN 18 September 2008 at 11:35
If a gift does not have any advertisement value, it cannot be deemed to fall within the category of advertisement as understood for the purposes of section 37(3) read with rule 6B
CANCELLATION OF KVSS CERTIFICATE ISSUED UNDER SECTION 90(2)
CHEZHIYAN 18 September 2008 at 11:35
There is no provision under the Finance (No. 2) Act specifically conferring any power on the designated authority (CIT) to cancel the certificate so issued under section 90(2); the second proviso to section 90 only enables the CIT to amend the certif
ASSESSMENT OF A NON-RESIDENT (SINGAPORE) COMPANY WHICH IS CA
CHEZHIYAN 18 September 2008 at 11:35
Merely because tax on income was paid for some assessment years would not estop the non-resident assessee from contending that its income is not liable to tax in India.
DETERMINATION OF QUANTUM OF DEDUCTION UNDER SECTION 80HHC OF
CHEZHIYAN 18 September 2008 at 11:35
The head note to section 80HHC refers to deduction in respect of profits retained for export business, it is not profits retained from export business; in the matter of determining the quantum of deduction, under section 80HHC(3) the “principle of pr
CONDITIONS PRECEDENT FOR CLAIMING BENEFIT OF SECTION 54F OF
CHEZHIYAN 18 September 2008 at 11:35
For qualifying exemption under section 54F, assessee’s ownership and domain over the asset is a must right from the sale of original asset till the purchase and/or construction of the residential house i.e., the “new asset”
Business Expenditure
CA Rachit K Patel 18 September 2008 at 11:35
Case Fact: Whether any payment to a Non Resident is disallowed if T.D.S. is deducted in one Financial Year and deposited in the next financial year with the Government.
Supreme Court on section 5 of the Central Sales Tax Act, 195
CA Pawan Goswami 18 September 2008 at 11:35
Section 5 of the Central Sales Tax Act, 1956, read with section 5A of the Kerala General Sales Tax Act, 1963 - When is a sale or purchase of goods said to take place in course of import or export - Assessment year 1998-99 - Assessee was engaged in bu
ELIGIBILITY TEST FOR ALLOWING HIGHER RATE OF DEPRECIATION ON
CHEZHIYAN 18 September 2008 at 11:35
Higher rate of depreciation under sub-item 2(ii) of Item III of Appendix-I to the Income-tax Rules, 1962 is admissible on motor trucks used in a business of running them on hire; therefore, the user of the same in the business of the assessee of tran
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