Income Tax Judgements

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

Where Additional Commissioner had exercised power of an Assessing Officer, he was required to continue to exercise that power till his jurisdiction in the matter was over, his jurisdiction in the matter was not over merely on passing of assessment or

Where the assessee, who is carrying on a lawful business in gold, has committed infraction of law in smuggling gold into the country, loss caused to the assessee pursuant to the confiscation of contraband gold cannot be said to be a trade or commerci

A patent, manifest and self-evident error which does not require elaborate discussion of evidence or argument to establish it, can be said to be an error apparent on the face of the record and can be corrected while exercising certiorari jurisdiction

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.

Case Fact: Whether income earned by the partner from funds withdrawn from a firm, where the firm had received such funds from a Co. in which the said partner has substantial interest, as repayment of advances made earlier in the ordinary course of bu

Case Fact: Whether A.O. is justified in adding interest on interest free loan given by lessee to the lessor as notinal rent to compute the Income from House Property.

For the applicability of section 35AB, the nature of expenditure is required to be decided at the threshold because if the expenditure is found to be revenue in nature, then section 35AB may not apply, however, if it is found to be capital in nature,

The basis for initiating the reassessment proceedings is to be judged solely on the basis of reasons recorded by the AO and the material and information referred to by him in the reasons for initiating such action; the formation of the belief of the