Income Tax Judgements
Balancing Charge u/s 41(2)
CA. A. Kumar 07 July 2008 at 18:39
Case Fact: Whether the entire sales proceeds of asset can be treated as the profit chargeable to tax in case the written down value of the asset sold was not ascertainable.
Capital Gain - Sale of entire undertaking
CA. A. Kumar 07 July 2008 at 18:39
Case Fact: Whether in a sale of the entire undertaking (bakery) as a whole, if two separate documents with respect to movable and immovable (Land) assets are executed, the provision of section 50 of Income-tax Act, 1961, will be applicable?
Deduction from Income from other sources u/s 57(iii)
CA. A. Kumar 07 July 2008 at 18:39
Case Fact: Whether amount paid by the assessee to lawyer for seeking tax and legal implications of an project, for which he was retained by the company to conduct a study and render his opinion, deductible u/s 57(iii)?
Capital or revenue expenditure
CA. A. Kumar 07 July 2008 at 18:39
Case Fact: Whether amount paid to stock exchange as non-refundable deposits for acquiring OTC membership is a capital expenditure or revenue expenditure?
Concealment of Income
CA. A. Kumar 07 July 2008 at 18:39
Case Fact: Whether demonetised high denomination notes having no value be regarded as unexplained money and treated as concealment of income?
Capital or Revenue Receipts
CA. A. Kumar 07 July 2008 at 12:22
Case Fact: Whether compulsory deduction made by sugar cooperative societies on account of non-refundable and refundable deposits and other funds are revenue receipts liable to be taxed under the Income Tax Act.
Valuation of stock
CA. A. Kumar 07 July 2008 at 12:22
Case Fact: Whether A.O. was justified in invoking section 145 to value closing stock at cost or market price which ever is lower where assessee had adopted the policy of valuing its closing stock at market price only
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