Income Tax Judgements
Block Assessment
Shefali Bajpai 07 June 2008 at 22:59
Undisclosed Income vis-a-vis asset disclosed in the Regular Returns
Investment of amount in fdr only to secure bank guarantee to
Shefali Bajpai 07 June 2008 at 22:59
Interest accrued on deposit is business income
Depreciation can be claimed on leased vehicles
Shefali Bajpai 07 June 2008 at 22:59
Exemption under section 54f
Shefali Bajpai 07 June 2008 at 22:59
Sale of residential house and investment in new house – Even though registration is not complete assessee is entitled to exemption u/s. 54F
Reassessment based on change of opinion
Shefali Bajpai 07 June 2008 at 22:59
NOT VALID
Penalty – S. 271(1)(c) – Partially set aside proceedings
Shefali Bajpai 07 June 2008 at 22:59
Original assessment proceedings are relevant to ascertain the recording of satisfaction – No reason in original assessment proceedings for levy of penalty – Penalty imposed liable to be cancelled – A.Ys. 1996-97 to 2001-02
Bad debts – S. 36(1)(vii) – No steps taken for recovery
Shefali Bajpai 07 June 2008 at 22:59
Debts pending since long – In most cases recovery barred by limitation – Debts written off in books of account – Allowable as deduction – A. Y. 1998-99
Interest free loan
CA.Saibaburao Nanduri 29 May 2008 at 18:01
Held by the Hon`ble Court that it had come on the records that due to bad financial position no interest has been charged in order to safe guard the principal and assessee acted as an prudent person. Therefore no notional interest, on interest free l
Payment to Partners for Specific Services::
CA.Saibaburao Nanduri 29 May 2008 at 11:05
Held that the disallowances under section 40(b) cannot be made for the specific services rendered by the partner which are not in the capacity of partner
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