Income Tax Judgements

Rectification of mistake ::

CA.Saibaburao Nanduri 19 May 2008 at 17:16

Held by the hon`ble bench that as the carry forward of loss is permitted only when the return is filed within due date of filing of return, the mistake is apparent from the records, thus the A.O. can rectify the same by passing a order under section

Posted in Income Tax | 74 Views

Capital Gain::

CA.Saibaburao Nanduri 19 May 2008 at 17:16

Held by the hon`ble bench that section 54F does not mention any sub-section of section 139, thus it cannot be interpreted as section 139(1). The amount of consideration from the sale of shares utilised before the date of filing of return u/s 139(4) i

Posted in Income Tax | 63 Views

Interest on Money Borrowed

CA.Saibaburao Nanduri 18 May 2008 at 16:45

Held that in order to allow interest paid on borrowings in case of partnership firms, the assessee first to establish that it is allowable u/s 36(1)(iii) and then it does not exceed amount in excess of the limit laid down in sec. 40(b)(iv). Also held

Posted in Income Tax | 65 Views

Unaccounted Income ::

CA.Saibaburao Nanduri 18 May 2008 at 16:37

Held by the Hon`ble Court that, whenever there is concurrent finding by the below authorities no interference should be called for by the high court.

Posted in Income Tax | 72 Views

Income from housing property or business income::

CA.Saibaburao Nanduri 18 May 2008 at 16:33

Held by the Hon`ble Bench that the income obtained was not merely because of the bare letting of the premises but also because of the facilities and services rendered and just as utilisation of accommodation for providing board and lodging facility t

Posted in Income Tax | 75 Views

Section 80-IB of Income Tax Act

CA Pawan Goswami 08 May 2008 at 00:55

Section 80-IB of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial undertaking other than infrastructure development undertakings - Assessment year 2001-02 - Whether duty drawback is profit or gain derived from business of an

Posted in Income Tax | 63 Views

Signing and Return of Income

CA Pawan Goswami 08 May 2008 at 00:55

A return of income which is signed and verified by a person other than one authorized under Act, shall be treated to be defective which would be amenable to provisions of sections 292B and 139(B)

Posted in Income Tax | 73 Views