Income Tax Judgements

Penalty-Concealment of income

CA Praveen Chopra 16 March 2008 at 21:04

The penalty U/s 271(1)(c)of the Income Tax Act 1961 could not be imposed on the assessee since it was under a bona fide belief that income on sale of debentures was taxable as capital gains. Further such gains had been treated ascapital gains in earl

Posted in Income Tax | 117 Views

Appealable order-challenge to intimation U/s 143(1)

CA Praveen Chopra 14 March 2008 at 23:22

Posted in Income Tax | 296 Views

New Sorathia Engg. Co. vs CIT 2006 GUJRAT (HC)

MANISH MISHRA 14 March 2008 at 19:17

Section 271(1)(c) of the Income-tax Act, 1961 - Penalty - For concealment of income - Assessment year 1981-82 - Whether where penalty order and order of Commissioner (Appeals) showed that no clear-cut finding had been reached as to whether penalty un

Posted in Income Tax | 81 Views

AAR on Bonus Shares - Long term

Jagat Mehta 14 March 2008 at 16:13

Sale of originally held and bonus shares - Long-term capital gains arising to non-resident company - benefit of 10% rate u/s 112 cannot be denied : Advance Ruling Authority

Posted in Income Tax | 62 Views

Interest on borrowed capital

kavita jain 13 March 2008 at 23:12

In August/September 1999, the assessee-firm granted interest free advances to its sister concerns which were disallowed by the department on the ground that the said advances were not given from the assessee’s own fund, but from the interest bearing

Posted in Income Tax | 71 Views

Perquisites- Rule 3(5), Income-tax Rules,1962- Applicability

kavita jain 13 March 2008 at 23:12

The assessee, a public school, had been charging concessional fees from the children of the employees studying in the school at the rate of 50 per cent in respect of the standard/normal tuition fees, ancillary fees and computer fees and at the rate o

Posted in Income Tax | 230 Views

Section 271(1)(c) – Penalty

kavita jain 13 March 2008 at 23:12

Penalty for concealment of income. Evidecne led by the assessee not malafide or false. Tribunal concurred with the finding of the lower authorities. on Appeal, order of the Tribunal upheld.

Posted in Income Tax | 71 Views

Penalty for non payment of Advance Tax

Rahul Tibrewal 12 March 2008 at 23:59

Whether assessee was liable to pay interest u/s 234B for non-payment of tax on exempted income which later on became taxable due to a supreme court judgement.

Posted in Income Tax | 58 Views