Income Tax Judgements

Held by the Hon`ble Court that, it is well settled law that while disposing of an appeal , the authority must record reason of its decision. Therefore it is not justified in law to dispose of an appeal without recoding any reason.

It may be necessary for the aforementioned purpose to bear in mind that the immunity granted pursuant to acceptance of a declaration made under the voluntary taxation scheme or Kar Vivad Samadhan Scheme, 1998 does not lead to a total immunity. Immuni

On consideration of the background under which the assessee-Corporation came into being and taking into account the provisions under articles 46 and 47 of the Constitution, it was clear that the assessee was primarily formed to ameliorate the sufferi

Held by the Hon`ble Court that as no nexus could be found between the borrowing and the interest free advance to sister concern and with clear finding that there was no element of commercial expediency, the interest paid on borrowed fund is not deduc

S. 142 - Inquiry before assessment

A bare reading of section 68 suggests that there has to be credit of amounts in the books maintained by assessees; that such credit has to be of a sum during the previous year; and that the assessees offer no explanation about the nature and source o

Primary burden of proof, therefore, is on the revenue. The statute requires satisfaction on the part of the Assessing Officer. He is required to arrive at a satisfaction so as to show that there is primary evidence to establish that the assessee had

The Act is concerned only with the profits earned in India and, therefore, a method is to be found out to ascertain the profits arising in India and the only way to do so is by treating the Indian PE as a separate profit centre vis-a-vis the foreign

Determination of liability of income-tax under the provisions of the Act for the purpose of computation of income of an assessee, inter alia, for carrying on business in insurance is governed by section 44 thereof and rule 5(a) of the First Schedule