Income Tax Judgements

Held by the Hon`ble Court that the objects should not be considered independantly, these should be understood in their entirety. As the defending of the members against initiated actions was only one of the objects apart from indulging in charitable

Held by the Hon`ble Bench that section 71(2) allows an assessee to set off of business loss from income under any head including capital gains, further no sequence is prescribed for set off of losses, thus it is open to the assessee to set off the bu

Held by the Hon`ble Court that the provision relating to filing of return of income within the stipulated time is applicable to a person who is required to file a return u/s 139(1), a person not having any taxable income is not bound to file the INCO

Held by the Hon`ble Court that, what should be the correct net profit in the opinion of the A.O. had no relation with the formation of any opinion that assessee failed to disclosed truly and fully material facts necessary for assessment. Therefore no

Held by the Hon`ble Court that as the transfer of asset is not one in the nature of transfer of assets from subsidiary to holding as covered by section 47(v) but is distribution of assets to the shareholders upon the liquidation of the company, hence

Held by the Hon`ble Court that as the amounts set apart by the assessee for different A.Y. are done on the basis of past experience even though the liability is to be quantified and discharged in future, the provision made for the liability against w

Held by the Ho"ble Bench that section 54 does not prohibit from purchasing property in a foreign country however all other conditions should be satisfied.The Bench also observed that the assessee should be the absolute owner of the new property in or

. On a writ petition filed by the assessee challenging the seizure of certain jewellery and ornaments belonging to the assessee, the High Court held that the search and seizure were invalid and illegal. The High Court ordered that interest at t

Held by Ho"ble court that since the incentive bonus was paid to the employees wholly and exclusively for business purposes such bonus was allowable as deduction u/s 37(1).

Held by the Hon`ble Court that, the A.O. must be satisfied, not arbitrarily but judiciously. In the facts and circumstances of the case, penalty levied on technical mistake committed by the assessee and due to this there is no loss of revenue, shall