Income Tax Judgements

Held by the Hon`ble Court that, there are a number of tests which are required to decide whether the expenditure is revenue or capital in nature. A number of judgments cited before the court. However in the absence of requisite details regarding prod

Held by the Hon`ble court that there was no capital gains assessable in respect of the transfer on the ground that there was no cost of acqusition and capital gain could not be computed ignoring the fact that the said property was obtained in conside

Held by the Hon`ble Bench that as turnover charges levied by the SEBI are not one time license fees, it is to be paid every year on the basis of percentage of turnover, thus it is in the nature of expenditure covered by the provision of section 43B o

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).

Section 226 of the Income-tax Act, 1961 - Collection and recovery of tax - Other modes of recovery - Whether section 226(3) would be applicable when a money is due to assessee from any person - Held, yes Section 226 of the Income-tax Act, 1961 -

Held by the Hon`ble Court that, the books of accounts revealed that the expenses were incurred by the assessee but not able to produce the proper vouchers for the expenses incurred and this is not amount to concealment of income. Therefore Penalty un

Section 112, read with section 48, of the Income-tax Act, 1961 - Capital gains Tax on long-term capital gains - Whether benefit of proviso to section 112(1) cannot be denied to non-residents/foreign companies who are also entitled to a different reli

Held by the Hon`ble Court that,the assessee should have been given an opportunity to put forth the case in respect of any issue which had been left out of consideration in the original order passed by the authority by giving due opportunity. Hence or

Section 23 of the Income-tax Act, 1961 - Income from house property - Annual value - Assessment year 2003-04 - Whether words, ‘property is let’ as appearing in section 23(1)(c) mean actual letting out of property - Held, no - Whether if a property is

Held by the Hon`ble Court that, an order cannot be treated as an erroneous order prejudicial to the interest of the revenue unless the view taken by the A.O. is unsustainable in law. Therefore exercise power under section 263 is not justified in law.