Income Tax Judgements

Export Business — Deduction u/s. 80HHC — Excise duty and sales tax to be excluded from the computation of ‘Total Turnover’ for the purpose of S. 80HHC of the Act.

Reassessment — An assessee cannot change the legality of the notice issued u/s.148 of the Act reopening the assessment on the grounds of change of opinion in a case where no assessment is made u/s.143(3) of the Act, but only an intimation is issued u

Held by the Hon`ble Court that, Tribunal was not justified in law for recalling the order passed by it in toto and setting the matter for a fresh hearing just because a point was debatable could hardly provide justification for recalling.

Held by the Hon`ble Court that, amount paid was in excess of the minimum bonus prescribed under the Payment of Bonus Act. Therefore deduction is allowed in Income Tax Act.

Held by the Hon`ble Court that, as assessee merely acted as an agent and amounts repaid by the directors/managing directors including interest were not reflected in its accounts as loans or borrowing of the assessee. Therefore assessee was not a pers

Held by hon"ble court that aforesaid transaction means reliniquishment of a right in property which is transfer as defined in section 2(47). Thus the transaction was liable to capital gains tax.

Held by hon"ble court that any amount the payment of which is necessary for transferring the asset will be treated as expenditure incurred wholly & exclusively in connection with such transfer.

Held by hon"ble court that a plain reading of section 271(1)(c) clearly shows that penalty proceedings under the said section cannot be initiated by the assessing officer without forming his opinion and recording his satisfaction.

Held by hon"ble court that since the off period followed the on period and that since assessee had to undergo training during the off period, it was clear that all that had a nexus with the services he rendered in India. Hence,salary paid during off

Held by the Hon`ble Court that, it is not open to the assessing authority to embark upon any other enquiry and reopen the case which is already decided by the Tribunal in the favour of the assessee.