Income Tax Judgements

Held by the court that on combined reading of the provisions of section 271D & 273B of the act,if the assessee shows "reasonable cause" for the failure to comply with the provision of the act,the Commissioner (Appeals) may in his order waive the pena

Held by the court that the assessee was in confusion regarding percentage to be deducted from the different classess of customers. On being clarified,the assessee has deducted the remaining amount and deposited the same therefore it does not amount t

Held by the Hon`ble Court that, there is service-cum-lease agreement and if it is necessary, the authorities have to bifurcate a portion of rental receipt into various heads, in the interest law.

Held that interest paid by the investment company on funds borrowed for purchase of shares, irrespective of the fact whether such shares were to be held as stock in trade or investment or for acquiring controlling interest in other companies, was ded

Held by ho"ble court that assessing officer is bound to follow benevolent instructions of CBDT. Hence, assessment made in violation of CBDT instructions is liable to be quashed.

Held that the foreign co. earned money by providing copyrighted information on subscription basis. The subscription was in the nature of access fee to database maintained outside India. Thus such receipts could not be treated as income accrued in Ind

Held by the Hon"ble court that printing of labels on corrugated boxes did not require any special skill or involve any confidence or secrecy. In the circumstances, the predominant object of the contract was one of sale of goods which took the contrac

Held by the Hon"ble court that the expression "money" has different shades of meaning. In the context of income tax provisions, it can only be a curreny token, bank notes or other circulating medium in general use, which has representative value. The

Held by the Hon"ble court that where the assets of the business are let out temporarily while the assessee is carrying out his other business activities then it is a case of exploiting the business assets otherwise than employing them for his own use

Held by the Hon`ble Court that, mere fact that the assessee had given separate receipt to the costumers and made suspense account for excess price collected does not change the character of the transaction. Therefore the receipt is trading receipt.