Income Tax Judgements

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.

If the notice returned unserved due to non-availability of proper address cannot be held as empathy on the part of Revenue. Hence, the appeal got dissmissed

Discounts are given for business exigencies to everyone and as such discounts are neither salary nor commission, provisions of section 40(b) are not applicable to such discounts.

The property of the father inherited by his son, assessed in his individual capacity and not as karta of the HUF.Hence, income from such property belonged to the assessee.

Membership and entry of a dealer in the OTC Exchange was only on payment of non-refundable deposits, upon the non payment of which the assessee would have been termed as an "inactive" member. This payment could not be treated as one of an "enduring n

Any society merely because it has religious nature it can not be debarred from grant of registration under section 12A.

The income from undisclosed sources should be assessed separately in the hands of firm and partners.

To claim depreciation under section 32 mere possession and use the property for the purpose of business or profession is enough

The primary objective of the assessee is to be seen. If the main intention is to exploit the immovable property by way of commercial activities it must be held as business income.

Section 54 does not prohibit from purchasing property in a foreign country however all other conditions should be satisfied.