Income Tax Judgements
REVISION
CA.Saibaburao Nanduri 03 September 2007 at 13:18
A.O can not be termed as erroneous simply on the basis of an opinion which is framed in the mind of the Commissioner that the conclusion is prejudicial to the interest of revenue unless there is adequate proof for that.
Validity of Block Assessment
CA.Saibaburao Nanduri 02 September 2007 at 17:46
Notice u/s 158BC is a procedural act and any mistake in such notice can be rectified u/s 292B. Hence, Block assesseement proceedings cannot be held to be void merely due to the fact that block period was mentioned wrongly in the notice and that notic
Deduction u/s 35 D
CA.Saibaburao Nanduri 02 September 2007 at 10:12
neither reserve nor the surplus of the assessee is a part of the capital employed in the business of the company.
Validity of Amendment – Arbitrary amendment - Insertion of clause (f) to s.43B
Aisha 29 August 2007 at 20:51
Validity of Amendment – Arbitrary amendment - Insertion of clause (f) to s.43B In original section 43B certain payments were held allowable only on actual payment s.43B was amended by inserting clause (f) to disallow liability towards leave encashm
TDS for STAMP VENDORS
CA.Saibaburao Nanduri 29 August 2007 at 18:58
The discount given to the 'stamp vendors' is neither 'brokarage nor 'commission'. Hence TDS provisions are not applicable
Penalty u/s 271C
CA.Saibaburao Nanduri 28 August 2007 at 19:04
Order of penalty MUST clearly state the reasons of penalty !
Deduction of Business Expenditure ::
CA.Saibaburao Nanduri 28 August 2007 at 19:04
NATURE OF SUBSIDY ::
CA.Saibaburao Nanduri 28 August 2007 at 19:04
Purpose of the Subsidy is important to determine whether it is revenue or capital
Income from House Property :
CA.Saibaburao Nanduri 28 August 2007 at 09:44
The ITO added 'interest' on interest free loan given by lessee to lessor as 'notional rent'. HC said no.
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