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Surcharge on block assessment cases whether retrospective from 01.06.2002 or not - matter refered to larger bench in SC.

Posted in Income Tax  1 comments |   2522 Views


Vodafone Judgement

  Taxguy    23 December 2008 at 11:41

Posted in Income Tax |   32 Views


Penalty only on satisfaction that is recorded

  Taxguy    23 December 2008 at 11:41

Posted in Income Tax |   108 Views


CCE vs. Ratan Melting

  Taxguy    23 October 2008 at 13:45

While circulars and instructions issued by the Board are binding on the authorities under the respective statutes, but when the Supreme Court or the High Court declares the law on the question arising for consideration, it would not be appropriate fo

Posted in Excise |   75 Views


CIT vs. Wallfort Shares & Stocks

  Taxguy    23 October 2008 at 13:43

(i) S. 94(7) was inserted prospectively w.e.f. 1.4.2002 to disallow dividend stripping losses. If the argument of the Revenue that even transactions prior to s. 94(7) can be disallowed is accepted, it will render s. 94(7) redundant and also lead to a

Posted in Income Tax |   50 Views


CIT vs. Raval Tiles

  Taxguy    23 October 2008 at 13:39

Where the Tribunal did not pass an order on the appeal despite considerable delay and instead fixed the matter repeatedly for ‘clarifications’ and thereafter closed the matter for orders on the basis of written submissions and without hearing the ass

Posted in Income Tax |   39 Views


Interest Forgone not taxable

  Taxguy    23 October 2008 at 13:32

Where the assessee entered into an agreement for transfer of its industrial undertaking under which the buyer agreed to pay it interest on the unpaid consideration w.e.f 1.3.1977 and subsequently on 30.6.1978 the parties agreed to defer the date of c

Posted in Income Tax |   18 Views


ITAT Bangalore Philips software

  Taxguy    07 October 2008 at 13:56

The profits of super profit companies should not be “normalized”; instead they should be excluded from the list of comparables; The proviso to section 92 C (2) provides a standard deduction of 5% to the taxpayers at their option.

Posted in Income Tax |   28 Views



There are two types of "debt". A debt payable by the assessee is different from a debt receivable by the assessee.

Posted in Income Tax |   36 Views


B.M. MALANI vsCOMMR. OF INCOME TAX & ANR

  Taxguy    03 October 2008 at 14:09

A statutory authority despite receipt of such a request could have kept mum. It should have taken some action. It should have responded to the prayer of the appellant. However, another principle should also be borne in mind, namely, that a statutor

Posted in Income Tax |   52 Views