Judgements and Orders, Supreme Court and High courts of India

Bombay High court Judgement on Depreciation

CMA Ramesh Krishnan 29 December 2009 at 20:33

Depreciation allowable even if asset not used at all for entire year

Posted in Income Tax | 3375 Views

COMPANIES ACT, 1956:Secs.397 and 398

lakshmi 29 December 2009 at 20:33

COMPANIES ACT, 1956: ss. 397 and 398 - Allegations of oppression and mismanagement, illegal allotment of equity shares resulting in conversion of majority shareholding into minority shareholding, appointment of Additional Director and removal o

Posted in Corporate Law | 5651 Views

CIT v. Solapur Distt. Co-op. Milk Producers & Process Union

CA.Tarun Maheshwari 29 September 2009 at 11:54

Business expenditure/loss : Assessee federal society of primary milk societies : Milk rate difference determined in March and paid in subsequent year : Is allowable business expenditure/loss.

Posted in Income Tax | 2084 Views

CIT v. Ashish Rajpal

CA.Tarun Maheshwari 29 September 2009 at 11:54

Revision : S. 263 of Income-tax Act, 1961 : A.Y. 2002-03 : Notice u/s.263 referring to four issues and final order passed referred to nine issues : Order of revision bad in law.

Posted in Income Tax | 1784 Views

Bombay High Court rejected the claim of depreciation on the

Jinesh Bhagdev 22 September 2009 at 11:27

Recently, the Bombay High Court in the case of various stock broking houses1 held that the depreciation cannot be granted on Bombay Stock Exchange Membership Card (BSE card) acquired on or after 1 April 1998 either by nomination or directly through

Posted in Income Tax | 2527 Views

Derivative Transaction

Jinesh Bhagdev 14 September 2009 at 13:27

Derivatives transactions having underlying asset as shares are covered under section 43(5) prior to the amendment (effective from AY 2006-07) exempting derivatives from the definition of ‘speculative transaction’

Posted in Income Tax | 3372 Views

Deals before 2006 were speculative, rules ITAT

Aditya Maheshwari 14 September 2009 at 13:27

All F & O transactions before 2006 to be held as speculative

Posted in Income Tax | 1610 Views

Set off of losses under STCG

Aditya Maheshwari 14 September 2009 at 13:27

Set - off of short-term capital loss which has been subject to STT against short-term capital gains arising on off-market transactions including buy back / open offer, etc., which are not subject to STT

Posted in Income Tax | 3523 Views

Derivatives will also fall within meaning of `commodity'

Aditya Maheshwari 14 September 2009 at 13:27

If it is held that the transaction in derivatives does not fall in section 43(5), it will make clause (d) and Explanation thereto below section 43(5) introduced by Finance Act, 2005 to be redundant.

Posted in Income Tax | 2634 Views