Judgements and Orders, Supreme Court and High courts of India

Business expenditure : Bonus

CA.Tarun Maheshwari 26 May 2009 at 14:15

Business expenditure : Bonus : S. 36(1)(ii) of Income-tax Act, 1961 : A.Y. 1985-86 : Customary bonus over and above payable under the Bonus Act : Paid for last 10 years as a practice : Eligible for deduction u/s.36(1)(ii) second proviso.

Posted in Income Tax | 1380 Views

Tax break for interest-free loan takers

Yogesh Modi 18 May 2009 at 13:02

12 May 2009, 0715 hrs IST, ET Bureau MUMBAI: In a first-of-its-kind judgement, the Income-Tax Appellate Tribunal (ITAT) recently ruled that a recipient of an interest-free loan from a non-relative is not liable to pay tax. The judgement will c

Posted in Income Tax | 2144 Views

judgment on INCOME TAX ACT, 1961

Sumit Jain 18 May 2009 at 13:02

1. This is an appeal preferred by the assessee under Section 260A of the Income Tax Act, 1961(hereinafter referred to as the ‘Act’) against judgment dated 20.10.2006 passed by the Income Tax Appellate Tribunal (hereinafter referred to as the ‘Trib

Posted in Income Tax | 4041 Views

CIT vs Adidas (I) Marketing (P) Ltd.

taxindiaconnect 18 May 2009 at 13:02

No interest under s.201(1A) of the Income Tax Act 1961 could be charged on the assessee for the period after the date of payment of tax by the payee

Posted in Income Tax | 2259 Views

Ms Minakshi Maheshwari Vs. K.P.M.G

Nandit 07 May 2009 at 22:22

Posted in Others | 6191 Views

Section 14A-Artificial Apportionment of Expenses not allowed

sanjeev 07 May 2009 at 22:06

In the absence of any specific finding that any particular expenditure was incurred by the assessee in relation to exempted dividend income, no artificial disallowance can be made invoking section 14A of the Act.

Posted in Income Tax | 1848 Views

MAT CREDIT UNDER SECTION 115JAA

CA Hitesh Agarwal 07 May 2009 at 22:06

Rule 12(1)(a) of the Income-tax Rules, 1962 and Form-I cannot go beyond the provisions of the Act; Form-I cannot lay down the order of priority of adjustment of TDS, advance tax, MAT Credit under section 115JAA which is contrary to the provisions of

Posted in Income Tax | 3920 Views

DISALLOWANCE UNDER SECTION 145A

CA Hitesh Agarwal 07 May 2009 at 22:06

Irrespective of the method followed by an assessee for accounting excise duty, adjustments as specified under section 145A are to be made; when the statute requires a particular methodology of adjustments for tax, duty, cess or fee then it is to be d

Posted in Income Tax | 3218 Views