Judgements and Orders, Supreme Court and High courts of India

penalty under section 271B

CA Devanshi Gandhi (Ajani) 20 March 2009 at 14:29

Where the assessee was a co-operative society and its income was deductible under section 80P, it was not necessary for the AO to impose penalty under section 271B upon the assessee for non-submission of audit report under section 44AB on or before d

Posted in Income Tax | 1 comments | 5521 Views

Set off of disputed loss

CA Devanshi Gandhi (Ajani) 20 March 2009 at 14:29

Where the assessee-company in spite of the fire which destroyed stock/goods belonging to it on 26-3-1978, did not accept the same as its own loss because the responsibility/liability of the destruction of the stocks/goods in the fire was that of the

Posted in Income Tax | 1229 Views

enlarging scope and ambit of section 194C

CA Devanshi Gandhi (Ajani) 20 March 2009 at 14:29

The facilities/amenities made available by a hotel to its customers do not constitute “work” within the meaning of section 194C; consequently, the Circular No. 681 dated 8-3-1994 to the extent it holds that the services made available by a hotel to i

Posted in Income Tax | 2028 Views

Allowability of liability under “long service award” scheme

CA Devanshi Gandhi (Ajani) 20 March 2009 at 14:29

The provision for a liability is amenable to a deduction if there is an element of certaintly that it shall be incurred and it is possible to estimate the liability with reasonable certainty even though the actual quantification may not be possible.

Posted in Income Tax | 2304 Views

Applicability of section 40(a)(i) of IT Act

CA Devanshi Gandhi (Ajani) 17 March 2009 at 19:46

The payment by way of reimbursement of salary and expenses payable outside India or to a non-resident is chargeable under the head “salaries”, and the same is not covered by section 40(a)(i) but is covered by section 40(a)(iii) and in respect of whic

Posted in Income Tax | 2612 Views