Judgements and Orders, Supreme Court and High courts of India

Exemption under section 54f

Shefali Bajpai 07 June 2008 at 22:59

Sale of residential house and investment in new house – Even though registration is not complete assessee is entitled to exemption u/s. 54F

Posted in Income Tax | 69 Views

Reassessment based on change of opinion

Shefali Bajpai 07 June 2008 at 22:59

NOT VALID

Posted in Income Tax | 57 Views

Penalty – S. 271(1)(c) – Partially set aside proceedings

Shefali Bajpai 07 June 2008 at 22:59

Original assessment proceedings are relevant to ascertain the recording of satisfaction – No reason in original assessment proceedings for levy of penalty – Penalty imposed liable to be cancelled – A.Ys. 1996-97 to 2001-02

Posted in Income Tax | 51 Views

Bad debts – S. 36(1)(vii) – No steps taken for recovery

Shefali Bajpai 07 June 2008 at 22:59

Debts pending since long – In most cases recovery barred by limitation – Debts written off in books of account – Allowable as deduction – A. Y. 1998-99

Posted in Income Tax | 33 Views

business and profession

gourav 30 May 2008 at 18:02

Posted in Income Tax | 67 Views

Interest free loan

CA.Saibaburao Nanduri 29 May 2008 at 18:01

Held by the Hon`ble Court that it had come on the records that due to bad financial position no interest has been charged in order to safe guard the principal and assessee acted as an prudent person. Therefore no notional interest, on interest free l

Posted in Income Tax | 87 Views

Payment to Partners for Specific Services::

CA.Saibaburao Nanduri 29 May 2008 at 11:05

Held that the disallowances under section 40(b) cannot be made for the specific services rendered by the partner which are not in the capacity of partner

Posted in Income Tax | 86 Views

Revision u/s 263

CA.Saibaburao Nanduri 25 May 2008 at 20:15

Held by the Hon`ble Court that, order passed by commissioner u/s 263 without granting opportunity of personal hearing to assessee is violation of natural justice. Therefore revision order passed by the commissioner is not justified in law.

Posted in Income Tax | 60 Views

Liability for dishonour of cheque

CA. Vineet Grover 23 May 2008 at 16:59

Liability for dishonour of cheque

Posted in Community & General | 102 Views

Income form undisclosed source ::

CA.Saibaburao Nanduri 20 May 2008 at 16:52

Held by the Hon`ble Court that, loose papers themselves not indicating receipt of undisclosed income and in the absence of opportunity of cross examination, additions on the basis of entries on loose papers found during search not justified in law.

Posted in Income Tax | 64 Views