Judgements and Orders, Supreme Court and High courts of India
Reassessment based on change of opinion
Shefali Bajpai 07 June 2008 at 22:59
NOT VALID
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
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
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
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
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.
Liability for dishonour of cheque
CA. Vineet Grover 23 May 2008 at 16:59
Liability for dishonour of cheque
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.
Bad Debts
CA.Saibaburao Nanduri 20 May 2008 at 16:52
Held by the Hon`ble Court that, unless the A.O. had rejected the entire books of accounts to be totally unreliable and finding extreme perversity in declaration of debts to be bad debts the stand of assessee cannot be ignored by the revenue. Therefor
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