Judgements and Orders, Supreme Court and High courts of India

Interest on borrowed capital

kavita jain 13 March 2008 at 23:12

In August/September 1999, the assessee-firm granted interest free advances to its sister concerns which were disallowed by the department on the ground that the said advances were not given from the assessee’s own fund, but from the interest bearing

Posted in Income Tax | 98 Views

Perquisites- Rule 3(5), Income-tax Rules,1962- Applicability

kavita jain 13 March 2008 at 23:12

The assessee, a public school, had been charging concessional fees from the children of the employees studying in the school at the rate of 50 per cent in respect of the standard/normal tuition fees, ancillary fees and computer fees and at the rate o

Posted in Income Tax | 256 Views

Section 271(1)(c) – Penalty

kavita jain 13 March 2008 at 23:12

Penalty for concealment of income. Evidecne led by the assessee not malafide or false. Tribunal concurred with the finding of the lower authorities. on Appeal, order of the Tribunal upheld.

Posted in Income Tax | 86 Views

Penalty for non payment of Advance Tax

Rahul Tibrewal 12 March 2008 at 23:59

Whether assessee was liable to pay interest u/s 234B for non-payment of tax on exempted income which later on became taxable due to a supreme court judgement.

Posted in Income Tax | 83 Views

Deemed Dividend as per sev 2(22)(e)

Rahul Tibrewal 12 March 2008 at 23:59

Posted in Income Tax | 70 Views

Voluntary contributions within the meaning of Section 12

Rahul Tibrewal 12 March 2008 at 23:59

Posted in Income Tax | 72 Views

Exempion u/s 54

Rahul Tibrewal 12 March 2008 at 23:59

Posted in Income Tax | 63 Views

enhancement of penalty equal to the amount of duty

Dayal 11 March 2008 at 23:27

For delayed payment, the appellants had also already paid the interest. Therefore, under these circumstances, the enhancement of penalty equal to the amount of duty by the Commissioner (Appeals) cannot be justified

Posted in Excise | 87 Views

Additions can be made in an illegal survey.

kavita jain 11 March 2008 at 23:27

S. 133A - Additions can be made on basis of materials collected during course of illegal survey.

Posted in Income Tax | 81 Views

Revision not justified only because A.O .has taken a view ..

kavita jain 11 March 2008 at 23:27

S. 263 - Revision - Exercise of power under S. 263 by CIT would not be justified only because Assessing Officer has taken a view in favour of assessee. -

Posted in Income Tax | 68 Views