Judgements and Orders, Supreme Court and High courts of India
BUSINESS LOSS ::
CA.Saibaburao Nanduri 10 December 2007 at 16:42
Held by the Hon`ble Bench that section 71(2) allows an assessee to set off of business loss from income under any head including capital gains, further no sequence is prescribed for set off of losses, thus it is open to the assessee to set off the bu
Income-tax Return
CA.Saibaburao Nanduri 08 December 2007 at 12:39
Held by the Hon`ble Court that the provision relating to filing of return of income within the stipulated time is applicable to a person who is required to file a return u/s 139(1), a person not having any taxable income is not bound to file the INCO
Section 147, 148 ::
CA.Saibaburao Nanduri 08 December 2007 at 12:39
Held by the Hon`ble Court that, what should be the correct net profit in the opinion of the A.O. had no relation with the formation of any opinion that assessee failed to disclosed truly and fully material facts necessary for assessment. Therefore no
TRANSFER OF ASSETS ;;
CA.Saibaburao Nanduri 02 December 2007 at 21:03
Held by the Hon`ble Court that as the transfer of asset is not one in the nature of transfer of assets from subsidiary to holding as covered by section 47(v) but is distribution of assets to the shareholders upon the liquidation of the company, hence
Deduction u/s 37(1) of liability arising for warranty ::
CA.Saibaburao Nanduri 02 December 2007 at 09:49
Held by the Hon`ble Court that as the amounts set apart by the assessee for different A.Y. are done on the basis of past experience even though the liability is to be quantified and discharged in future, the provision made for the liability against w
Gist of Imp jusgements & Tribunal orders reported in Oct
Admin 30 November 2007 at 12:13
Professionals can’t claim Sec 32 tax benefit, says SC
Aisha 30 November 2007 at 11:31
CAPITAL GAINS ::
CA.Saibaburao Nanduri 29 November 2007 at 11:27
Held by the Ho"ble Bench that section 54 does not prohibit from purchasing property in a foreign country however all other conditions should be satisfied.The Bench also observed that the assessee should be the absolute owner of the new property in or
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