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| DATE: | March 15, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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If the assessee has suffered a loss in one unit, the same has to be set-off against the profits of the undertaking eligible for deduction u/s 80IA etc and if the resultant figure is a loss, no deduction under Chapter VI-A is allowable;
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| DATE: | March 15, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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Interest paid for purchase of land held allowable as a deduction as the fact that the income on sale of scrap obtained on demolition of buildings on the land was offered as business income showed that the assessee had bought …
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| DATE: | (Date of pronouncement) |
| DATE: | March 15, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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An order passed by the AO to give consequential effect to an appeallate order of an earlier year is not an order passed under section 154 and consequently the time limit of section 154(7) does not apply.
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| DATE: | (Date of pronouncement) |
| DATE: | March 2, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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In the case of a chit fund following the ‘completed contract method of accounting’ and offering income at the end of the chit, held, approving the method: (i) Recognition/identification of income under the Act is attainable by several methods of …
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| DATE: | (Date of pronouncement) |
| DATE: | February 27, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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The deletion of the second proviso to s. 43B by the Finance Act 2003 wef 1.4.2004 cannot be treated as a retrospective amendment and contributions towards PF beyond the period stipulated in s 36(1)(va) are not allowable deductions. Note: The …
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| DATE: | February 26, 2008 (Date of publication) |
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(i) The judgement of the SC in Mariappa Gounder vs. CIT 232 ITR 2 does not decide whether mesne profits received against wrongful possession of property is in the nature of revenue receipt or capital receipt. It merely decides the …
Narang Overseas vs. ACIT (ITAT Mumbai 5 Member Special Bench) Read More »
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| DATE: | February 24, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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(i) The question whether expenditure is on capital or revenue account should be decided from the practical and business view point and in accordance with sound accountancy principles. The three tests applied to decide the nature of expenditure are the …
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| DATE: | February 24, 2008 (Date of publication) |
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(i) A firm seeking to claim deduction of interest paid on capital from its partners has to first satisfy the requirements of s. 36(1)(iii) and thereafter the limits imposed by s. 40(b)(iv). The fact that the said capital is not …
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| DATE: | February 24, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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Where all the material facts were placed before the AO and he raised questions thereon, Explanation 1 to s. 147 has no application. Further, the argument that because there was no discussion in the assessment order, the AO had not …
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| DATE: | February 24, 2008 (Date of publication) |
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Where the CIT (A) decided the ground of reopening against the assessee but decided the ground of merits in favour of the assessee, the assessee is entitled, in an appeal by the Revenue before the Tribunal, to urge, under Rule …
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