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| DATE: | April 9, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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Where a notice issued u/s 158BD was vague, showed non-application of mind on the part of the issuing authority and had been issued in a casual manner, held it did not meet the requirements of law and the resultant assessment …
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| DATE: | (Date of pronouncement) |
| DATE: | April 3, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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In ACIT vs. Rogini Garments 108 ITD 49, the Chennai Special Bench of the ITAT held that in view of s. 80-IA (9), relief under s. 80-IA had to be deducted from the profits and gains before computing relief u/s …
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| DATE: | (Date of pronouncement) |
| DATE: | April 1, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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S. 61 of the MVAT which confers right to do audit to CAs and excludes Advocates and STPs is neither discriminatory, arbitrary or unreasonable and consequently not unconstitutional. Only CAs are competent to perform audit functions having regard to the expertise achieved as a result of their academic knowledge and practical experience.
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| DATE: | (Date of pronouncement) |
| DATE: | March 31, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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(1) Though the assessee company was the defacto owner of the shares, the dividends could not be said to have accrued to it as it was not the dejure owner of the shares. (2) If there is an accounting standard (AS-9), the same has to be accepted in the absence of any other statutory provision.
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| DATE: | (Date of pronouncement) |
| DATE: | March 31, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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Meaning of the terms “manufacture”, “production” and “process”. The process applied to POY either for the purpose of texturising or twisting constitutes manufacture as the article produced is recognised in the trade as distinct commodity pursuant to the process it undergoes and which amounts to manufacture.
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| DATE: | March 26, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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Non-compete compensation paid to an employee for an indefinite period is business expenditure and not capital expenditure as no capital asset or benefit of enduring benefit came into existence. While the lenght of the period of the covenant is important, it is not decisive. What is more important is the purpose of the payment and its intended object and effect.
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| DATE: | March 26, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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Non-compete compensation received by an employee-director for agreeing not to carry on any business activity relating to software development for a period of 18 months constitutes a capital receipt as it is for loss of a source of income. See …
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| DATE: | (Date of pronouncement) |
| DATE: | March 25, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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Sections 153A and 153C are not unconstitutional either on the ground of discrimination or on the ground that they allegedly exclude the principles of natural justice. Related Judgements CIT vs. Narendra Desai (Bombay High Court) Receipt for agreeing to refrain from …
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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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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: | (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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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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