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| DATE: | (Date of pronouncement) |
| DATE: | February 16, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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(1) Tax administration is a complex subject. It consists of several aspects. The Government needs to strike a balance in the imposition of tax between collection of revenue on one hand and business-friendly approach on the other hand. (2) Exemption …
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| DATE: | (Date of pronouncement) |
| DATE: | February 12, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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(i) Interest paid in respect of borrowings on capital assets not put to use in the concerned financial year are deductible under Section 36(1)(iii) of the Act; (ii) Interest on all moneys borrowed for the purposes of business are deductible …
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| DATE: | (Date of pronouncement) |
| DATE: | February 12, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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The question as to whether the assessee had an option in law to claim partial depreciation in respect of any block of assets is remanded to the High Court to consider in the light of Mahendra Mills 243 ITR 56 …
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| DATE: | (Date of pronouncement) |
| DATE: | February 12, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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Commitment charges paid in respect of borrowed moneys are allowable as a deduction u/s 37(1) of the Act. Related Judgements Infosys Technologies (Supreme Court) (i) A stock option which is subject to a ‘lock-in’ is not a chargeable perquisite u/s 17(2) …
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| DATE: | (Date of pronouncement) |
| DATE: | February 10, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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(i) Where the AO had accepted in the past that the warehousing charges received by the assessee was business income, he was not justified in reopening the assessment to assess the charges as property income in the absense of any …
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| DATE: | (Date of pronouncement) |
| DATE: | February 8, 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 Chairman of the Settlement Commission has the power to constitute a Special Bench and he is not required to give reasons or produce the material in support thereof. (ii) It is not as if the moment an application …
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| DATE: | (Date of pronouncement) |
| DATE: | February 8, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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(i) While the arrears of the State have priority over private debts owed to ordinary or unsecured creditors, this priority does not extend over secured creditors (subject to statutory exception). The fact that the tax arrears are recoverable as arrears …
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| DATE: | (Date of pronouncement) |
| DATE: | February 8, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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As s. 192 requires the employer to deduct tax on the “estimated income” of the employee, the test is whether he acted in a bona fide and honest manner. Where the employer allowed the employees deduction under sections 10(5) and 10(14) only on the basis of declarations filed by the employees without verifying actual expenditure incurred by the employee & maintaining records thereof, it could still be regarded as having acted in a bona fide manner.
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| DATE: | (Date of pronouncement) |
| DATE: | February 8, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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Deduction under section 80M can be claimed even in respect of the interim dividend declared for the succeeding financial year before the due date. Related Judgements CIT vs. Narendra Desai (Bombay High Court) Receipt for agreeing to refrain from carrying on …
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| DATE: | (Date of pronouncement) |
| DATE: | February 8, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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High Court deprectaes the practice of the department in mechnaically filing frivolous appeals. Observes that it causes inconvenience and wastes the time of the Court and results in sidelining of important issues. It accordingly imposes costs of Rs. 10,000 on …
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