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| DATE: | January 9, 2008 (Date of publication) |
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(i) A stock option which is subject to a ‘lock-in’ is not a chargeable perquisite u/s 17(2) on the date of grant, vesting or exercise. The benfit is purely notional. (ii) s. 17(2)(iiia) inserted w.e.f 1.4.2000 is not clarificatory; (iii) …
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| DATE: | January 4, 2008 (Date of publication) |
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Consideration received by an assessee for agreeing not to compete constitutes a capital receipt even though (i) the period of restraint is only 18 months and (ii) the assessee continued service with the payer-company as Managing Director. Related Judgements Glenmark …
Saurabh Srivastava vs. DCIT (ITAT Delhi Special Bench) Read More »
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| DATE: | January 4, 2008 (Date of publication) |
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s. 68 does not apply to an assessee who does not maintain books of account. Balance sheet/statement of affairs and bank pass book do not constitute ‘books of account’. In considering the genuineness of the “gifts”, it must be borne …
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| DATE: | January 4, 2008 (Date of publication) |
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For purposes of s. 80HHC, the direct cost attributable to the earning of the DEPB license (equal to the value of the license on the date of receipt) has to be reduced from the direct cost of trading goods on …
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