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| 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: | 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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| DATE: | January 31, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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While damages or penalty which are compensatory in nature are allowable as a deduction u/s 37(1) of the Act, damages which are penal in nature and in respect of infraction of law are not allowable as a business expenditure. Amounts …
Jamna Auto Industries vs. CIT (P & H High Court) (Full Bench) Read More »
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| DATE: | January 31, 2008 (Date of publication) |
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(i) In considering whether the interest paid by an assessee on loans raised for acquisition of new asset, before the same was first put to use, is to be added towards the cost of the asset or the same is …
CIT vs. Vardhaman Polytex (P & H High Court) (Full Bench) Read More »
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| DATE: | January 31, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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The Sick Inndustrial Companies Act is a complete code and during the pendency of a reference, an industrial company cannot apply to the High Court for sanctioning a scheme under ss. 391 to 394 of the Companies Act. The principles …
In Re Ashok Organic Industries (Bombay High Court) Read More »
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| DATE: | January 21, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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Receipt for agreeing to refrain from carrying on a competing business under a restrictive covenant is a capital receipt and is not chargeable to tax either as a revenue receipt or as a capital gain as ss. 28(va) and 55(2)(a) …
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