| COURT: | |
| CORAM: | |
| SECTION(S): | |
| GENRE: | |
| CATCH WORDS: | |
| COUNSEL: | |
| DATE: | (Date of pronouncement) |
| DATE: | February 12, 2008 (Date of publication) |
| AY: | |
| FILE: | |
| CITATION: | |
Commitment charges paid in respect of borrowed moneys are allowable as a deduction u/s 37(1) of the Act.
Related Posts:
- CIT vs. Gujarat Cypromet Ltd (Supreme Court) Expln. 3C has now in clear terms provided that such conversion of interest amount into loan shall not be deemed to be regarded as "actually paid" amount within the meaning of Section 43B. In view of clear legislative mandate removing this doubt and making the intention of legislature clear in…
- Mehsana District Co-operative vs. DCIT (Gujarat High Court) In the present case, admittedly, after the petitioner exercised such an option, the Assessing Officer passed no order under subrule (4) of rule 10THD declaring that the exercising of option was invalid. In terms of subrule (7) and subrule (8) of the said rule, therefore, the option exercised by the…
- The All Gujarat Federation Of Tax Consultants vs. Union Of India (Gujarat High Court) (No. 1) We are of the view that the respondent No.1 – Union of India, Ministry of Finance should immediately look into the issue, more particularly, the representation dated 12th October 2020 at Annexure : I of the paper book (page 108) and take an appropriate decision at the earliest in accordance…
- The All Gujarat Federation Of Tax Consultants vs. Union Of India (Gujarat High Court) (No. 2) It is the case of the CBDT that it has declined to exercise its power under Section 119 of the Act as the conditions for exercise of such power do not exist. It is the case of the Revenue that the issue of hardship was dealt with considerably at the…
- Paresh Nathalal Chauhan vs. State Of Gujarat (Gujarat High Court) It is a matter of deep regret that the Chief Commissioner of State Tax has attempted to justify such wrongful action on the part of the officers of the department by placing reliance upon the provisions relating to power of investigation under an earlier enactment to justify the actions of…
- DIT (E) vs. Gujarat Cricket Association (Gujarat High Court) It is not in dispute that the three Associations have not distributed any profits outside the organization. The profits, if any, are ploughed back into the very activities of promotion and development of the sport of cricket and, therefore, the assessees cannot be termed to be carrying out commercial activities…
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) 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) … Infosys Technologies (Supreme Court) Read More »
- CIT vs. Suresh N. Gupta (Supreme Court)
S. 158BB has to be read with the relevant Finance Act and the surcharge prescribed therein is applicable to a block assessment. The Proviso to s. 113 of the Act, though inserted by the Finance Act 2002 with effect from … CIT vs. Suresh N. Gupta (Supreme…
- M/s Ahmed Anis vs. CIT (Supreme Court)
Where the assessee had led satisfactory evidence that its business was that of a commission agent and not a trader and 10-11 years had passed, the assessee could not be held responsible for non-appearance of five traders to whom summons … M/s Ahmed Anis vs. CIT (Supreme…
- K.C.C. Software Ltd vs. DIT (Inv.) (Supreme Court)
Cash in bank is conceptually different from cash in hand. It is not permissible for the Revenue to withdraw money from the attached bank accounts. However, as the order u/s 132B was not challenged, no relief given. Directions given for … K.C.C. Software Ltd vs. DIT (Inv.)…
- Mangat Ram vs. State (Supreme Court)
The Supreme Court deprectaes the practice of the High Court in disposing of matters without recording reasons. Explains that while the Supreme Court itself, being the final court, may pass orders without reasons, the High Courts and lower courts are … Mangat Ram vs. State (Supreme Court)…
Recent Comments