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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
CITATION:

Where the assessee purchased shares at a price below the market price and the question was whether the difference between the market price and the purchase price can be assessed as unexplained investment u/s 69 or as a benefit u/s …

Rupee Finance vs. ACIT (ITAT Mumbai) Read More »

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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
CITATION:

(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 …

State vs. Abraham Kurian (Supreme Court) Read More »

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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
CITATION:

(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 …

DCIT vs. Core Health Care (Supreme Court) Read More »

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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
CITATION:

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 …

JCIT vs. United Phosphorus (Supreme Court) Read More »

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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
CITATION:

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) …

DCIT vs. Gujarat Alkalies (Supreme Court) Read More »

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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
CITATION:

(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 …

ITO vs. Ellora Silk Mills (ITAT Mumbai) Read More »

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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
CITATION:

(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 …

Hasan Ali Khan vs. ITSC (Bombay High Court) Read More »

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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 …

Krishna Lifestyle vs. UOI (Bombay High Court) Read More »

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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
CITATION:

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
CITATION:

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 …

CIT vs. Saumya Leasing (Bombay High Court) Read More »