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| DATE: | February 8, 2008 (Date of publication) |
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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: | 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: | 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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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: | 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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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 …
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| DATE: | (Date of pronouncement) |
| 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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| FILE: | Click here to view full post with file download link |
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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 31, 2008 (Date of publication) |
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| FILE: | Click here to view full post with file download link |
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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.) (Supreme Court) Read More »
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| DATE: | January 24, 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 Amadeus system, by which subscribers in India are enabled to perform the functions of reservation and ticketing, represents a “business connection” because it extends to the Indian territory in the form of connectivity in India and generates income …
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