S. 32 : Depreciation-Increased cost of plant and machinery-Foreign Exchange rate fluctuations-Allowable.
S. 32 : Depreciation-Increased cost of plant and machinery-Foreign Exchange rate fluctuations-Allowable.
S. 12AA : Procedure for registration-Trust or institution-Cancellation of registration retrospectively-Making donation outside India-Cancellation of registration was held to be not valid-Order of Tribunal is affirmed. [S. 11, 12A]
S. 11 : Property held for charitable purposes-Expenses incurred earlier years-Adjusted to income of subsequent year-Income to be determined on the basis of commercial principle-To be considered as application of income. [S. 10(34), 11(1)(a), 11(1)(d)]
S. 11 : Property held for charitable purposes-Charitable objects-Membership and connectivity charges incidental to main object-Entitle to exemption. [S. 2(15), 12A]
S. 4 : Charge of income-tax-Interest from short term deposits (STDs)-Open letter of Credit for procuring Plant and Machineries-Capital receipts-Reduced from cost of capital assets. [S. 28(1), 56]
Prohibition of Benami Property Transactions Act, 1988
S. 24 : Notice and attachment of property- Benami transaction – Gold and cash belong to spouse – Beneficial owner – Provisional attachment is held to be permissible- Petitioner has to respond to notices with supporting evidences . [ S. 24(4)(a)(i) ]
Chartered Accountants Act, 1949
S. 22 :Professional and other misconduct – Recommendations made by Council were not supported by independent reasons and High Court had accepted recommendations of Council without applying its own logic to this aspect of matter, matter was to be remanded to Council to reconsider matter afresh after granting appellant an opportunity of being heard [ S. 21 ]
S. 147 : Reassessment –With in four years-Change of opinion – Payment to related parties – Incentives to senior employees – Difference in VAT return and Turnover as per profit and loss account -Reconciliation – Questions asked in the course of original assessment proceedings – No discussion in the assessment order – Reassessment notice was quashed. [ S. 40A(2)(b) , 148 , Art , 226 ]
S. 88 : Tax arrear-Amount payable-Adjustment of refund was made as per request of the assessee-Not disclosed the truth and suppressed the communication-Writ petition was dismissed. [S. 245, Art. 226]
S. 184 : Charge of tax and surcharge-Payment of tax-Credit for advance tax-Credit for advance tax must be given-Directed the respondents to issue certificate as required by Rule 4(5). [S. 183, 185 IT ACT, S. 139, 199, 210, 219, Art. 226]