S. 36(1)(vii) : Bad debt-Required to debit profit and loss account and also to simultaneously reduce loans of debtors in balance sheet-Matter remanded. [S. 254(1)]
S. 36(1)(vii) : Bad debt-Required to debit profit and loss account and also to simultaneously reduce loans of debtors in balance sheet-Matter remanded. [S. 254(1)]
S. 11 : Property held for charitable purposes-Trust not registered-Corpus fund in form of voluntary contributions made with specific direction-Liable to tax as income-Equity and taxation cannot co-exist. [S. 2(24)(iia), 11(1)(d), 12A, 12AA, 56(2)(v)]
S. 10(5) : Travel concession or assistance-Exemption confined to amount of Air economy fare by shortest route by National carrier-Exemption not available in respect of travel to Foreign country as part of journey to destination in India. [S. 133A, 182, 201(1), 201(1A), R. 2B]
S. 68 : Cash Credits – Penny Stock –Capital gains – Shares with increased value of about 2823% -Genuineness of price hike to be established – Onus on the assessee- Order of Tribunal is reversed – Addition as cash credit is affirmed – Revision is held to be valid . [S. 10(38], 45, 263 ]
S. 281 : Certain transfers to be void-Priority of debt-Mortgage executed prior to initiation of action by department-Matter to be investigated by Tax Recover Officer. [S. 226, Rule, 11, Schedule II Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Recovery of Debts and Bankruptcy Act, 1993]
S. 276C : Offences and prosecutions-Wilful attempt to evade tax-Survey-Capital gains-Penalty deleted-Prosecution quashed. [S. 45, 54B, 54F, 148, 271(1)(c), 277]
S. 271(1)(c) : Penalty-Concealment-Depreciation-levy of penalty is not justified. [S. 32, 8HHC]
S. 260A : Appeal-High Court-Observation that certain grounds are not pressed-Directed to file rectification application before the Income-tax Appellate Tribunal. [S. 254(1), 254(2)]
S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Penny stock-Monetary limits for appeals by department-Appeal not filed in terms of Special order of Board-Dismissal of appeal due to low tax effect-Order of Tribunal is affirmed-Writ of revenue is dismissed. [Art. 226]
S. 240 : Refund-Appeal effect order-Directions to refund with interest.