No comparison can be made between guarantees issued by commercial banks as against a corporate guarantee issued by holding company for benefit of its AE, a subsidiary company, for computing […]
Case Law Income Tax - 2. page
Hedging of shares against price fluctuations isn’t speculative business
Assessee was entitled to set off hedging loss of brief period as business loss when it was denied windfall profit on ultimate sale of shares at a greater value IT-II: […]
No penalty on non-disclosure of telephone/medical reimbursement in return as they can’t be treated as income
Hospitality and telephone allowances to assessee being in nature of reimbursement cannot be treated as income in hands of assessee and, consequently, non-inclusion of same in assessee’s return of income […]
No reassessment to disallow sec. 10A relief if all material facts for claiming relief were disclosed in assessment
IT: Where all material facts relevant to section 10A deduction were before Assessing Officer during course of original assessment, reopening of assessment on ground that deduction under section 10A was […]
No penalty on assessee for his failure to pay MAT on exempt income as he was unware of amended provision
IT : Where assessee was unaware of amendment made during current year whereby long term capital gains were to be taken into consideration while determining book profits under section 115JB, […]
Sec. 44BB would apply and not sec. 44D if pith and substance of contract is related to extraction of mineral oil
SC: Applicability of sec 44BB is to be decided w.r.t. the “Pith and substance” of the contract If the pith and substance of the contracts/agreements is inextricably connected with prospecting, […]
No additions if transaction made at a price less than its cost wasn’t with any specified person and it was genuine one
HIGH COURT OF KARNATAKA Khadar Basha v. Assistant Commissioner of Income-tax, Circle-1 Section 40A(2) of the Income-tax Act, 1961 – Business disallowance – Excessive or unreasonable payments (Sale of goods […]
AO couldn’t treat payer as assessee-in-default without examining his submission justifying non-deduction of tax
IT: Assessing Officer couldn’t treat payer as assessee-in-default without examining his submission justifying non-deduction of tax HIGH COURT OF KARNATAKA Remco (BHEL) House Building Co-Operative Society Ltd. v. Income-tax Officer
No sec. 69 additions on basis of seized doc showing transaction in name of firm after its dissolution
Where assessee firm had been dissolved with effect from 31-3-2002, alleged unexplained income from transaction found recorded in assessee’s name in month of December, 2003 in a document recovered from […]
Advance received by contractor in excess of bill raised by him couldn’t be taxed on receipt basis
HIGH COURT OF GUJARAT Rudraksh Builders v. Assistant Commissioner of Income-tax* Section 5, read with sections 143(1)(a) and 194C, of the Income-tax Act, 1961 – Income – Accrual of (Advances) – Assessment […]
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