case law

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• TV and Movie Filming Locations for 1.7.10

  
  On Location Vacations — Authority: 487
  Here’s a look at what’s filming in L.A. and NYC today. If you know of any filming locations, let us know about it at olv@onlocationvacations.com!Numb3rs is filming at 842 S Broadway in Los Angeles.Before the After is filming at 929 E 2nd and 2nd St from Garey St – Vignes St, Los Angeles.Cold Case is [...]
  13 hours ago

• In penalty proceedings, assessee can always show that finding recorded in quantum proceedings is neither reliable nor sufficient to impose penalty

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  On careful consideration of relevant facts, I am of the view that important fact stated by the assessee in his reply to penalty notice has not been considered in accordance with law. The revenue authority and the Tribunal in the quantum proceedings... [[ This is a content summary only. Visit my website www.taxguru.in ...
  3 days ago

• Any company whose principal business is banking or granting of loans and advances will not be attracted by explanation to section 73 of the IT Act, 1961

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  Merely because income/loss in dealing in shares in one particular year is more than income/loss from principal business of the assessee of granting loans and advances, it cannot be said that principal business of assessee is not that of granting... [[ This is a content summary only. Visit my website www.taxguru.in ...
  3 days ago

• Expenditure claimed as revenue in nature is allowable u/s 37(1) not u/s 35AB of the Income Tax Act, 1961

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  The expenditure covered u/s 35AB should be in the nature of capital expenditure because the scheme of the IT Act, 1961 is that all the revenue expenses are allowable while computing income from business or profession u/s 37(1). [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
  3 days ago

• Section 92 of Income Tax Act, 1961 not applicable to advertisement expenditure incurred by assessee, a wholly owned subsidiary of an American restaurant company in India

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  Section 92 is not applicable with regard to advertisement expenditure which has been borne by the assessee as a result of the Franchise Agreement with Indian franchises and the same has resulted into lesser profit/loss of the assessee and more... [[ This is a content summary only. Visit my website www.taxguru.in for ...
  3 days ago

• An order can’t be treated erroneous simply because Assessing officer in his order not made elaborate discussion with reference to his satisfaction

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  When the AO has reopened the same very issue which is under revision and has examined all the details and after verifying and being satisfied, has taken a plausible view, how can his order be treated as erroneous simply because in his order, he has... [[ This is a content summary only. Visit my website www.taxguru.in ...
  3 days ago

• Change of method of accounting of overdue charges from mercantile basis to cash system does not create any income

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  In the instant case, learned counsel for the Revenue is not in a position to demonstrate or satisfy us that due to the change of accounting method adopted by the respondent/assessee , which is permissible in law as per the ratio laid down in (i) CIT... [[ This is a content summary only. Visit my website ...
  4 days ago

• Expenditure incurred on modification and renovation of a building before commencement of business is neither allowable under section 30(a)(ii) nor section 37.

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  Honble Madras High court in the case of A.Y.S. Paisutha Nadar v. CIT [1962] 46 ITR 1041 (Mad.) had held that section 10(2)(xv) of the Indian income-tax Act, 1922 [section 30(a)(ii) of 1961 Act.] relating to expenditure laid out or expended wholly... [[ This is a content summary only. Visit my website www.taxguru.in ...
  4 days ago

• Business of providing services in connection with the prospecting for or extraction or production of mineral oil governed by Section 44BB

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  The profits derived from business of providing services in connection with the prospecting for or extraction or production of mineral oil are squarely and exclusively governed by Section 44BB, irrespective of the nature of services, provided the... [[ This is a content summary only. Visit my website www.taxguru.in ...
  4 days ago

• Assessing Officer can examine the entries in respect of writing off of bad debt or part thereof by assessee

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  provision of Section 143 (2) of Income Act viz-aviz section 36(1)(vii) of the Income Tax Act, 1961 read with section 36(1) both would be harmonized to give purposeful meaning to both the statutory provisions, as one extends benefit to the... [[ This is a content summary only. Visit my website www.taxguru.in for full ...
  4 days ago

• Interest u/s 220(2) of the Income Tax Act is chargeable with reference to due date reckoned from original notice of demand

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  If there is default on the part of the assessee to comply with the original demand notice, the provisions of the Taxation Laws (Continuation & Validation of Recovery Proceedings) Act, 1964 shall apply. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
  4 days ago

• Applicability of rule of limitation in respect of appeal filed after an inordinate delay without reasonable cause

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  Coming to the general proposition regarding condonation of delay, the learned counsel relied on a number of cases, which have already been summarized. In the case of Shakuntala Devi (supra), the Honble Supreme Court held that liberal construction... [[ This is a content summary only. Visit my website www.taxguru.in ...
  4 days ago

• Section 41(1) of Income Tax Act, 1961 applies only to trading liability not to other types of liabilities

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  Where the assessee received some amount as a liability, which was not claimed as deduction or expenses in any of the years, and the same was written off as compensation/ damages for relinquishment of right to sue in court of law, the provisions of... [[ This is a content summary only. Visit my website www.taxguru.in ...
  4 days ago

• There is no provision for adjustment for short payment of service tax of earlier period against excess payment of service tax in subsequent period

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  Learned Chartered Accountant submits that the excess amount paid in the subsequent period may be treated as mere deposit which can be adjusted against the earlier short payment and it may be paid alongwith interest. I am unable to accept the... [[ This is a content summary only. Visit my website www.taxguru.in for ...
  4 days ago

• Burden to prove the genuineness of the gift is on the Assessee

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  The failure of the persons to appear before the AO for examination in assessment proceedings or remand proceedings tilts the scales in favour of the revenue for giving a finding that the gifts were not genuine. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]
  1 week ago

• Providing of fixtures & fittings to licencee of a premises would not make income from sub-letting of property as business income

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  We have heard learned counsel for the assessee. Learned counsel for the assessee drew our attention to various clauses in leave and license agreement and submitted that the premises were given purely on license basis with fixtures and fittings. It... [[ This is a content summary only. Visit my website www.taxguru.in ...
  1 week ago

• Tribunal’s power u/s 254(2) is not to review its earlier order but only to amend it with a view to rectify any mistake apparent from the record

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  . From the various judgments of the Supreme Court above referred to and other High Courts, it is clear that the Tribunals power under Section 254(2) is not to review its earlier order but only to amend it with a view to rectify any mistake apparent... [[ This is a content summary only. Visit my website www.taxguru.in ...
  1 week ago

• Establishment of identity of creditor, creditworthiness of creditor and genuineness of transaction

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 156
  It would depend upon facts of each case whether all the three ingredients to discharge the onus to prove cash credit have been proved by the assessee or not; if an NRI, engaged in business of real estate development with substantial means, decided... [[ This is a content summary only. Visit my website www.taxguru.in ...
  1 week ago

• Stilted

  
  Patent Prospector — Authority: 118
  William Armstrong and Joe Lin got a patent, 5,645,515, for a particular type of stilt used in construction, requiring a "resiliently lined yoke." Each formed a company for selling stilts: Armstrong created Southland Supply, while Lin sprouted Forest Group. "Southland sold stilts to Bon Tool, a tool reseller. Bon Tool ...
  1 week ago

• Lynne Huxtable and Jeffrey Agnew, v. Timothy F. Geithner, et al.,

  
  Foreclosure Combatant — Authority: 103
  Lender’s refusal to modify loan may have violated borrowers’ Fifth Amendment rights to due process. ____________________________________________________________________________________________ LYNNE HUXTABLE and JEFFREY A. AGNEW, Plaintiffs, v. TIMOTHY F. GEITHNER , et al., Defendants. Case No. ...
  1 week ago

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