judgments

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Latest blogosphere posts tagged “judgments”

 

• Ranchi court convicts 64 in fodder scam

  
  Thaindian News — Authority: 534
  Ranchi, Jan 31 (IANS) Sixty-four people were Tuesday jailed for two to five years by a special CBI court here in a multi-million rupee fodder scam case.The 64 people, including 23 officials of the Animal Husbandry Department (AHD), were accused of fraudulently withdrawing Rs.12.22 crore from Ranchi’s Dornada, an ...
  2 hours ago

• If agreement was on principal-to-principal basis, payments made by the assessee to the distributor cannot be treated as commission liable for TDS U/s. 194H

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 136
  CIT v. Jai Drinks (P.) Ltd. (Delhi HC) -In the insantt case, it was held that sInce the agreement between the assessee and the distributor clearly stated that the agreement was on principal-to-principal basis, payments made by the assessee to the distributor were incentives and discounts and were not to be treated as ...
  1 day ago

• If asseee repaid the short term loan received by him the said amount could not be treated as income of assessee

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 136
  CIT v. Saranapal Singh(HUF) -(Punjab & Haryana Court) - In the instant case, it was held that where the assessee had received a certain amount as short term loan and was duly repaid the said amount not the repaid, could be treated as income of assessee under section 56(2)(v) of the Act.
  1 day ago

• In the absence of nexus between Education expenditure incurred for Director’s son and business of assessee company the same is not deductible

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 136
  Echjay Forgings Ltd. v. ACIT (2010) 328 ITR 286 (Bombay High Court)Can expenditure incurred by a company on higher studies of the director’s son abroad be claimed as business expenditure under section 37 on the contention that he was appointed as a trainee in the company under apprentice training scheme, where there ...
  1 day ago

• Taxability of waiver of principal amount of loan taken for purchase of capital asset or remission of trading liability

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 136
  Iskraemeco Regent Ltd. v. CIT (Madras High Court) The assessee company, engaged in the business of development, manufacturing and marketing of electro-mechanical and static energy meters, took a bank loan for purchase of capital assets. The grant of bank loan for purchase of a capital asset is a capital receipt and ...
  2 days ago

• Can an assessee engaged in letting out of rooms in a lodging house also treat the income from renting of a building to bank on long term lease as business income?

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 136
  Joseph George and Co. v. ITO (2010) 328 ITR 161 (Kerala High Court)- On the above issue, it was decided that while lodging is a business, however, letting out of building to the bank on long-term lease could not be treated as business. Therefore, the rental income from bank has to be assessed as income from house ...
  2 days ago

• Can an assessee not claiming deduction under section 80-IB in the initial years claim the said deduction for the remaining years during the period of eligibility, if the conditions are satisfied?

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 136
  Praveen Soni vs Commissioner Of Income Tax (Delhi HC) - On the above issue, the Delhi High Court held that the provisions of section 80-IB nowhere stipulated a condition that the claim for deduction under this section had to be made from the first year of qualification of deduction failing which the claim will not ...
  2 days ago

• Does income derived from sale of export incentive qualify for deduction under section 80-IB?

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 136
  CIT v. Jaswand Sons (2010) 328 ITR 442 (P&H) - On this issue, the High Court held that income derived from sale of export incentive cannot be said to be income derived from the industrial undertaking and therefore, such income is not eligible for deduction under section 80-IB.
  2 days ago

• Exemption u/s. 54 in respect of more than one residential flat acquired by the assessee under a joint development agreement with builder

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 136
  CIT v. Smt. K. G. Rukminiamma - Can exemption under section 54 be claimed in respect of more than one residential flat acquired by the assessee under a joint development agreement with a builder, wherein the property owned by the assessee was developed by the builder who constructed eight residential flats in the said ...
  2 days ago

• European Court of Human Rights: which countries get the most judgments?

  
  top99news - breaking news from the world top newspapers — Authority: 163
  http://www.guardian.co.uk European Court of Human Rights: which countries get the most judgments? The judgments of the ECHR are in the news following criticisms by David Cameron. Find out which countries get ruled against most• Get the dataWhich countries get hit by judgments from the European Court of ...
  4 days ago

• Retrospective amendment no basis to reopen beyond 4 years – HC Disapproves AO’s Practice to Delay Passing Objection Orders

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 136
  Doshion Ltd. Vs. ITo (Ahmedabad HC) - Having thus heard learned counsel for the parties and having perused the documents on record, it clearly emerges that the assessment previously framed after scrutiny is sought to be reopened beyond the period of 4 years from the end of relevant assessment year. In the reasons ...
  1 week ago

• Punitive charges paid by the assessee to Railways for overloading of the wagons is compensatory in nature, therefore, the same cannot be disallowed

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 136
  Taurian Iron & Steel Co. Pvt. Ltd. Vs. Ad. CIT (ITAT Mumbai) - . In the case of Haji Aziz And Abdul Shakoor Brothers (supra) it was held that fine paid to the Custom Authorities was in fact penalty u/s 167 (8C) of the Customs Act. It was held by the Hon’ble Apex Court that such penalties which are incurred by ...
  1 week ago

• RUTHERFORD ON FILM: Try a Little "Joyful Noise" to Help Make You Feel Whole

  
  Paternal Prose — Authority: 146
  Prepare for a wholesome musical and comedic entertainment delight. “Joyful Noise” pairs Queen  Latifah, as a self-righteous, arch conservative church choir director, and Dolly Parton, as a newly widowed  open to change,  quick-witted and quick to creatively verbally insult choir member. “Noise”  has a ...
  1 week ago

• CIT (Appeal) to follow the decision of Tribunal even if the Appeal is pending in high Court against the decision of Tribunal

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 136
  DCIT Vs. Kesoram Industries Ltd. (ITAT Kolkata) - In the assessment order the A.O. did not accept this claim of the assessee on the ground that for the assessment years 2001-02 to 2005-06 the department had gone in appeal before the Hon’ble High Court against the decisions of Hon’ble ITAT, Kolkata in this matter. ...
  1 week ago

• In case of inheritance, if assets were acquired by the previous owner before 1st April, 1981, then, cost index should be based on the index of financial year 1981-82

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 136
  Base year for calculation of index cost of acquisition of the shares in terms of Explanation (iii) to Section 48 of the Act, acquired by the assessee by way of inheritance (one of the modes specified in Section 49(1) of the Act) should be taken as financial year 1981-82 when such shares were acquired by the previous ...
  1 week ago

• In intercaste marriage, facts decide offspring’s status: Court

  
  Thaindian News — Authority: 534
  New Delhi, Jan 18 (IANS) The Supreme Court Wednesday said that the determination of caste of a person born of a marriage between a tribal and a non-tribal cannot be determined in complete disregard of attending facts of the case.In such a marriage, there may be a presumption that the child has the [...]
  1 week ago

• Forget mortgages… This could be the next HUGE bank scandal

  
  InvestmentWatch: Emerging markets, Real Estate, Personal finance, Business management, Politics, Economics — Authority: 148
  From The Reformed Broker: Today, we have a monster of a guest post from my friend the Finance Addict who blogs over at FinanceAddict.com. FA asks why all of a sudden JPMorgan and its legal representatives have seemingly disappeared from credit card collection judgments (as per a small piece in American Banker ...
  1 week ago

• Online For Some Authentic Websites Selling Dasuquin MSM

  
  College Debt Tips and Advice — Authority: 133
  Dogs are like a member of our families and caring for the health and well – being is just as important as caring for our own children. Therefore when it comes to giving your dog the best in food and health there are certain supplements that are worth considering. Like us human beings, dogs too grow old and start ...
  1 week ago

• Revenue cannot prefer appeal before ITAT if tax effect is below the prescribed limit of Rs. 3 lacs

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 136
  Dy.Commissioner of Income Tax Vs Shri Hridey Vikram (ITAT Delhi) -CBDT, vide above instruction has clearly laid down that the revenue should not prefer appeals against assessees before ITAT if the tax effect involved in the appeal, excluding interest, is less than Rs. 3 lacs. The tax payable in the present appeal ...
  1 week ago

• ITAT restored the matter to CIT(A) as order was by passed him in haste

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 136
  Baker Technical Services Private Limited Vs ITO (ITAT Mumbai) - As per order of the Ld. CIT (A) the appeal was posted for hearing on 8.02.2010. On the said date, the assessee sought the adjournment. Again the appeal was fixed on 20th February 2010. But it appears that there was no response from the assessee. Nowhere, ...
  1 week ago

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