Month: August 2007

AAR : the capital gains accrue/arise to the applicant (assessee) during the financial year 2006-07 and accordingly subject to tax in the asst. yr. 2007-08 on grant of CLU (Change of Land Use) as detailed in the letter dt. 8th March, 2006 (Annex. P-3)

Authority For Advance Rulings Jasbir Singh Sarkaria, In Re Section 2(47)(v), 45 P.V. Reddi, J., Chairman & A. Sinha, Member AAR No. 724 of 2006 30th August, 2007 Counsel Appeared : G.K. Jain, for the Applicant : Raman Kant Garg, for the CIT concerned RULING P.V. Reddi, J., Chairman : Facts : 1. Broadly, the question …

Gauhati H.C : Whether, on the facts and in the circumstances of the case and on interpretation of the provisions of sub-s. (2A) of s. 10 of the Act, the Tribunal was justified in holding that the income received by the assessee is not exempt under s. 10(2A) of the Act ?

High Court Of Gauhati Radha Krishna Jalan vs. CIT Section 10(2A) Asst. Year 1996-97, 1997-98 D. Biswas & Smt. A. Hazarika, JJ. IT Appeal Nos. 52 & 53 of 2004 29th August, 2007 Counsel Appeared P. Agarwalla with U. K. Barthakur, for the Appellant : U. Bhuyan, B. K. Das, B. Chakravorty & A. Hazarika, for …

Karnataka H.C : Whether the assessee who is carrying on film business is entitled to claim deduction under s. 36 (l)(iii) of the Act in respect of interest of Rs. 21,74,234 on amount borrowed from Corporation Bank to purchase shares of Shaw Wallace & Co. Ltd. on behalf of itself and other firm ?

High Court Of Karnataka CIT & ANR. vs. L.K. Trust Section 36(1)(iii) Assessment year 1989-90 V. Gopala Gowda & Arali Nagaraj, JJ. IT Appeal No. 175 of 2001 28th August, 2007 Counsel Appeared : M.V. Sheshachala, for the Appellants : Ashok A. Kulkarni, Smt. Gayathri Sridharan, Smt. S. Nitya, H.R. Rambiyanar, Gopalkrishna & M.G. Kotresh Rao, …

Madras H.C : there was no source for share capital and their share in the construction amounting to Rs. 2,00,000 each can be taken as unexplained investment

High Court Of Madras CIT vs. M. Pachamuthu Section 254, 271(1)(c) Asst. Year 2000-01 K. Raviraja Pandian & Mrs. Chitra Venkataraman, JJ. Tax Case (Appeal) No. 1172 of 2007 28th August, 2007 Counsel Appeared : T. Ravikumar, for the Appellant JUDGMENT K. RAVIRAJA PANDIAN, J. : The appeals are filed against the order of the Tribunal, …

Madras H.C : the Tribunal was right in observing that other receipts other than cash compensatory support have to be excluded from the business profit for the purpose of deduction under s. 80HHC

High Court Of Madras CIT vs. Tractors And Farm Equipment Ltd. Section 80HHC Expn. (baa) Asst. Year 1991-92 K. Raviraja Pandian & Mrs. Chitra Venkataraman, JJ. Tax Case (Appeal) No. 73 of 2004 27th August, 2007 Counsel appeared : J. Narayanasamy, for the Appellant : R. Venkatnarayan for M/s Subbaraya Aiyar for the Respondent JUDGMENT K. …

Jharkhand H.C : Whether, on the facts and in the circumstances of the case, the Hon’ble Members of the Tribunal were justified in deleting the penalty of Rs. 2,97,631 ?

High Court Of Jharkhand CIT vs. Mahabit Prasad Bajaj Section 139(5), 271(1)(c), Expln. 5 Asst. Year 1984-85, 1985-86 M.Y. Eqbal & D.G.R. Patnaik, JJ. Tax Case Nos. 18 & 19 of 1993 27th August, 2007 Counsel Appeared : K.K. Jhunjhunwala, for the Revenue : Binod Poddar & Biren Poddar, for the Assessee JUDGMENT M.Y. Eqbal, J. …
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