January 2008

Sec. 28(i), Section 56

Karnataka H.C : Whether, on the facts and in the circumstances of the case the interest earned by the assessee before the commencement of the business from the funds mobilised through share capital, borrowings in the form of debentures on private placement, short-term borrowings from the banks for working capital needs and also intercorporate loan from various companies which were kept invested in bill discounting, structured financing on the basis of letter of credit and advanced as loan to various parties, is chargeable to tax under the head ‘Income from other sources’ or under the head ‘Income from business’

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High Court Of Karnataka CIT & ANR. vs. Jindal Vijayanagar Steel Ltd. Section 28(i), 56 Asst. Year 1995-96 Deepak Verma

Section 144, Section 145

Rajasthan H.C : Whether in the facts and circumstances, when the books of account maintained by the assessee were rejected under s. 145 and the assessment was made by the AO to the best of his judgment, the Tribunal was justified in interfering with computation of income made by the AO to the best of judgment by deleting all additions merely on the basis that the exact material in support of the assessment was not brought on record by the AO ?

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High Court Of Rajasthan CIT vs. Dr. A.P. Bahal Section 144, 145 Asst. Year 1994-95 N.P. Gupta & Deo Narayan

Sec. 37(1)

Punjab & Haryana H.C : Whether on the facts and in the circumstances of the case, the Tribunal was right in applying the decision of the Punjab & Haryana High Court in Cineramas vs. CIT 1977 CTR (P&H) 145 : (1977) 110 ITR 762 (P&H) while confirming the disallowance of Rs. 50,000 payable to M/s Duestsche Strahil Metail of Berlin for non performance of the contract ?

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High Court Of Punjab & Haryana (Full Bench) Jamna Auto Industries vs. CIT Section 37(1) Asst. Year 1975-76 Vijender Jain,

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