Income Tax Case Laws

Allahabad H.C : Whether, the Tribunal was justified in holding that loans and advances do not include interest on securities, bonds and debentures and, therefore, not liable to tax under the provisions of the Interest-tax Act when the interest on securities fall within the meaning of ‘interest chargeable to tax’ as defined under s. 2(7) of the Interest-tax Act, 1974. Moreover, requirements of tax deduction at source from interest on securities as per s. 193 of the IT Act makes it clear that interest on securities is chargeable to tax under the Interest-tax Act, 1974 ?

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High Court Of Allahabad CIT vs. Sahara India Mutual Benefit Co. Ltd. Section INT 2(7) Pradeep Kant & S.N. Shukla,

Section 5

Madras H.C : Whether, in the facts and circumstances of the case, the Tribunal was right in holding that moneys retained by the contractor, as a percentage of the bills raised to be paid after the contract is completed is to be treated as income only when the moneys are actually received, even though the appellant is following a mercantile system of accounting ?

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High Court Of Madras CIT vs. Ignified Boilers (I) Ltd. Section 5 Asst. Year 1994-95 K. Raviraja Pandian & P.P.S.

Sec. 37(1), Section 37

Madras H.C : Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in setting aside the order of the lower authorities and holding that the expenditure of Rs. 14,58,560 relating to pre-layer stage for providing feed and medicines for the chicks is revenue expenditure for the purpose of assessee’s business in poultry-farming is valid ?

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High Court Of Madras CIT vs. Vasu Farms (P) Ltd. Section 37(1) Asst. Year 1992-93 K. Raviraja Pandian & P.P.S.

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