| Loan waived by lender is not taxable in the hand of borrower
SUMMARY OF CASE LAW Remission of a debt by the lender which was not claimed and allowed as a deduction to the borrower in any manner in any earlier previous year cannot be brought to tax either under section 41(1) or under section 28(iv) of... | | Section 143, read with sections 234A to 234C, of the Income-tax Act, 1961, and a
SUMMARY OF CASE LAW Section 143, read with sections 234A to 234C, of the Income-tax Act, 1961, and articles 12 and 7 of the DTAA between India and USA – Assessment – General – Assessment years 2002-03 and 2003-04 – Whether... | | Two separate agreements to purchase a flat having two separate numbers do not mean that they are two residential units
SUMMARY OF CASE LAW Merely because the assessee has entered jointly with two separate agreements to purchase a duplex flat having two separate numbers does not mean that they are two residential units. CASE LAW DETAILS Decided by: ITAT, MUMBAI BENCH... | | Derivatives in which underlying asset is shares, will fall within the meaning of 'commodity' used in Sec. 43(5) of the Act
SUMMARY OF CASE LAW If it is held that the transaction in derivatives does not fall in section 43(5), it will make clause (d) and Explanation thereto below section 43(5) introduced by Finance Act, 2005 to be redundant. CASE LAW DETAILS Decided by:... | | SEBI issued new code of conduct for intermediaries, including distributors of mutual funds 
The Securities and Exchange Board of India has issued a code of conduct for intermediaries, including distributors, of mutual funds. Asset management companies have been told not to deal with non-compliant intermediaries. They are to report such... |
With Regards,
CA Sandeep Kanoi
Website: http://www.taxguru.in/
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