| Section 54F exemption cannot be availed if there is a house in existence on the date of transfer Posted: 18 Oct 2009 01:09 PM PDT 
I have heard the rival submissions in the light of material placed before me and the precedents relied upon. The assessee got share in the house property, as per the WILL of his father He became the joint owner of the property along with his... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| No disallowance u/s 43B if deduction not been claimed by the Assessee in respect of sum payable by way of tax or duty Posted: 18 Oct 2009 01:03 PM PDT 
Section 43B can only be invoked when the assessee claims deduction for any sum payable by way of tax or duty, under any law for the time being in force, and, as such, where no such deduction is claimed nor charged made to the profits and loss... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Satisfaction of the AO and determination of Expenditure in relation to income which is not includible in total income Posted: 18 Oct 2009 01:00 PM PDT 
Once the AO, at the very inception is not satisfied with the correctness of the claim of the assessee in respect of the expenditure incurred in relation to income not forming part of the total income under the Income-tax Act, there is no amount of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Applicability of TDS on payment made to legal advisors at Hongkong Posted: 18 Oct 2009 12:28 PM PDT 
When the legal charges paid in UK are accepted to be covered under section 9(1)(vii) of the Income-tax Act, then how it can be argued that similar charges paid in Hongkong be given a different treatment, more so when the relation of the services... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Levy of penalty under section 158BFA (2) on undisclosed income returned for non-payment of tax thereon Posted: 18 Oct 2009 12:20 PM PDT 
There is no question of application of main provision of sub-section (2) of section 158BFA for imposing penalty even on the undisclosed income shown in the return in Form No.2B; there is nothing in the language of section 158BFA(2) to incorporate... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Undisclosed income of the partnership firm can not be assessed in the hand of the partners Posted: 18 Oct 2009 12:10 PM PDT 
If the business is carried on by the firm, then whether it is disclosed income or undisclosed income, is to be assessed in the hands of the firm and not in the hands of the partners; there is no machinery to assess the income of the firm in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Leviability of Penalty under section 271D if Assessee have reasonable cause for borrowing in violation of section 269SS Posted: 18 Oct 2009 12:07 PM PDT 
When the assessee-company, a builder and developer of lands, resorted to cash borrowing in violation of section 269SS only because of the advantage which the ready cash back-up would give to it in negotiating the purchase of agricultural lands for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| If assessee has no enforceable right to receive interest then there can not be accrual of income Posted: 18 Oct 2009 11:56 AM PDT 
Unless and until the terms and conditions of advance are known and agreed between the parties, assessee will not acquire any right to receive interest on the advanced loan and no income would accrue by way of interest. Related posts:Chargeability... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Expression Marketing under section 80P(2)(a)(iii) of Income Tax Act, 1961 includes processing Posted: 18 Oct 2009 11:47 AM PDT 
The expression "marketing" as occurring in section 80P(2)(a)(iii) , is a comprehensive term; it does not mean merely buying and selling; it includes "processing" which may be necessary for making the agricultural produce marketable; hence, for the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Change in method for Valuation of closing stock should be bona fide Posted: 18 Oct 2009 11:41 AM PDT 
No doubt a company can adopt a scientific method for valuation of the closing stock, but, such valuation of closing stock has to be adopted on a consistent basis and cannot be changed to suit the convenience of the assessee so as to deprive the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Allowability of interest due and payable to financial institution u/s. 43B of Income Tax Act, 1961 Posted: 18 Oct 2009 11:33 AM PDT 
We do not find any error in the approach of the authorities below. Merely because the interest was debited in the books of accounts maintained on mercantile basis would not mean that the interest had become due and accrued because admittedly the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
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