Held Even if an assessee acquires a new house on credit i.e. the payment for which may be made in future, the assessee cannot be denied the benefit of deduction u/s 54 because what is required by sub-clause (i) is that cost of new house should be equal to or more than the amount of… Read More »
Issue “Whether a person who fails to deduct at source under section 194C is not liable to pay interest under section 201(1A) if the payee of such amounts has files a nil return or a return showing a loss? Held The language of Section 201 is clear and unqualified. It indeed does not permit an… Read More »
Held it is clear that though the assessee had claimed deduction of amounts allegedly paid to doctors towards commissions, the assessee did not produce the vouchers or any other supporting documents to substantiate the claim. The assessee did not even disclose the names of the recipients. In other words, these are cases where the assessee… Read More »
Held In view of the conditions of the service contract of the 1st respondent with the Gujarat Industrial Development Corporation, we are convinced that the service of the 1st respondent is full-time employment and she is not entitled for grant of an temporary certificate HIGH COURT OF GUJARAT Bar Council of Gujarat v. Jalpa Pradeepbhai… Read More »
Held The taxability of a sum in the hands of the recipient on account of a subsequent retrospective amendment would not expose the payer of income to an impossible situation of requiring deduction of tax at source on the anterior date of payment of such income. Thus, on this count also, assessee cannot be held… Read More »
Facts of the case Some of the clients of the Respondent-Assessee did not pay the service tax as required in terms of the invoice for onward payment to the Government of India. In these circumstances, the Respondent- Assessee paid the service tax payable under the Finance Act, 1994 out of its own resources and claimed… Read More »
Held The assessee was under severe financial crises. He had to close down his business, his registration under the Kerala Value Added Tax Act has been cancelled, he was involved in cases for dishonour of cheques. It is apparent that the application for condoning the delay in respect of assessment year 2008-09, is alone within… Read More »
Issue The appellant recognized revenue only in the year in which the plots were sold and registration of conveyance deed. The Assessing Officer is of the view that the revenue should be recognized at every stage of receipt sale consideration Held he provisions of section 2(47) of the Act have no application to the transactions… Read More »
Issue Disallowance of bank guarantee charges under the provisions of section 40(a)(ia) of the Act for non-deduction of TDS u/s 194H of the Act Held “There is no principal agent relationship between the bank issuing the bank guarantee and the assessee. When bank issues the bank guarantee, on behalf of the assessee, all it does… Read More »
S U P R E M E C O U R T O F I N D I A RECORD OF PROCEEDINGS Writ Petition(s)(Civil) No(s). 855/2016 SHYAM NARAYAN CHOUKSEY Petitioner(s) VERSUS UNION OF INDIA Respondent(s) Dated 30.11.2016 Summary of Judgment “Time has come for people to realise that the national anthem is a symbol of… Read More »