Held It may be mentioned that the matter has come up before this Hon’ble Court in the assessee’s case reported in CIT v.Sahara Investment India Ltd. [2004] 266 ITR 641 (All.), where it was held that “When a person deposits some money in a back that amount does not become the income of the bank… Read More »
Where assessee’s entire sales are below cost owing to international market prices being very low, sales to related parties cannot be value on basis of ‘cost plus method’ and are to be valued as per best judgment principle at ‘price charged from unrelated parties’ SUPREME COURT OF INDIA Tamil Nadu Petroproducts Ltd. v. Commissioner, Central… Read More »
Whether reassessment at instance of audit party on account of non-inclusion of excise duty refund in total income was unjustified ? Held, yes HIGH COURT OF GUJARAT Raajratna Metal Industries Ltd. v. Assistant Commissioner of Income-tax M.R. SHAH AND K.J. THAKER, JJ. SPECIAL CIVIL APPLICATION NO. 7140 OF 2014 JULY 30, 2014 B.S. Soparkar for… Read More »
Damage awarded by Trial Court for Specific performance Q What is the Taxability of damage awarded by Trial Court for Specific performance ? Section 4, read with section 263 of the Income-tax Act, 1961 Subject : Changeability of Income received as Damages Assessment year 1995-96 Assessee had entered into an oral agreement with ECL to… Read More »
Taxability of Interest on FDR by Govt company acting as nodal agency of State Govt Q: Govt company, acting as nodal agency of state govt, kept the funds in Fixed Deposit, whether the interest earned will be treated as income of Govt company ? Section 4 of the Income-tax Act, 1961 Subject Chargeablility of Interest… Read More »
Premium received by society on transfer of plot Q :Whether premium collected by Society collected on transfer of plots is a capital Receipt and hence not taxable ? Section 4 of the Income-tax Act, 1961 Subject: Whether Income on Transfer of plots is Capital reciept or revenue reciept Assessment year 1986-87 Facts of the case : Assessee co-operative… Read More »
Amount of Shares Received for Non Compete fee not taxable Q Where as per the agreement between the parties consideration was in respect of two independent assets negative covenant in and shares, Whether shares received for negative covenant are capital receipt and hence not taxable ? Section 4, read with section 48, of the Income-tax Act,… Read More »
Interest Free Loan to wife under wealth tax Act Q : Can the Assessee give interest free loan to his wife and When this loan will not be clubbed in the hands of husbands under wealth tax act? Where assessee had given interest free loan to his wife who purchased residential house and jewellery and Assessee’s… Read More »
Taxability of Premium received by society on transfer of plots : Not Taxable Where assessee-society received contribution from outgoing members as premium on sale of plot, since said amount was to be utilised for benefits of members of society, it could not be regarded as ‘taxable income’ in hands of assessee HIGH COURT OF GUJARAT… Read More »