Judgements
AO is not empowered to comment on the correctness of the certificate granted u/s 12A : Del HC
In a recent decision Hon’ble Delhi High Court held that: “Whilst there can be quarrel with the ITAT’s generalization that the Director of Income Tax (DIT), in order to hold that the exemption certificate u/s 12A has to be revoked, is to base himself or herself on material & cogent reasoning, at the same time,…
Read MoreCurrent Yr Profit not part of accumulated Profit for 2(22)(e) : Guj HC
In a recent decision, the Hon’ble Gujarat High Court has laid down that Profit for the year till the date of giving of advance in question can not be considered for level of accumulated Profits for the purposes of taxation of deemed dividend u/s 2(22)(e). For this, the Hon’ble Gujarat HC has relied upon the…
Read MoreAll HC grants 12A registration to Lucknow Dev Authority
The Hon’ble Allahabad HC has granted registration u/s 12AA of the Income Tax Act, 1961 to Lucknow Development Authority. For judgement click here Lucknow Dev Authority-All HC-Grants 12A
Read MoreGauhati HC distinguishes Liberty India on eligibility of deduction u/s 80-IB on transport subsidy
meghalya steels-liberty india distinguished
Read MoreJudgement: I. C. D. S. Ltd vs CIT (Supreme Court)
):- S. 32 requires that the asset must be “owned, wholly or partly, by the assessee and used for the purposes of the business”. The Department’s argument that the assessee is not the “owner” of the vehicles is not acceptable because thelease agreement specifically provided that the assessee was the exclusive owner of the vehicle…
Read MoreJudgements: Satya Nand Munjal vs CGT (Supreme Court)
The fundamental question is whether there was in fact a gift of 14,000 bonus shares made by the assessee to the transferee. The answer to this question lies in s. 4(1)(c) of the Gift-tax Act which provides that “where there is a release, discharge, surrender, forfeiture or abandonment of any debt, contract or other actionable…
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