Archive for March, 2009

CASE LAW DETAILS Decided by:. ITAT, `C’ BENCH, AHMEDABAD In The case of: ACIT v.Niko Resources Ltd. Appeal No. : ITA NOS. 661 & 789/AHD/2005 Decided on: FEBRUARY 29, 2008 SUMMARY OF CASE LAW Only such deduction are allowed under section 42(1) as are specified in the agreement (PSC) and that too when they fall [...] Full Article

CASE LAW DETAILS Decided by:. ITAT, DELHI BENCH `F’: NEW DELHI In The case of: ITO v. Rajeshwar Nath Gupta, HUF Appeal No. : ITA No. 4295/Del/2005 & C.O. No. 375/Del/2007 Decided on: May 9, 2008 SUMMARY OF CASE LAW Section 142A is attracted, inter alia, where the Assessee is found to have made investment [...] Full Article

SUMMARY OF CASE LAW Based on the methodology adopted for producing mineral oil, each well or a cluster of wells, depending on the nature of reservoir to be exploited, shall constitute an “undertaking” for the purpose of claiming a deduction under section 80-1B(9). CASE LAW DETAILS Decided by: ITAT, `C’ BENCH AHMEDABAD In The case [...] Full Article

SUMMARY OF THE CASE LAW Excess amount of tax deposited with the Central Government by the employer, over and above the amount due, and refunded to the employee, could not be treated either salary or taxable perquisite in the hands of the assessee-employee; the mere fact that as per the machinery of the Income-tax Act, [...] Full Article

SUMMARY OF THE CASE LAW. Love and affection can be reflected by frequent acquaintance, mutual exchange of gifts, mutual help to each other, standing for each other in hours of need, and other similar factors; once the Assessee has shown that the donors are related to him and they are close family friends, then the [...] Full Article

SUMMARY OF CASE LAW Section 23(1)(b) gives limited power to the Assessing Officer to examine whether rent received is more than the reasonable rent under section 23(1)(a). CASE LAW DETAILS Decided by:. ITAT, MUMBAI BENCH `C’ MUMBAI In The case of: ITO v. Pushya Properties (P.) Ltd. Appeal No. : ITA No. 2906/m/08 Decided on: March 6, 2009 RELEVENT [...] Full Article

SUMMARY OF THE CASE LAW For the purpose of applying the formula under sub-section (4) of section 10B, the freight, telecom charges or insurance attributable to the delivery of articles or things or computer software outside India or the expenses, if any, incurred in foreign exchange in providing the technical services outside India are to [...] Full Article

SUMMARY OF THE CASE LAW Once the Assessing Officer, on consideration of the material on record and the explanation offered, arrives at a final conclusion that the assessee is entitled to the deduction as claimed then, on the basis of the very same material, he cannot form a prima facie opinion that the deduction is [...] Full Article