SUMMARY OF CASE LAW Once the conclusion is reached that the application for advance ruling filed under section 245Q is hit by one or all of the embargoes laid down in the proviso to section 245R(2), the Authority  has no option but to reject the application in limine; it is not open to the Authority [...]

CASE LAW DETAILS Decided by: ITAT, PUNE BENCH `B’, PUNE In The case of: Shree Laxmi Marketing Pvt. Ltd. v.  ACIT Appeal No. : ITA No. 1657/PN/2004 Decided on: January 31, 2008 SUMMARY OF CASE LAW An employer, in fixing the remuneration of his employees, would consider the extent of his business, the nature of [...]

CASE LAW DETAILS Decided by: ITAT, Nagpur Bench, Nagpur (Third Member) In The case of: Jagdamba Rollers Flour Mills Ltd. v. ACIT Appeal No. : ITA No. 93/Nag/2007 Decided on: October 27, 2008 SUMMARY OF CASE LAW The scope of enquiry under the provision of section 40A(2)(a) is with reference to the fair market value [...]

The CBI and the income tax department are at loggerheads. The reason is the effect of a trap laid by the CBI to catch an income tax officer, T V Mohan who was allegedly accepting a bribe of Rs 4.5 lakh from the chartered accountant of a real estate agent. Mohan was detained on Thursday [...]

The Income Tax department is all set to move the Supreme Court for a final judgement on its tax claims of around Rs 2,000 crore (Rs 20 billion) in cases involving dividend stripping prior to 2002-03. The taxman had lost the case in the Bombay high court last year. Though the government in 2005 put [...]

On paper, this tech park had 37 units functioning on its premises — all entitled to income tax concessions. What they turned out to be were nothing less than maintenance rooms located in the car park! And the tech park owner stashed away Rs 75.8 crore that he had claimed as tax concessions for three [...]

SUMMARY OF CASE LAW The date of receipt of the order of the Commissioner (Appeals) or the Appellate Tribunal, as the case may be, by the Chief Commissioner or the Commissioner, as the case may be, is material and relevant for the purposes (i) filing an appeal to the Tribunal by the Commissioner against the [...]

SUMMARY OF CASE LAW In cases where Rule 8 applies, the income which is brought to tax as “business income” is only 40 per cent of the composite income and consequently, proportionate depreciation is required to be taken into account because that is the depreciation “actually allowed”. CASE LAW DETAILS Decided by: SUPREME COURT OF [...]

SUMMARY OF CASE LAW   Whether a receipt is a business receipt or a receipt from mere letting out of an immovable property would depend on the facts of the case; if the primary object is to exploit the property by `complex’ commercial activities, then income from the same should be considered as business income. [...]

Gopal Purohit v. JCIT- The delivery based transaction should be treated as of the nature of investment transactions and profit there from should be treated as short-term capital gain or long term capital gain depending upon the period of holding; employment of an infrastructure so as to keep a track of the developments in the share market cannot turn an investment activity into a business activity.