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SUMMARY OF CASE LAW There is no requirement that there has to be a registered Deed of conveyance for a person to be treated as an owner for the purpose of section 22. CASE LAW DETAILS Decided by: HIGH COURT 0F BOMBAY In The case of: Pallonji M. Mistry v CIT Appeal No.: ITR No. [...]

SUMMARY OF CASE LAW At the time of issue of notice the Assessing Officer is not required to conclusively establish that there is escapement of income, mere bona fide reason to believe that there is escapement of income is sufficient for issue of notice under section 148. CASE LAW DETAILS Decided by: ITAT, DELHI BENCH [...]

CASE LAW DETAILS Decided by: ITAT, Agra Bench, Agra, In The Case of : Rajesh Goyal & Sons v.  CIT , Appeal No. : ITA No. 204/Agr./2008, Decided on: December 19, 2008   SUMMARY The revisional power under section 263 cannot be exercised in respect of a matter which falls within the power to assess [...]

An ‘NRI’ is a citizen of India or a person of Indian origin* who is not a resident in India. Residency for tax purposes is decided based on a person’s physical stay in India. There are three conditions that could trigger non residency for tax purposes. First, when an individual’s stay in India is less than 60 days in a particular tax year. Second when the stay exceeds 60 days but is less than 182 days and the cumulative stay in the four years preceding the year in question is less than 365. Finally, when an individual leaves India for taking up an employment outside India and his/her stay is less than182 days in the year of departure.

CASE DETAILS Decided by: ITAT, Mumbai Bench `B-1′ in the case of DCIT v Manish M. Chheda , Appeal No. ITA NO. 2703/Mum/07, Decided on : January 29, 2009 SUMMARY The increase in capital of partners as a result of revaluation of assets of the firm has no nexus with the business of the firm [...]

ITAT, SPECIAL BENCH, NEW DELHI Kuber Tobacco Products (P.) Ltd.  v DCIT , Appeal No. : IT (SS) A. No. 261/Del/2001, Dated : January 14, 2009 Section 292BB is applicable to assessment year 2008-09 and subsequent years and the assessee is precluded from taking any objection regarding invalidity of assessment/re- assessment on the ground of [...]

CIT VS. SIEMENS AG (BOMBAY HIGH COURT) If the Tribunal has answered an issue and that has not been challenged by the revenue, it will not be open to the revenue to raise the said issue again in respect of the same assessee; The judgement of the Supreme Court in Ishikawajima-Harima Heavy Industries vs. DIT 288 ITR 408 (SC) has been overcome by the Explanation to s. 9 inserted by the FA 2007 which provides that income from royalty paid by a resident would be deemed to accrue in India even if the recipient has no PE

In Goetze v. CIT 284 ITR 323 (SC) the Supreme Court held that the assessee was not entitled to claim a deduction by way of a letter filed before the AO without filing a revised return. However, this judgement is limited to the power of the AO to entertain a claim for deduction otherwise than by revised return and does not impinge on the power of the Tribunal to entertain the claim by way of an additional ground. Commissioner Of Income Tax vs Jai Parabolic Springs Ltd.

ITR 1-5 in excel form with auto calculations and with challans 280 & 281. ITR-1 in excel format for A.Y. 2008-09, ITR-2 in excel format for A.Y. 2008-09 , ITR-3 in excel format for A.Y. 2008-09, ITR-4 in excel format for A.Y. 2008-09 , ITR-5 in excel format for A.Y. 2008-09