statutory provision

The second ground for passing provisional order by the CIT under Section 263 of the Act relates to the provision for doubtful debts. As per the CIT, the provision for doubtful debts at Rs.818.03 lacs debited in the Profit and Loss account was not added back for calculating book profit under Section 115JB of the Act, which resulted into underassessment of income to that extent. In forming this opinion, the CIT has governed itself by the judgment of the Madras High Court i.. Full Article

CASE LAW DETAILS Decided by: Delhi High Court, In The case of: The Commissioner of Income Tax (Appellant) Vs. M/s.Papilion Investments Pvt. Ltd.  (Respondent), Appeal No.: 4 SOT 304 (Mumbai), Decided on: 28Th August 2009. SUMMARY OF CASE LAW S. 47 (v) provides that a transfer of a capital asset by a subsidiary company to [...] Full Article

ACIT vs. Bright Star Investment (ITAT Mumbai) - Where the assessee had converted stock-in-trade into investments at their book value and later sold them and offered to tax the difference between the indexed book value and the sale proceeds as capital gains and the AO took the view that the difference between the book value and the FMV on the date of conversion had to be assessed as business income, Held: Full Article