tax appeal

SUMMARY OF CASE LAW The mobilization/ demolization charges received by a non-resident foreign company in connection with supply of plant and machinery form part of gross receipts for the purpose of computing the income under section 44BB irrespective of whether the same was paid or payable in or outside India. Full Article

Income Tax Appeal No. : 8 of 2007, In the Case of: C.I.T. Udaipur V/S M/S Secure Meters Ltd., Date of Order: Date Of Order: 20.11.2008 , Decided by : High Court of Judicature for Rajasthan at Jodhpur SUMMARY OF THE CASE LAW The assessee incurred expenditure on issue of convertible debentures. The department claimed [...] Full Article

SUMMARY OF CASE LAW When the assessee has already utilized the money from time to time for its business purpose and having been taken benefit of utilizing the money for its business, now cannot say that the debt, in question, has not become time-barred and, therefore, the said unclaimed amount should not have been treated [...] Full Article

H.H. Maharaja v. ACIT - September 12, 2008 - Section 166 can be invoked only when the income is received by the assessee; unless and until the trustees exercise the discretion and distribute the income in favour of any of the beneficiaries, i.e. the assessee, such income cannot be said to be received by the assessee; merely on the basis of presumption, income cannot be taxed in the hands of the assessee. Full Article