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Archive: 29 December 2007

Posts in 29 December 2007

UP CM Mayawati wins Rs.60.00 Lacs case in ITAT

December 29, 2007 592 Views 0 comment Print

The issue before the Tribunal is the gifts amounting to Rs. 12 lakhs in cash and Rs. 62 Lakhs in immovable property received by Mayavati. The donors had even borrowed money and made the gifts to her. The AO was not convinced but the CIT(A) was and Revenue is in appeal before the Tribunal. Assessee Mayavati is also before the Tribunal pleading Standard deduction of Rs. 30,000/-.

Post Office Deposit now Eligible for Deduction Under Section 80C

December 29, 2007 7431 Views 0 comment Print

Section 80C of the Income-tax Act provides for a deduction of up to Rs. One lakh to an individual or a Hindu undivided family (HUF) for:- (i) making investments in certain savings instruments; or (ii) incurring expenditure on tuition fee and repayment of housing loan.

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