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CIT Vs. Jai Drinks (P.) Ltd. (Delhi HC)- In the instant case, it was held that since the agreement between the assessee and the distributor clearly stated that the agreement was on principal-to-principal basis, payments made by the assessee to the distributor were incentives and discounts and were not to be treated as commission liable for deduction of tax at source under section 194H of the Act.
Echjay Forgings Ltd. Vs. ACIT (2010) 328 ITR 286 (Bombay High Court)- Can expenditure incurred by a company on higher studies of the director’s son abroad be claimed as business expenditure under section 37 on the contention that he was appointed as a trainee in the company under “apprentice training scheme”, where there was no proof of existence of such scheme?
Iskraemeco Regent Ltd. v. CIT (Madras High Court) The assessee company, engaged in the business of development, manufacturing and marketing of electro-mechanical and static energy meters, took a bank loan for purchase of capital assets. The grant of bank loan for purchase of a capital asset is a capital receipt and not a trading receipt. The provisions of section 41(1) are attracted only in case of remission of a trading liability. Since the loan was taken for purchase of capital assets, waiver of a portion of principal would not amount to remission of a trading liability to attract the provisions of section 41(1). Further, such waiver cannot be treated as a benefit arising out of business and consequently, section 28(iv) will not apply in respect of such loan transaction.
Joseph George and Co. Vs. ITO (2010) 328 ITR 161 (Kerala High Court)- On the above issue, it was decided that while lodging is a business, however, letting out of building to the bank on long-term lease could not be treated as business. Therefore, the rental income from bank has to be assessed as income from house property.
Praveen Soni vs Commissioner Of Income Tax (Delhi HC) – On the above issue, the Delhi High Court held that the provisions of section 80-IB nowhere stipulated a condition that the claim for deduction under this section had to be made from the first year of qualification of deduction failing which the claim will not be allowed in the remaining years of eligibility. Therefore, the deduction under section 80-IB should be allowed to the assessee for the remaining years up to the period for which his entitlement would accrue, provided the conditions mentioned under section 80-IB are fulfilled.
CIT v. Smt. K. G. Rukminiamma – Can exemption under section 54 be claimed in respect of more than one residential flat acquired by the assessee under a joint development agreement with a builder, wherein the property owned by the assessee was developed by the builder who constructed eight residential flats in the said property, four of which were given to the assessee?
Download Income tax Calculator for Individuals having Income from Salary and Interest Income for A.Y. 2012-13. The calculator Calculates taxable Income, tax Liability , Amount of HRA Exempt etc. In addition to that calculator automatically fills Form 16, ITR 1 Sahaj (Assuming No change in Format of A.Y. 2011-12) and automatically prepares Computation of Tax.Calculator also generates acknowledgement of Your Income tax Return.
In this calculator which is in excel format you only have to mention the Date of Purchase, Date of sales, Purchase Value, Sales Value, Number of Shares and name of the script. The calculator will calculate the Long Term and Short term Capital gain on Sale of Shares automatically and provides a total at the bottom of Total Short Term Capital Gain, Total Long term Capital Gain and Total Capital Gain on Sale of Shares.
Income tax Calculator for A.Y. 2012-13 -This Calculator calculates Income Tax Liability of you in very simple way. You Just have to mention your date of birth as per PAN card then You have to select you category in which you fall. If you are aged less then sixty then you have to choose from the category Male or Female. If you are aged above sixty then you have to choose the category from senior citizen and Very Senior Citizen. Those who attained the age of Sixty year during the period from 01.04.2011 to 31.03.2012 or before are Senior Citizen and those who attained the age of 80 Years during the period from 01.04.2011 to 31.03.2012 or before are very senior citizens. Maximum Income exempt for A.Y. 2012-13 for senior Citizens is Rs. 2,40,000/- but the same is Rs. 5,00,000/- for very senior citizens.
A 40-year-old chartered accountant committed suicide at his house in Rohini in outer Delhi in the wee hours of Saturday, the police said. The deceased, identified as Bharat Bhushan Chawla, a resident of Rohini Sector 16, was apparently under stress over a family dispute.
