INTRODUCTION : The Section 44AD of the Income Tax Act, 1961 is a presumptive business income section. This section is generally applicable in the cases of large number of tax payers. This section is thoroughly related with Section 44AA (liability for compulsory maintenance of books of accounts) and Section 44AB (liability for getting books of […]
Held that principle of res judicata is not applicable to decision of revenue authorities and, therefore, decisions given in an assessment for an earlier year are not binding either on assessee or on department in a subsequent year.
Held that a domestic transaction of purchase from the related party is not required to be considered as a specified domestic transaction under section 92BA.
Held that application to initiate CIRP, against solvent and going concern company, can be denied when creditor is using insolvency as a substitute for debt recovery procedure.
Held that the assessee entered into forex derivative transaction with the ICICI Bank to hedge the foreign currency risk involved in the transaction. Thus, expenses claimed were revenue in nature as the derivative transaction entered into by the assesse was not in the nature of speculative transaction.
Held that fees like entrance fees as well as life membership are part of the corpus fund and accordingly are in the nature of capital receipt.
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It also observed that the conviction of the petitioner is under the NI Act which are ordinarily treated as minor offences in criminal jurisprudence.
