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Section 54 of the Income tax Act

May 18, 2019 2397 Views 0 comment Print

Section 54 of the Income Tax Act Profit on Sale of Property used for Residence 1. Assessee being an individual or a HUF. 2. The capital gain arises from Transfer of Residential Property. 3. The Income from this Property is chargeable to Income Tax under the Head “Income From House Property”. 4. This Property is […]

No penalty u/s 271A when assessee unable to produce books of Accounts due to circumstances beyond control

May 15, 2018 6318 Views 0 comment Print

Ashok Kumar Dutta Vs DCIT (ITAT Kolkata) Notice u/s 274 read with section 271A of the Income Tax Act, 1961. The word maintained and retained has been used in section 271A of the Act .If assesseee fails to maintain or  fails to retain such books of accounts and other documents . The Income tax authority […]

Section 36(1)(vii) of Income tax Act,1961 with changes wef 1.4.1989

February 9, 2010 1242 Views 0 comment Print

Explore the Supreme Court’s landmark decision on bad debt write-offs post-April 1, 1989. Assessing officers must consider the write-off in company accounts.

Concept of “change of opinion” stands obliterated WEF 01.04.1989?

January 18, 2010 3096 Views 0 comment Print

Explore the Supreme Court’s ruling on change of opinion in tax assessments & Section 147 amendments post Direct Tax Laws (Amendment) Act, 1987

Interest paid on borrowed capital allowable if used for commercial expediency

December 14, 2006 2322 Views 0 comment Print

Explore the Supreme Court’s verdict in S.A. Builders Ltd vs. CIT (Appeals) Chandigarh & Anr. regarding the allowability of interest on borrowed capital under Section 36(1)(iii). Understand the critical considerations for deductions, including the importance of commercial expediency. Learn how the Court’s insights impact cases involving advances to sister concerns and the nexus between borrowed funds and business purposes. Get a comprehensive understanding of the legal perspectives on interest deduction in business transactions.

Court cannot amend or alter statutory provisions: SC

March 12, 2003 3744 Views 0 comment Print

The law is well settled that a person who claims exemption or concession has to establish that he is entitled to that exemption or concession. A provision providing for an exemption, concession or exception, as the case may be, has to be constructed strictly with certain exceptions depending upon the settings on which the provisions has been placed in the statue and the object and purpose to be achieved.

SC Judgment on Whether apparent can be considered as real?

March 28, 1995 6018 Views 0 comment Print

Explore the Supreme Court judgment in the case of Sumati Dayal vs. CIT (Commissioner of Income Tax) and understand whether the apparent can be considered as real. The judgment emphasizes the application of the test of human probabilities and surrounding circumstances in taxation matters. Learn about the key findings of the court, the relevance of the case in assessing income, and the caution against the indiscriminate application of the judgment in various scenarios.

SC judgement in the case of CIT West Bengal Vs. Durga Prasad More

August 26, 1971 5151 Views 0 comment Print

In the Supreme Court of India. CIT west Bengal filed appeal before SC against the order of High Court and SC delivered judgement on 27.8.1971. The name of the assessee was Sh. Durga Parshad More.

Assessment under income tax law can not be made on bare suspicion

October 29, 1954 3450 Views 0 comment Print

An assessment under section 23(3) of the Act cannot be made only on bare suspcion. An assessment so made without disclosing to the assessee the information supplied by the departmental representative and without giving any opportunity to the assessee to rebut the information so supplied and declining to take into consideration all materials which the assesses wanted to produce in support of his case constitutes a violation of the fundamental rules of justice and calls for the powers under Art. 136 of the Constitution.

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