Issue raised by the assessee was debatable and capable of two views. The assessee had an arguable case or had taken a bonafide plea. The assessee had given his explanation and categorically and clearly stated the true and full facts in the return itself. He did not try to camouflage
Whether notice u/s 148 can be issued for disallowance of a particular expense which has been duly examined by the AO during the Assessment proceedings by asking for specific details but not mentioned in Assessment Order.
Whether the expenditure incurred by a unit can be reallocated to another unit engaged in job work and claiming deduction u/s 80IA and 80IB, as the case may be, merely because the profits were significantly higher than profits earned by the assessee from other units.
Brief facts of the case are that the respondent is a joint venture with Government of Madhya Pradesh, declared its total income nil in its return filed for the assessment year 2001-2002 and 2002-2003. The book profit was calculated under section 115JB of the Act.
Variant modes of business transactions between the producer and distributor, distributor and sub-distributor or area distributor or exhibitor (theater owner) are not sale of goods to fall under Entry 54 List II or Entry 92A List I.
The learned Tribunal was of the view that Section 40(a)(ia) of the I.T. Act is applicable only to expenditure payable as on 31st March of every year and cannot be invoked to disallow the amount which had already been paid during the previous year, without deducting tax at sources.
In order to attract the provisions of Section 41(1) of the Act, it is necessary that there should have been a cessation or remission of liability. As held by the Bombay High Court, in the case of J. K. Chemicals Ltd. (supra), cessation of liability may occur__ either by thereason of the liability becoming unenforceable in law by the creditor coupled with debtor declaring his intention not to honour his liability, or by a contract between parties or by discharge of the debt.
Whether failure on part of AO for examining truly and fully all the material facts by the assessee could lead to reassessment and also mere information regarding income escapement can be considered valid for the purpose of sec. 147?
Issue pertains to expenditure of Rs.1.02 crores ( rounded off) expended by the assessee and whether the same should be treated as capital or revenue expenditure. For the assessment year 2008-09 the Assessing Officer noticed that the assessee had debited in the profit and loss account
A physician, being in a position of trust and power, has a duty to act in the patient’s best interest. To maintain trust, a physician must avoid making sexual advances. Sexual advances or inappropriate touching of a patient by a medical practitioner is a grave breach of trust
