Character of any Payment/Receipt- Guiding principle
The capital or revenue nature of any payment is to be judged from the business viewpoint of the payer and…
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Today's
54F exemption is protected even in multiple ownership of residential properties ......Read More
Yesterday's Club expenditure ......Read More
Yesterday's Club expenditure ......Read More
Retracting Statement- Does Not Help
In the case of Dr. S.C. Gupta v. CIT (2001) 118TAX252 the assessee made surrender during the course of survey.…
......Read MoreSet Up of Business – Principles
The Supreme Court in the case of Ramaraju Surgical Cotton Mills Ltd. [1967] 63 ITR 478 long back had allowed…
......Read MoreStatutory Deductions- Admissible Even in Absence of Specific Claim
In the earlier law there was a provision that where there are no profits or gains made for an assessment…
......Read MoreStrong Need to Bring Legislation to Observe Uniformity and Consistency in Revenue Proceedings
Today it takes almost 4-5 years for any disposal of an appeal before Tribunal and in the case of High…
......Read MoreSubstance Over Form – Positive Side
In Sir Kikabhai Premchand v. CIT [1953] 24 ITR 506 (SC), the Apex Court held that in revenue cases regard…
......Read MorePower of Tribunal to Rectify Order u/s 254(2)
Under section 254(2) of the Income-tax Act, 1961, the Appellate Tribunal may, ” with a view to rectifying any mistake…
......Read MoreSet Aside Assessment- Rule for Claim of Refund and Interest
The Supreme Court in CIT v. Chittoor Electric Supply Corporation (212 ITR 404) held that where an assessment order is…
......Read MoreParting Possession is Buzz Word
The capital gains tax can be levied as soon as the possession of the property is handed over to the…
......Read MoreSlump Sale or sale of individual assets
The Income tax Act, 1961 only recognize two types of sale transactions of business assets of business. One type of…
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