Judgments

  • Income Tax

Interest on personal loan taken for business purpose allowed as business expenditure

Interest on personal loan taken for business purpose allowed as business expenditure. The assessee could very well attribute the interest…

7 years ago
  • Income Tax

Secretive commission payment not allowable us 37(1). Bribe to procure business is prohibited under explanation to Section 37(1)

Secretive commission payment not allowable us 37(1). It was in the nature of bribe to procure business which is prohibited…

7 years ago
  • Supreme Court

The acts of the wife in filing false complaints against the husband amounted to cruelty – Supreme Court

Filing false complaints against husband amounts to cruelty. Such Acts of Wife have effect of lowering his reputation in the…

7 years ago
  • Income Tax

Lack of enquiry or inadequate enquiry – ITAT quashed CIT Revision u/s 263

Lack of enquiry or inadequate enquiry. Revision u/s 263 quashed by ITAT applying the large number of judgments of High…

7 years ago
  • Income Tax

Salary recovered for notice period not taxable u/s 16 – ITAT

Salary recovered for notice period not taxable salary us 16 as per agreement with the employers when actually assessee had…

7 years ago
  • Income Tax

Disallowance of interest for drawings out of cash credit account deleted as closing balance of capital was more than opening balance

Disallowance of interest for drawings out of cash credit account deleted as despite drawings closing balance of capital was more…

7 years ago
  • Supreme Court

Let justice be done though the heavens fall- Supreme Court explains the ambit of Article 142

Let justice be done though the heavens fall-Supreme Court explains the ambit of Article 142 of the Constitution viz-a-viz powers…

7 years ago
  • Income Tax

Slump Sale of entire running business with all assets & liabilities in one go was LTCG us 48(2) for taxation purpose-Supreme Court

Slump Sale of entire running business was LTCG us 48(2). Sale in one go with assets and liabilities cannot be…

7 years ago
  • Supreme Court

Supreme Court order for Sahara Aamby Valley auction. Subrata Roy warned to be present not to play truancy or face wrath of Law

Supreme Court order for Sahara Aamby Valley auction. Subrata Roy warned to be present not to play truancy and honour…

7 years ago
  • Income Tax

No concealment penalty on return revision before issue of notice u/s 148 but after initiation of investigation in tax evasion petition filed – ITAT

No concealment penalty on return revision made before issue of notice u/s 148 though after initiation of investigation in tax…

7 years ago