Editor's Pick

HC: 'Tangible Material' obtained during later year's assessment sufficient for Sec 147 re-opening  

Reopening of assessment u/s 147 valid despite lapse of 4 years time limit; Findings during subsequent year's assessment constituted sufficient ‘tangible material’

Nov 17,2011

ITAT: Profit based commission to directors disallowed as paid in lieu of dividend 

Profit based commission paid only to directors of the company was in lieu of dividend; Disallowance of commission

Nov 16,2011

ITAT: No tax exemption on conversion of listed shares into stock in trade

Capital gains on listed shares converted from investment into stock in trade & later sold by paying STT,  not

Nov 09,2011

HC: Partner's remuneration not deductible when partnership deed failed to provide manner of quantification

Mere specification of partner's remuneration upto limits provided under Income-tax Act not sufficient to claim deduction; Sec 40(b) disallowance is

Nov 08,2011

HC: Exclusion from Export Turnover to be reduced from Total Turnover for Sec 10A

Any exclusion from ‘export turnover’ to also be excluded from ‘total turnover’ for Sec 10A relief

Nov 07,2011

HC: Software expenses deductible as revenue expenditure

Expenditure incurred for use of software in order to run business more efficiently, allowable as revenue expenditure; Test

Nov 07,2011

HC: Transaction charges paid to BSE is 'managerial service', TDS u/s 194J applicable

BOLT transactions charges paid to BSE amounts to payment for ‘managerial services’, TDS u/s 194J applicable

Nov 05,2011

SC: For MAT computation, deduction u/s 80HHE to be based on book profit, not 'tax profits'

While computing MAT profit, reduction for ‘benefit u/s 80HHE’ to be computed based on ‘book profit’ and not ‘income-tax profit’

Nov 04,2011

ITAT: Estimated Loss on construction project under AS-7 deductible on 'proportionate' basis

Estimated future losses on ‘entire construction project’ not allowable as deduction in full, only ‘proportionate’ losses commensurate to the stage

Nov 03,2011

HC: Perquisite valuation for educational facilities to be based on actual ‘Cost’ and not comparable ‘fees'

Perquisite valuation of free or concessional educational facilities to be based on ‘Cost’ and not ‘fees’ charged: Delhi HC  

Nov 03,2011