HC

HC: Concealment penalty applicable on undisclosed income reported after search

Concealment penalty attracted on undisclosed income reported in revised return, filed after search: Madras HC 

Jun 28,2011

HC: Non-SLR investment income eligible for Sec 80P deduction

Income from non - SLR investments of Co-op banks ' attributable ' to business of banking, eligible for Sec 80P deduction; appeal to HC barred if question of law not

Jun 28,2011

HC: Excise duty on closing stock not income u/s 145A(b)

Excise duty on closing stock not income u/s 145A(b); Consequential disallowance u/s 43B not applicable

Jun 24,2011

HC: No deduction on overdue bank interest u/s 43B despite conversion into loan

Conversion of overdue bank interest into loan not deductible u/s 43B until actual payment

Jun 24,2011

HC: After Idea, Vodafone, Airtel held liable for TDS on franchisee discount

Discount to franchisees on mobile SIM cards & recharge coupons amounts to commission; Airtel liable to deduct TDS u/s 194H on discount

Jun 21,2011

HC: IT Department cannot take advantage of its own wrong

No interest u/s 234B and 234C payable on non-payment of advance tax since excess deposit not refunded by IT Dept

Jun 17,2011

HC: Share trading loss not speculative; Sec 73 explanation not applicable

Share trading loss not speculative loss; Sec 73 explanation not applicable as assessee’s principal business was ‘grant of loans’

Jun 17,2011

HC: Bombay HC condones 4 year delay in filing of appeal by IT dept 

Bombay HC condones 4 year delay in filing of appeal by IT dept 

Jun 14,2011

HC: Rental income from lease of factory taxable as Other Sources, not Business Income 

Lease of factory building not temporary; Rental income taxable as Income from Other Sources: Madras High Court

Jun 13,2011

HC: One time payment for CNG connection allowed as revenue expenditure

One time payment for CNG connection allowed as revenue expenditure

Jun 09,2011

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