SC

SC: Netting of expenditure from rent, brokerage, etc. allowable under Explanation (baa) to Sec 80HHC

Under Explanation (baa) to Sec 80HHC, reduction for interest / brokerage / commission / rent etc. to be made with respect to 'net' amounts and not the ‘gross’ receipts; Constitution

Feb 10,2012

SC: SC reverses Bombay HC ruling in Kalpataru on DEPB issue

DEPB sale proceeds to be split into ‘face value’ and ‘profits’; ‘Face value’ of DEPB represents cash incentive u/s 28(iiib), while ‘surplus over the face value taxable u/s 28(iiid); Reduction towards

Feb 08,2012

SC: Reassessment only when AO has reason to believe

Reassessment only when AO has reason to believe : SC

Feb 02,2012

SC: Assessee entitled to deduction of interest on borrowed loan advanced to sister concern out of commercial expediency

Assessee entitled to deduction of interest on borrowed loan advanced to sister concern out of commercial expediency: Supreme Court

Jan 23,2012

SC: Key Excerpts of SC ruling in $ 2bn Vodafone Tax Case

SC holds IT Dept has no jurisdiction to tax deal

Jan 20,2012

SC: Assessee entitled to depreciation on houses even on non execution of conveyance deed

Assessee entitled to depreciation on houses even though conveyance deed not executed; Assessee held to be owner for all practicable purposes: Supreme Court  

Jan 11,2012

SC: Income not assessable under particular head of income cannot be assessed under residuary head

Income not assessable under particular head of income cannot be assessed under residuary head: Supreme Court

Jan 09,2012

SC: Assessee not required to provide further assistance, once burden to make full and true disclosure of facts is discharged

Burden lies on assessee to make full and true disclosure of facts; assessee not required to provide further assistance once burden is discharged: Supreme Court 

Nov 14,2011

SC: Mere book-keeping entry not ‘income,’ unless income has actually ‘resulted’

Merebook-keeping entry not ‘income,’ unless income has actually ‘resulted’; Tax to be levied only after receipt of accrual of income: Supreme Court

Nov 11,2011

SC: AO does not have jurisdiction to go behind net profit shown in P&L Ac except as provided in the Explanation to sec 115J

AO does not have jurisdiction to go behind net profit shown in P&L Ac except as provided in the Explanation to sec 115J: Supreme Court

Nov 10,2011

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