SC

SC: Assessee to be given reasonable ‘opportunity of being heard’ before ordering Special Audit u/s 142(2A)

Assessee to be given reasonable ‘opportunity of being heard’ before ordering Special Audit u/s 142(2A): Supreme Court 

Jan 11,2012

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

SC: Liability to charge interest u/s 201(1A) not dependent upon due payment of taxes as per TDS provision

Liability to charge interest u/s 201(1A) not dependent upon due payment of taxes as per TDS provision; No demand for TDS default where taxes paid by the deductee: Supreme Court

Nov 10,2011

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’ under normal provisions:SC 

Nov 04,2011

SC: AO not justified in adding back provision for doubtful debts in net profit

AO did not have jurisdiction to go beyond net profits shown in the P&L a/c except as per explanation to sec 115J; AO not justified in adding back provision for

Nov 02,2011

SC: Sale consideration of mortgaged property to include amount for redemption and discharge

Consideration for sale of mortgaged property to include amount for redemption and discharge: Supreme Court

Nov 02,2011

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