| Profit from regular trading in shares is business income, if earning dividend is not the main purposeIT : Where assessee was regularly purchasing and selling shares in more than 50 scrips and dividend income was quite negligible, profit earned formed business income |
| Processing on pullovers to make them finished one would amount to manufacture for section 80-I deductionIT: Substantial processing done by assessee on flat (knitted sides of pullovers) to convert same into finished pullover would amount to 'manufacture' for purpose of section 80-I |
| CL : Listing of Government Companies in the Stock ExchangeOFFICE MEMORANDUM [NO. 1(7)/E. COORD./2012], DATED 11-05-2012 |
| Sec. 43B items allowed as deduction on payment basis even if paid in advanceIT : Assessee is entitled to benefit of deduction of tax/duty paid by him during previous year, though such tax/duty is payable in next year as per system of accounting followed by assessee |
| Reinvestment can be done in joint names to claim exemption under sec. 54FIT: Where assessee purchases new house after selling his land, he is entitled to claim full exemption u/s 54F, irrespective of fact that new house is registered in joint names of himself and his wife |
| ITAT lays down checks on expenditure to treat it as "current repairs" u/s 31(i)IT : ITAT lays down tests for deductibility of expenditure as "current repairs" u/s 31(i). |
| Section 40(a) disallowance for non-deduction of tax is not invited in case of trust incomeIT : Disallowances u/s 40(a) are not applicable to computation of income of charitable trust/institution u/s 11. |
| Club membership fees allowed prorated but max in 10 years, ITAT resorted to AS-26IT: 'Where assessee-company pays Rs. 15 lakh for acquiring corporate membership of a club, such payment is to be allowed proportionately in 10 years in view of Accounting Standard - 26' |
| Boards meetings with inadequate quorum is oppression and mismanagement in affairs of companyCL : A case of oppression and mismanagement was made out in affairs of respondent no. 1 company where a group of respondents-directors convened board meetings without adequate quorum and, they further committed irregularitie... |
| Notification would continue to have effect even if CBDT's power to issue it is taken away |
| On payer's failure to deduct tax at source, NR liable to pay tax & not advance tax and thus interest u/s 234B not attracted |
| Independent transporter supplying material on site is not sub-contractor, no TDS liability under sec. 194C(2) |
| Beware Insurance Agents! Brokerage parted with relative-customers is disallowed as it is diversion of income |
| Even trivial defaults and errors could end up in rejection of books of account |
| Whether reasons to be given for transfer of a case, SC's ruling in Ajantha Industries case is under scanner |
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