Few laws

IT JUDGEMENTS Three Imp Verdicts On Core Issues + Article By Luminary On Law Relating To Cash Transactions. CIT vs. Hercules Hoists Ltd (Bombay High Court) S. 80-IA(5): Only losses of the years beginning from the initial assessment year are to be ...
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Unpaid tax dues of Pvt Ltd Company is no basis to lift corporate veil; No recovery can be initiated against Directors u/s 179(1) in absence of hearing

AHEMDABAD,  : THE ISSUE BEFORE THE DIVISION BENCH IS - "Whether notices in form of recovery or reminders of unpaid tax or penalty, issued specifically to pvt ltd company, can be enforced personally against its directors without specific notice of ...
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Taxability of subsidy !!

Taxability of subsidy CIT vs. Chaphalkar Brothers Pune (Supreme Court). Taxability of subsidies: A subsidy granted by the Govt to achieve the objects. Of acceleration of industrial development. And generation of employment is capital. in nature and not revenue. The fact ...
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Revisionary power of commissioner

Hitech Analytical Services v. Pr. CIT Decision:    Case remanded. Revision under section 264--Firm's expenses claimed in individual return-- Filed revised computation for both Facts: Assessee claimed expenses incurred on audit fees, car loan interest, depreciation, petrol expenses and travelling expenses in her individual return. AO ...
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