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New Income Tax Cases
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....ew Income Tax Cases <br>News and Press Release<br>Dated:- 13-5-2008<br><BR>1 Income Tax - 2008 - TMI - 3956 - SUPREME COURT Whether deduction under Section 80HHC in respect of Duty Drawback and Cash Compensatory Support is allowable even though no export was done by the assessee during the relevant assessment year - Insertion of clause (iiib) in section 29 - held that the words "business profit....
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....s" in the above formula under Section 80HHC(3) would include Cash Compensatory Allowance and Duty Drawback and accordingly deduction is allowable. 2 Income Tax - 2008 - TMI - 3955 - SUPREME COURT Computation of book profit for the purpose of section 115J - Once the assessee has moved the application within four years from the date of appeal, the Tribunal cannot reject that application on the g....
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....round that four years have lapsed, which includes the period of pendency of the application before the Tribunal. If the assessee has moved the application within four years from the date of the order, the Tribunal is bound to decide the application on the merits and not on the ground of limitation. 3 Income Tax - 2008 - TMI - 3953 - SUPREME COURT Higher rate of depreciation on running of vehi....
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....cle on hire - mere inclusion of Rs.12,50,639/- in the Total Business Income is not the determinative factor for deciding whether trucks were used by the assessee during the relevant year in a business of running them on hire - matter remitted back for de novo examination of the case in accordance with law. 4 Income Tax - 2008 - TMI - 3952 - SUPREME COURT Whether income accrued to the assessee ....
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....on registration of the sale deed in favour of the third party or whether it accrued at the time of execution of the tripartite agreement? -If the AO observes that there is under estimation of profits, he must give facts and figures in that regard that the impugned method of accounting adopted by the assessee results in under estimation of profits and is therefore rejected. Otherwise, the presumpti....
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....on would be that the entire exercise is Revenue neutral 5 Income Tax - 2008 - TMI - 3950 - SUPREME COURT Tax on Income from sale of green tea leaves without processing can not be subject to Income Tax Act, 1961. Income from sale of processed tea shall be subject to Income Tax Act, 1961, @40% and State Income Tax (Bengal Agricultural Income Tax) @ 60%. Under Constitution it clear that the State....
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.... Legislature has exclusive jurisdiction to legislate in respect of taxes on agricultural income; and in respect of taxes on other income, it is Parliament alone which can legislate.<BR> News - Press release - PIB....