Re: Case Laws
by [312] Guest on 25-Nov-08, 06:57 AM
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Month-Year :
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Apr - 2007
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Author/s :
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(2007) 106 TTJ (Coch.) 1140[BCAJ]
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Title :
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A. A. Salam v. ACIT
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Details :
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For the relevant assessment years, the Assessing Officer treated the huge cash in hand as per the balance sheet of both the individual assessees, who were exporters, as an asset u/s 2(ea) since the amount exceeded Rs.50,000. The CWT(A) upheld the Assessing Officer’s order.
The Tribunal held that the cash in hand was not an asset within the meaning of S. 2(ea). The Tribunal noted as under :
(a) While inserting S. 2(ea) by the Finance Act, 1992, the legislative intent was to charge Wealth Tax only on non-productive assets and to exempt productive assets. This is clear from the Finance Minister’s speech while moving the Finance Bill, 1992 and Circular No. 636, dated 31st August 1992.
(b) No discrimination can be made in respect of productive and non-productive assets as per the category of the assessees. Hence, if cash in hand is recorded in the business books of account, it is not an asset chargeable to tax whether the assessee is an individual or HUF or a company.
(c) In this case, assessees were engaged in business and the cash was part and parcel of the commercial transactions of the assessees.
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Re: Case Laws
by [312] Guest on 20-Jun-09, 12:19 PM
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sir,i collect study material from kolkatta,& found following update in website.
"The Provision for Bad and doubtful debt cannot be added back to net profit for the purpose of computation of Book Profits under section 115JB."-as per recent supreme court judgement.
please give the details of judgement,&it will be helpful for me.
e-mail:soumendudas2007@rediffmail.com
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Re: Case Laws
by [312] Guest on 26-Jun-09, 08:55 AM
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Respected Sir,
plz tell me whether judgement given by APEX COURT(IN
INDIRCT TAX) in" RATAN TEXTILE" THAT AO CAN TAKE
ACTION AGAINST CIRCULARS IF IT IS CONTRARY TO LAW"
will be applicable to DIRECT TAX ALSO???????
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Re: Case Laws
by [312] Guest on 09-Jul-09, 01:53 AM
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Re: Case Laws
by [312] Guest on 27-Aug-09, 07:18 AM
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NO IN INDIRECT TAX ALSO A.O CAN NOT GO AGAINST THE CIRCULAR AS AFFIRMED BY SUPREME COURT IN INDIAN OIL -2004
MOBILE 9696109932
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Re: Case Laws
by [312] Guest on 04-Oct-09, 06:39 AM
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Re: Case Laws
by [312] Guest on 29-Nov-09, 03:58 AM
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Re: Case Laws
by [312] Guest on 30-Dec-09, 05:23 PM
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Re: Case Laws
by [312] Guest on 23-Apr-10, 10:36 AM
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hello sir... hope u r in pink of ur health...
sir m not able to find RTP uploaded for this exams.
plz tell me how to download the RTP.
thnx.
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