Exp. incurred on development of website was allowable as business exp. even if there was no receipt

IT : Even if there was no receipt during year, expenditure incurred on development of web and portal charges is to be allowed

Jurisdictional defect of framing assessment on non-existent entity couldn't be cured by resorting to

IT: Assessment on dissolved/amalgamated company is invalid

Gain arising on sale of shares couldn't be held as business income if sale was made from investment

IT: Where assessee was having two clearly separate portfolios for shares i.e., investment and stock in trade, short-term gains on sale of shares related to investment could not be treated as business income

Co. operating inland container depot is operating one of the infra facility; eligible for sec. 80-IA

IT : Inland container depot operated by company is an 'inland port' which is one of infrastructure facility for purpose of section 80-IA and, therefore, said company is eligible for tax holiday under section 80-IA(4)(i)

Respondent's objections on acquisition of shares weren't sustainable as petitioner's had duly compli

CL : Where respondents group resisted application filed by applicants seeking registration of shares acquired by them in respondent No. 1 company in their names on ground that those shares were to be first offered to them in proportion to their shareholding, in view of fact that said condition had been duly satisfied, objection raised was not sustainable

HC directs AO to ascertain whether exp. on replacement of old textile machinery was revenue exp.

IT: To allow an expenditure as revenue expenditure, basic test would be to find out whether expenditure incurred was to 'preserve and maintain' an already existing asset without bringing new asset into existence

SC: No appeal would lie against Tribunal's factual finding regarding non-applicability of the valuat

Excise & Customs : Where Tribunal found, on facts, that Valuation rule 9 is not fully attracted as it is and, accordingly, passed order relying upon Valuation rule 11; no appeal would lie before Supreme Court on such factual findings

Ad-hoc sec. 40(a)(ia) disallowance made as books didn't show true state of affairs on job charges pa

IT : Where assessee's books of account did not reflect correct state of affairs in respect of job charges paid to sister concern without deducting tax at source, an ad hoc disallowance of Rs. 20 lakh was to be made by invoking provisions of section 194C to meet ends of justice

Sec. 154 had be invoked when AO had wrongly mentioned agriculture income under the head exp.

IT : Where Assessing officer erroneously mentioned agricultural income under head expenses debited in profit and loss account against exempt income and assessee filed application for rectification, matter was to be remanded back to decide issue afresh

Prior to 7-9-2007, no reversal of credit on input contained in 'waste' by-product on which duty was

Cenvat Credit : Prior to introduction of rule 3(5C) of CENVAT Credit Rules, 2004 with effect from 7-9-2007, no reversal under rule 3(5) is required on input contained in 'waste' by-product even if duty on such by-product is remitted

Sec. 80-IA relief granted as AO failed to show that assessee was shifting excessive profits to eligi

IT : Where assessee-company had maintained separate amounts for each unit and Assessing Officer could not prove that business transaction between its eligible unit and other unit were producing more profit to eligible unit assessee would be entitled for deduction under section 80-IA