The Explanation to section 73 actually not the definition of Speculation under Income Tax Act , but only a deeming fictaion by which in case of companies the meaning of speculation is enclarged to include even delvery based share tranaction. Facts Related to Reassessment Case under Section 147 The assessee filed return on 30-12-1991 disclosing [...]
Explanation to Section 73: Nature of Principal Business Important !
September 11, 2012 by
The assessee-company was daling in shares as well as earning income from business of trading in steel, yarn, fabrics as also from service charges.Its computation of gross total income showed loss under the head business wherease dividend was poistive income under the head ” income from other sources”.The dividend income was earned on shares held...
MAT:Compute Book Profit Without Provision for Doubtful Debt & Wealth Tax !
September 10, 2012 by
The assessee-company filed its return disclosing loss though book profit computed by it was on a positive side. The Assessing Officer, however, computed book profit under section 115JA and added provision for doubtful debts of Rs. 1.56 crores and provision for wealth-tax of Rs. 1,25,000 in such calculation of book profit under section 115JA. On...
Can Tribunal Extend Stay of Demand Beyond 365 Days?
September 7, 2012 by
The assessee in this case is a company which moved its applications before the Tribunal being S.A. Nos. 196 to 198/Mum./2009 seeking extension of stay of outstanding demand already granted beyond the period of 365 days. The outstanding demand sought to be stayed was on account of penalties imposed by the Assessing Officer under section...
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