Case Name : P.K. Lahiri vs. CIT Citation : [2005] 275 ITR 17/146 TAXMAN 349 (ALL.) Court : Allahabad High Court Section : 54 Meaning : The ‘land appurtenant to the building’ does imply that the ownership of the building and the land appurtenant should be of the same person. If the building is owned […]
Read MoreAuthor: Prashant Thakur
The author has spent more than 30 years in the field of taxation. Wrote four books -3 on on Indian Tax Law and 1 on US tax law for cryptocurrency. Apart from https:taxworry.com , he also writes on https://irstaxapp.com which is for US tax laws. He is a tech enthusiast and manages a cloud computing company that publishes innovative software.
Meaning of ” Leviable”
Case Name : Associated cement cos. Ltd. Vs. Director of inspection, CCE Citation : [1985] 153 ITR 322 (SC) Court : Supreme Court Section : 280ZB TO 280ZD Meaning : It is true that the expression ‘leviable’ is an expression of wide import and includes stages of quantification and recovery of the duty but in […]
Read MoreMeaning of ” Labour”
Case Name : ITO vs. Nileshwar range kallu chethu vyavasaya thozhilali sahakarana sangham Citation : [2014] 43 TAXMANN.COM 113 (COCHIN – TRIB.) Court : ITAT-Cochin Section : 80P Meaning : The word ‘labour’ has not been defined in the act. The ahmedabad bench of the tribunal in the case of orient borewell co-operative society ltd. […]
Read MoreMeaning of ” Long-term finance”
Case Name : National co-operative development corporation vs. Asstt. CIT Citation : [2011] 16 TAXMANN.COM 251/ Court : Delhi High Court Section : 36 Meaning : “long-term finance” is defined in clause (h) of the explanation to section 36(1)(viii) to mean “any loan or advance where the terms under which moneys are loaned or advanced […]
Read MoreMeaning of ” Loss”
Case Name : CIT vs. Kalpaka enterprises (p.) Ltd. Citation : [1986] 24 TAXMAN 167/ 157 ITR 658 (KER.) Court : Kerala High Court Section : 70 TO 79 Meaning : The word loss mentioned in section 79 does not include unabsorbed depreciation or unabsorbed development rebate. Accordingly, the bar imposed under the main part […]
Read MoreMeaning of ” Life insurance”
Case Name : Chandulal harijiwandas vs. CIT Citation : [1967] 63 ITR 627 (SC) Court : Supreme Court Section : 88 Meaning : Life insurance in a broader sense comprises any contract in which one party agrees to pay a given sum upon the happening of a particular event contingent upon the duration of human […]
Read MoreMeaning of ” Levied”
Case Name : CIT vs. Zoroastrian building society ltd. Citation : [1955] 27 ITR 218 (BOM.) Court : Bombay High Court Section : 23 Meaning : The only natural and proper construction which could be placed upon the expression ‘levy’ used in the third proviso to section 9(2) of the 1922 act is ‘impose’ and […]
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Form 15G & Form 15H Can’t Be Accepted Blindly Now ! Rule 29C Changed
The changes in the Income Tax Act as well as Income Tax Rules perhaps is done so fast that the tax payers as well as tax practitioners will really find to grapple with the tax laws. Not long ago (CBDT vide NOTIFICATION NO. 11/2013/SO 410(E), DATED 19-2-2013) the Form 15G & Form 15H were changed […]
Read MoreMeaning of “It”
Case Name : Patel Engineering Ltd. Vs. Dy. CIT Citation :[2004] 84 TTJ (MUM. – TRIB.) 646 Court : ITAT-Mumbai Section : 80-IA Meaning : The word ‘it’ in sub-clauses (a), (b) and (c) of clause (i) of sub-section (4) of section 80-ia has been used to denote ‘enterprise’. Case Name : Gvpr Engineers Ltd. […]
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