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 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 ” Let”
Case Name : B. Jamasji mistry (p.) Ltd. Vs. Third ITO Citation : [1985] 12 ITD 546 (BOM. TRIB.) Court : ITAT -Bombay Section : 23 Meaning : For the purpose of section 23(1)(b), lease alone is singled out from all other cases of grant of property for use and occupation to another and, therefore, […]
Read MoreMeaning of ” Lent”
Case Name : CIT/CWT vs. Polisetty somasundaram charities Citation : [1990] 183 ITR 377 (AP) Court : Andhra Pradesh High Court Section : 13 Meaning : The words ‘lend’ and ‘invest’ bear a distinct interpretation in the context of the set up and synonymity is ruled out. In commercial parlance, lending is asso-ciated with advancing […]
Read MoreMeaning of ” Latest previous year”
Case Name : Televista electronics (p.) Ltd. Vs. ITO Citation : [1985] 12 ITD 161 (DELHI – TRIB.) Court : ITAT-Delhi Section : 207 TO 216 Meaning : The term ‘latest previous year in respect of which he has been assessed by way of regular assessment’ in section 209(1)(a)(i) (as it stood prior to 1-4-1998) […]
Read MoreMeaning of ” Last of the authorizations”
Case Name : Asstt. CIT vs. Shree ram lime products ltd. Citation : [2012] 22 TAXMANN.COM 122/137 ITD 220/147 TTJ 121/17 ITR (TRIB.) (JODH.)(SB) Court : ITAT- Jodhpur Section : 158B TO 158BG Meaning : The words ‘last of the authorizations’ used in section 158be imply that there can be more than one authorization for […]
Read MoreMeaning of ” Lands appurtenant”
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 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. […]
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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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