Wednesday, October 19, 2011

Direct Tax Laws Oct 10

Where assessee had not furnished details asked for by Assessing Officer during assessment proceedings, there could not be full and true disclosure to apply proviso to section 147 - [2011] 14 106 (Delhi)

Exemption under section 54EC is allowable in respect of capital gains arising on transfer of capital asset on which depreciation has been allowed - [2011] 14 110 (Mumbai - Trib.)

Statement recorded under section 132(4) is an evidence by itself and any retraction contrary to that should be supported by strong evidence for demonstrating that earlier evidence recorded was under coercion - [2011] 14 108 (Ahmedabad - Trib.)

VSAT equipment installed by assessee-stock exchange at premises of member broker for carrying on online and screen base trading would be eligible for full depreciation - [2011] 14 107 (Mumbai - Trib.)

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