Wednesday, October 12, 2011

Direct Tax Laws Oct 2011 06

Direct Tax  Laws

Where all relevant details had been made available by assessee before Assessing Officer who after detailed consideration of all details, made original assessment, reopening of assessment was unjustified - [2011] 14 taxmann.com 48 (Gujarat)

Rule 3(5) nowhere provides that while determining value of perquisite, wherever it exceeds Rs. 1,000 per month, amount of Rs. 1,000 per month has to be reduced from value of such perquisite - [2011] 14 taxmann.com 45 (Punjab and Haryana)

Where assessee was only a housewife and was not having any source of income, addition could not be made in assessee's hands on basis of her admission during survey in absence of any corroborative evidence - [2011] 14 taxmann.com 50 (Jaipur - Trib.)

A reference under section 142A is to be made for purpose of determination of fair market value of investment covered under section 69, 69A and 69B and not for purpose of computation of capital gains under section 48 - [2011] 14 taxmann.com 44 (Delhi - Trib.)

Any advance received and forfeited by assessee upon cancellation of sale of capital asset has to be reduced from cost of acquisition by applying section 51 - [2011] 14 taxmann.com 43 (Mumbai - Trib.)

Portfolio management fee is not allowable as deduction while computing short-term capital gain arising from sale of shares - [2011] 14 taxmann.com 42 (Mumbai - Trib.)

Profit or gain would arise only when transfer has been made at a price which is more than cost price and difference between cost price and amount at which transfer has taken place can be charged under section 45(3) - [2011] 14 taxmann.com 41 (Mumbai - Trib.)

Income from sale of bonsai plant grown by assessee in nursery/farm is agricultural income - [2011] 14 taxmann.com 40 (Cuttack - Trib.)

Order passed by DRP should be a speaking order - [2011] 14 taxmann.com 39 (Delhi - Trib.)

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