1.  CIT Vs Canon India Ltd Section 37(1)- Preoperative expenses

On pre operative expenses: Hon’ble High Court has affirmed the ITAT finding  that assessee’s business stood set up and expenses incurred by the assessee before the commencement of business but after the setting-up are allowable as business expenditures.

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2.  CIT Vs Vived Marketing

It has been held that no assessment is possible on a company which is already wind up.

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3.  Harish Dargan

Their lordships have observed that “it is clear from the aforesaid sequence of events that the quantum proceedings taken against the appellant and additions of the income on the ground that it was an undisclosed income, has been upheld in Supreme Court. Taking into consideration, the findings and observations of those judicial pronouncements, it is clear that a case of concealment of income and providing wrong particulars was made out and therefore, penalty proceedings in these circumstances would be fully justified”.

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4. COMMISSIONER OF INCOME TAX Vs. TURAG MARKETING PVT LTD (Section 194C).

TDS Works contract versus Sale Delhi High Court has followed the judgment of High Court in CIT Vs. Reebok India 221 CTR 508”.

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"Voice of CA"

CA. Kapil Goel, Moderator-Direct Taxes, Mob:9910272806, cakapilgoel@gmail.com

CA. Sidharth Jain, Co-Moderator, Mob: 9810418700, sidhjasso@yahoo.com

CA. Mukesh K Bansal, Co-Moderator-FEMA, mkak@rediffmail.com