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TMI BlogNew Income Tax CasesX X X X Extracts X X X X X X X X Extracts X X X X ..... New Income Tax Cases X X X X Extracts X X X X X X X X Extracts X X X X ..... ts" in the above formula under Section 80HHC(3) would include Cash Compensatory Allowance and Duty Drawback and accordingly deduction is allowable. 2 Income Tax - 2008 - TMI - 3955 - SUPREME COURT Computation of book profit for the purpose of section 115J - Once the assessee has moved the application within four years from the date of appeal, the Tribunal cannot reject that application on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ground that four years have lapsed, which includes the period of pendency of the application before the Tribunal. If the assessee has moved the application within four years from the date of the order, the Tribunal is bound to decide the application on the merits and not on the ground of limitation. 3 Income Tax - 2008 - TMI - 3953 - SUPREME COURT Higher rate of depreciation on running of veh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icle on hire - mere inclusion of Rs.12,50,639/- in the Total Business Income is not the determinative factor for deciding whether trucks were used by the assessee during the relevant year in a business of running them on hire - matter remitted back for de novo examination of the case in accordance with law. 4 Income Tax - 2008 - TMI - 3952 - SUPREME COURT Whether income accrued to the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on registration of the sale deed in favour of the third party or whether it accrued at the time of execution of the tripartite agreement? -If the AO observes that there is under estimation of profits, he must give facts and figures in that regard that the impugned method of accounting adopted by the assessee results in under estimation of profits and is therefore rejected. Otherwise, the presumpt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion would be that the entire exercise is Revenue neutral 5 Income Tax - 2008 - TMI - 3950 - SUPREME COURT Tax on Income from sale of green tea leaves without processing can not be subject to Income Tax Act, 1961. Income from sale of processed tea shall be subject to Income Tax Act, 1961, @40% and State Income Tax (Bengal Agricultural Income Tax) @ 60%. Under Constitution it clear that the Stat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Legislature has exclusive jurisdiction to legislate in respect of taxes on agricultural income; and in respect of taxes on other income, it is Parliament alone which can legislate. X X X X Extracts X X X X X X X X Extracts X X X X
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