RECENT INCOME TAX CASE LAWS

UPDATES FROM TAX GURU Validity of order passed under section 281B of IT Act, 1961: HC Posted: 16 May 2009 08:17 AM PDT SUMMARY OF CASE LAW Provisional attachment can be levied even in cases where the proceedings are yet to be initiated; therefore, issuing 153A notice and invoking section 281B on the same day would... Proceedings u/s. 147 r.w.s. 148 of IT Act do not wipe out or set aside original proceedings Posted: 16 May 2009 08:10 AM PDT SUMMARY OF CASE LAW The proceedings under section 147 cannot impinge upon items which have no connection or relation with items of income and/or expenditure which form the basis of a notice under... Interest income from banks on fixed deposits not necessarily Income from Other Sources Posted: 16 May 2009 07:56 AM PDT SUMMARY OF CASE LAW Normally, on the placing of funds in banks on short-term or long-term deposits, the interest income derived from those sources would be "income from other sources";... Department can't to decide when assessee to borrow and when it should not borrow Posted: 16 May 2009 07:53 AM PDT   SUMMARY OF CASE LAW The assessee may make an imprudent business decision but the same itself does not empower the Revenue to disallow legitimate and bona fide business expenditure.  CASE LAW... Limitation period for passing order u/s 201 of IT Act in absence of any express provision in Act Posted: 16 May 2009 07:50 AM PDT SUMMARY OF CASE LAW The canons of limitation are ordinarily provided expressly in the Act and in their absence, they are to be impliedly inferred by taking into consideration the scheme of the... United States District Court found Former Ernst & Young Partner Guilty of Insider Trading Posted: 16 May 2009 02:27 AM PDT A former partner at the accounting firm Ernst & Young was found guilty on Friday of securities fraud for an insider trading scheme but not guilty of conspiracy charges.  A jury in United States... With Regards,  Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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