Daily Archives: December 9, 2015

Book on income-tax is a literary work ,section 80QQB Deduction allowed

By | December 9, 2015

Facts of the Case are During the previous year 2004-05 relevant to the assessment year 2005-06, the assessee received royalty to the tune of Rs.99,000/- for his book on income tax and claimed deduction under section 80QQB of the Act. Issue :- The Assessing Officer disallowed deduction on the ground that the book on income-tax… Read More »

Property purchased bonafide is not ” proceeds of crime “

By | December 9, 2015

Facts of the Case G. Srinivasan was found to be main accused , he only availed the loan projecting R. Manoharan as Proprietor of M/s. Bhagavathi Textiles Mills Limited. After availing the loan, he purchased about 165 acres of land in Pudukkottai Village from One K. Gunasekaran, G. Selvarani, R. Sivkumar, Shri Chinnakkannu in the… Read More »

Complaint by person who is not consumer or trade association cannot be basis of Inquiry under section 36 B of Competition Act

By | December 9, 2015

Brief Facts:- Competition Commission can inquire into any unfair trade practice on receipt of a complaint from any trade association or from any consumer or a registered consumers’ association, even though the consumer may not be a member of such association or on receipt of a reference made by the Central Government or the State… Read More »

Presumptive Taxation can not be applied by AO If there is Loss as per books of accounts

By | December 9, 2015

In Sanyasi Rao , the Supreme Court was interpreting Section 44AC which provides for taxation of presumptive income based on the gross receipts. The Supreme Court in the said case held that even where Section 44AC is sought to be applied to a trader, it was only a machinery provision and could not deny the… Read More »