II.  Useful Case Laws: 

[Contribution by CA Piyush Kaushik and contributor is available at piyushkaushik@rediffmail.com ]

1.  CIT Vs. M/s Great City Manufacturing Co., ITA No. 461/2009, Date of order: 10-12-2012, High Court of Allahabad

If the remuneration to any partner in case of a partnership firm is within the ceiling limit of sec 40(b) then Assessing Officer cannot invoke section 40A(2)(a) to disallow part of remuneration as excessive;

(Please click here for judgment)

2.  CIT Vs. Amit Jain, ITA No. 683/2012, Date of order: 21-12-2012, High Court of Delhi

Income from dealing in shares claimed as a capital gain though assessed by the Assessing Officer as a business income – cannot amount to furnishing of inaccurate particulars so as to attract sec 271(1)(c) penalty.

(Please click here for judgment)        
 

 Golden Rules:

"Understanding is deeper than knowledge.
Many persons know us, but a few understand us"

  Thanks & Regards

  Team - Voice of CA