New Income Tax Cases

1

Income Tax - 2008 - TMI - 3880 - Supreme court

Payment of additional tax on prima facie adjustments u/s 143(1)(a) read with sec. 143(1A) for the AY 1996-97 and 1997-98. When there were conflicting judgments on interpretation of Section 80-O, in our view, prima facie adjustments contemplated under Section 143(1)(a) was not applicable and, therefore, consequently appellant was not liable to pay additional tax under Section 143(1A) of the 1961 Act.

2

Income Tax - 2008 - TMI - 3879 - Supreme court

AO originally allowed the benefit of carry forward of Rs.39,43,830/- as amortization expenses relating to on production of feature films but withdrawn the benefit on fresh assessment after receiving direction from the commissioner under section 263 since the provisions of section 80 was not complied with. Carrying forward of the business loss, u/s 80, and carrying forward of the expenditure over the income u/r 9A(3) are different provisions and the deduction is allowed accordingly.

3

Income Tax - 2008 - TMI - 3878 - Supreme court

FBT - Whether transportation cost incurred by the petitioner in providing transportation facility for movement of offshore employees from their residence in home country to the place of work and back is liable to Fringe Benefit Tax - held that the company is liable to pay fringe benefit tax - the provisions of FBT are not restricted to the persons resident in India - Further the apex court has defined the relation between sub-sections (1), (2) and (3) of section 115WB