COMMISSIONER OF INCOME TAX vs. VANAZ ENGINEERING PVT.LTD

The appeal is allowed, the judgment of the High Court

Sections 22, 29 and 40A(7)(b)(ii) - Gratuity - Scheme introduced for first time in assessee firm in 1970 - On basis of Actuarial Report total liability as on December 31, 1970 debited to Profit and Loss Account Assessment proceedings - Income Tax Officer disallowing burden of liability - Appellate Assistant Commissioner and Tribunal allowing that liability - Appeal by Revenue to Supreme Court

M/S.VIRTUAL SOFT SYSTEMS LTD. vs. COMMISSIONER OF INCOME TAX, DELHI-I

2. Whether the ITAT was justified in holding that the judgments in Prithipal Singh’s case (183 ITR 69 and 249 ITR 670) will apply even after insertion of Explanation 4 to Section 271(1)(c) of the Income Tax Act, 1961 with effect from 1.4.1976? FACTS (C.A. NO. 7115 OF 2005) For the assessment year 1996-97, the assessee

COMMISSIONER OF INCOME-TAX,WEST BENGAL-II, CALCUTTA vs. HINDUSTAN HOUSING & LAND DEVELOPMENTTRUST LIMITED

The appeal is dismissed

2 of 6 no absolute right to receive the amount at that stage, for if the appeal had been allowed in its entirety the right to payment of the enhanced compensation would have fallen altogether. The sum, therefore, could not be said to have accrued or arisen during the relevant assessment year. [393G; 394A-B] E.D. Sassoon & Company