Judgements and Orders, Supreme Court and High courts of India

Business expenditure — If income from an activity is assessed as an income, expenditure incurred in respect of that activity should be allowed.

The Tribunal has power to allow claim for deduction which was not made in the return of income : Assessee claimed 1/5th revenue expenditure on deferred basis: Tribunal can allow full revenue expenditure on accrual basis.

Larger Bench of High Court deciding a bunch of Appeals vide a significant ruling has ruled that power to impose penalty under Section 271 of the Act depends upon the satisfaction of the Income Tax Officer in the course of the proceedings under the

There was a general investigation by the Investigation wing regarding a fake gift racket. There was no information with the AO when the assessee voluntarily surrendered the income, that gifts or credits received by assessee were fake. In the assessme

Customs - Refund of differential duty paid on import of vessel subject to principles of unjust enrichment - Duty recoverable from Customs should be shown as current assets,

Availment of exemption in respect of goods covered by SSI Notf 8/98-CE and availment of MODVAT benefit in respect of goods lying outside the purview of the exemption notification is not simultaneous availment of MODVAT and SSI exemption – Tribunal di

A case of missed opportunities for Revenue, says Tribunal while setting aside Service tax demand of Rs.60 lakhs - Appellant is not an advertising agency but only receives commission on sales - Tribunal.

Income tax - Search u/s 132 - assessee is a tax consultant - Revenue conducts a search - finds papers related to bogus TDS certificates and refund collected from Revenue -

Income tax - Sec 56 - assessee was a partner in a firm - Firm reconstituted after the death of one of the partners - assessee continued to be a partner in the new firm -

Mere failure to pay duty and/or take out a licence which is not due to any fraud, collusion or willful misstatement or suppression of fact or contravention of any provision is not sufficient to attract the extended period of limitation -