Judgements and Orders, Supreme Court and High courts of India

Section 143, read with section 36(1)(vii), of the Income-tax Act, 1961 - Assessment - Prima facie adjustments - Assessment year 1994-95 - Whether as section 36(1)(vii) does not authorise granting of deduction of any debt unless it is written off in a

Section 457 of the Companies Act, 1956 - Winding up - Powers of liquidator - Applicant-company had rented plant and machinery to ‘O’ in connection with a project - On completion of project, applicant demanded plant and machinery but ‘O’ went into liq

The assessee has written off 1/5th of deferred revenue expenditure in its books of account and claimed the expenditure on deferred basis in its return of income.

Case Fact: Whether, allowing exemption for children education and leave travel on the basis of declaration and affidavits given by the employees, the Tribunal was justified in law?

Central Excise

UoI Vs M/s A K Spintex Ltd & Anr (Dated : November 26, 2008) Central Excise - Assessable Value - Refund cannot be rejected merely because adjustments made through Credit/Debit Notes - it is clear that once the goods are supplied, the property in th

Central Excise - destruction or loss of goods, by natural causes or unavoidable accident, is essentially a subjective satisfaction - No question of Law: HC

Merger of authorized capitals of companies - Increase of authorized capital of the transferee company - Whether registration fees to be paid on the increased capital - Held, No.

Income Tax Act, 1961 - Sections 17 and 192 - Free meals coupon issued to employees - Some of them misusing the same - Whether company is liable to deduct TDS from the value of such free coupons provided – Held, No.

MUMBAI, SEPT 10, 2008 : THE issue was already decided by the Supreme Court in COMMISSIONER OF CUSTOMS & CENTRAL EXCISE, NOIDA Vs M/s PUNJAB FIBRES LTD, NOIDA - 2008-TIOL-24-SC-CX.