Judgements and Orders, Supreme Court and High courts of India

IN THE HIGH COURT OF DELHI AT NEW DELHI SUBJECT : COMPANIES ACT Crl.M.C. 23/2005 Date of decision : 05.05.2009

Depreciation — Higher depreciation could not be allowed on the motor trucks used in business of running them on hire, unless there is an evidence that the assessee was in the business of hiring out motor vehicles.

Business Expenditure — S. 42(1) — Special provisions for prospecting for mineral oil — Production sharing contract accounts is an independent accounting regime — Foreign exchange losses on account of foreign currency transaction is allowable as a ded

Appeal to the High Court — Finding of facts recorded by the Tribunal that machinery was not idle for the entire block period — hence it was not necessary to go into the connotation of the word ‘used’ appearing in S. 32 of the Act

Business expenditure : Bonus : S. 36(1)(ii) of Income-tax Act, 1961 : A.Y. 1985-86 : Customary bonus over and above payable under the Bonus Act : Paid for last 10 years as a practice : Eligible for deduction u/s.36(1)(ii) second proviso.

12 May 2009, 0715 hrs IST, ET Bureau MUMBAI: In a first-of-its-kind judgement, the Income-Tax Appellate Tribunal (ITAT) recently ruled that a recipient of an interest-free loan from a non-relative is not liable to pay tax. The judgement will c

1. This is an appeal preferred by the assessee under Section 260A of the Income Tax Act, 1961(hereinafter referred to as the ‘Act’) against judgment dated 20.10.2006 passed by the Income Tax Appellate Tribunal (hereinafter referred to as the ‘Trib

No interest under s.201(1A) of the Income Tax Act 1961 could be charged on the assessee for the period after the date of payment of tax by the payee