Judgements and Orders, Supreme Court and High courts of India

Central Excise – High Court not to interfere at Show cause Notice stage : Madras High Court

Where a deposit stands in the name of a third person and where that person is related to the assessee, in such a case the proper course would be to call upon the person in whose books the deposit appears or the person in whose name the deposit stands

Held by the Hon`ble Court that, by virtue of its right by way of a lease form month to month or for a period not more than one year assessee is not owner of the house property as per section 27(iiib). Therefore income is assessable as business income

Therefore, keeping in view the facts and circumstances of the instant case and, in particular, having regard to the fact that the Commissioner exercising its revisional jurisdiction reopened the order of assessment only in relation to lease equalizat

What is conclusive is the order passed under section 90(1) determining the sum payable under the scheme. The terms ‘direct tax enactment’ or ‘indirect tax enactment’ or ‘any other law for the time being in force’ refer only to those statutes under wh

The material expression in section 194A(1) is “at the time of credit of such income to the account of the payee”. When interest is debited to ‘Interest Account’, the debit is for a specific amount calculated with reference to the liability of the ded

An allowance is granted by clause (i) of section 31 in respect of amount expended on current repairs to machinery, plant or furniture used for the purposes of business, irrespective of whether the assessee is the owner of the assets or has only used

'Stock appreciation rights' different from 'stock options' – redemption taxable under salary; if it is not salary, it is other income - High Court and Supreme Court judges are not employees, but their salary is taxable under heading salary : ITAT

Held by the Hon`ble Court that, it is well settled law that while disposing of an appeal , the authority must record reason of its decision. Therefore it is not justified in law to dispose of an appeal without recoding any reason.

Held by the Hon`ble Court that as no nexus could be found between the borrowing and the interest free advance to sister concern and with clear finding that there was no element of commercial expediency, the interest paid on borrowed fund is not deduc