Judgements and Orders, Supreme Court and High courts of India

The scope and ambit of a proceeding for rectification of an order under section 154 and a proceeding for revision under section 263 are distinct and different. Order of rectification can be passed on certain contingencies. It does not confer a power

The expression ¡¥commercial expediency¡¦ is an expression of wide import and includes such expenditure as a prudent businessman incurs for the purpose of business. The expenditure may not have been incurred under any legal obligation, yet it is allow

Held by the Hon`ble Court that, unless the A.O. had rejected the entire books of accounts to be totally unreliable and finding extreme perversity in declaration of debts to be bad debts the stand of assessee cannot be ignored by the revenue. Therefor

Held by the Hon`ble Court that, it is not open to the assessing authority to embark upon any other enquiry and reopen the case which is already decided by the Tribunal in the favour of the assessee.

It is well-settled that in a best judgment assessment, there is always a certain degree of guess work. No doubt, the authorities concerned should try to make an honest and fair estimate of the income even in a best judgment assessment, and should not

Existence of mens rea is essentially a question of fact. The Tribunal alone, as the highest authority empowered to determine the question of fact, would be entitled to go thereinto. However, the same would not mean that the High Court will have no ju

The scope and effect of section 147, as substituted with effect from 1-4-1989, as also sections 148 to 152 are substantially different from the provisions as they stood prior to such substitution. Under the old provisions of section 147, separate cla

Held by the Hon`ble Bench that whenever the law provides any concession for its rigors, the observance and satisfaction of the qualifying criteria are presumed and section 44AD would not operate to curtail the scope of section 2(24) read with section

80HHC deduction is required to be allowed after apportionment of income under Rule 8(1) of the 1962 Rules.

Inocme Tax Act, 1961-S. 43A(1)- Allowability of investment allowance u/s 32A- Tribunal and the High held that the allowance was to be granted in different assessment years- Order set asie- Matter remitted back to the High Court for fresh adjudicatio