Whether A.O. was justified in invoking section 145 to value closing stock at cost or market price which ever is lower where assessee had adopted the policy of valuing its closing stock at market price only.
Section 2(7), read with section 4, of the Interest-tax Act, 1974.
There are a number of tests which are required to be considered while deciding whether the expenditure was revenue or capital in nature. A number of judgments have been cited before us in that regard. However, in the absence of the requisite details
Section 2(7), read with section 4, of the Interest-tax Act, 1974.
Whether exemption allowed to partial let out building which is partialy used for the business.
Whether the reversal of Modvat credit can be treated as non-availment of credit.
In the instant case, the matter was to be remitted to the Assessing Officer for the following reasons. Firstly, in the instant case there was no factual finding recorded by the High Court as to whether the ‘sales made through the export houses by the
It was not in dispute that when the order of the Commissioner was passed, there were two views on the word ‘profit’ in section 80HHC. The problem with section 80HHC is that it has been amended eleven times. Different views existed on day when the Com
Case Fact: Whether the transaction of sale of computer software package off the shelf be considered as sale of goods.
The power to levy a surcharge on income-tax is traceable to article 271 read with entry 82 of list I of seventh schedule to the Constitution of India. That power is not traceable to section 4 of the 1961 Act. Every year the Finance Act is enacted by
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