Judgements and Orders, Supreme Court and High courts of India

Reversal of Modvat Credit ::

CA.Saibaburao Nanduri 05 September 2007 at 11:25

Notification no.15/94-C.E.dated 01.03.94 exempts certain final products of chapter 39 from payment of excise duty only if credit is not taken on inputs used for manufacturing final products.The court held that reversal of Modvat credit amounts to non

Posted in Custom | 45 Views

Reversal of Modvat credit ::

CA.Saibaburao Nanduri 05 September 2007 at 11:25

It was held by the High Court that the benefit of the exemption notification would be granted to the assessee.

Posted in Custom | 48 Views

Nature of Receipts

CA.Saibaburao Nanduri 05 September 2007 at 11:25

That business of developing and printing of photographic films is only a service contract and does not include any element of sale of goods. Hence, question of bifurcating receipts into sales and service elements doe not arise.

Posted in Service Tax | 39 Views

FEMA :: Imprisonment and Fine ::

CA.Saibaburao Nanduri 05 September 2007 at 11:25

Held by Supreme Court that under section 56(1) (i) of the Foreign Exchange Regulation Act,although imprisonment is compulsory for not less than six months,yet the company can be prosecuted. It is clear and explicit that statute do not provide any imm

Posted in Miscellaneous | 51 Views

Negotiable Instruments Act,1981 :: Liability for dishonour of cheque ::

CA.Saibaburao Nanduri 05 September 2007 at 11:25

Held by Ho"ble court that liability u/s 141 is attracted if the person accused was incharge of and responsible for conduct of the company at the time of the offence. Hence the above mentioned fact has to be established before applying section 141.

Posted in Others | 33 Views

Certificate under section 12 A ::

CA.Saibaburao Nanduri 04 September 2007 at 19:50

Any society merely because it has religious nature it can not be debarred from grant of registration under section 12A.

Posted in Income Tax | 57 Views

Unexplained Investments ::

CA.Saibaburao Nanduri 04 September 2007 at 19:50

The income from undisclosed sources should be assessed separately in the hands of firm and partners.

Posted in Income Tax | 46 Views

Depreciation u/s 32 ::

CA.Saibaburao Nanduri 03 September 2007 at 16:33

To claim depreciation under section 32 mere possession and use the property for the purpose of business or profession is enough

Posted in Income Tax | 50 Views

Business Income or Income from House Property ??

CA.Saibaburao Nanduri 03 September 2007 at 13:18

The primary objective of the assessee is to be seen. If the main intention is to exploit the immovable property by way of commercial activities it must be held as business income.

Posted in Income Tax | 40 Views