Membership and entry of a dealer in the OTC Exchange was only on payment of non-refundable deposits, upon the non payment of which the assessee would have been termed as an "inactive" member. This payment could not be treated as one of an "enduring n
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
It was held by the High Court that the benefit of the exemption notification would be granted to the assessee.
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.
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
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.
Any society merely because it has religious nature it can not be debarred from grant of registration under section 12A.
The income from undisclosed sources should be assessed separately in the hands of firm and partners.
To claim depreciation under section 32 mere possession and use the property for the purpose of business or profession is enough
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.
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