Others Judgements

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Suspicion of highest degree cannot take place of evidence

 20 January 2016

Bogus Sales/ Purchases: Addition solely on the basis of information received from the sales-tax department is not sustainable. Suspicion of the highest degree cannot take the place of evidence.

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SC upholds plea of revenue neutrality in case of captive consumption to set aside invocation of extended period

 15 June 2015

The Hon’ble Apex Court held that even though the goods were found to be different, payment of duty taking comparative value was done with bona fide belief. When entire exercise was revenue neutral (i.e. credit of duty paid on captive consumption was

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Freight and other costs is includable in value of goods where transfer of property takes place at buyer's premises

 04 June 2015

The Hon’ble Apex Court set aside the Order of the Hon’ble CESTAT and held that the Respondent was not entitled to deduction of freight etc., from factory to buyer's premises.

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Export condition fulfilled even if payment is received in indian rupees

 28 May 2015

Accordingly, it was held that even though the Appellant received the payment in Indian Rupees but the same is deemed to be convertible foreign exchange and accordingly the condition as provided under Rule 3(ii) of the Export of Service Rules stand co

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Delhi High Court non-taxable income

 16 April 2015

The question of law urged by the assessee is whether the decision of the ITAT as to the disallowance under Section 14A of the Income Tax Act, is in error of law. Assessee mainly engaged in the business of coal preparation had reported a tax exempt in

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Whether deduction u/s 80HHC can be allowed from domestic business if exports business has suffered a loss?

 13 April 2015

The appellant company is engaged in the business of export of Marine products and also financial consultancy and trading in equity shares. Its total business does not consist purely of exports but includes business within the country. AO held that th

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Whether income exempt u/s 10 has to be excluded while computing income of charitable institutions exempt u/s 11? Whetherrequirement in section 11 with regard to application

 11 April 2015

The substantial question of law raised was whether an assessee claiming exemption u/s 11 can claim that income exempt u/s 10(33) and 10(38) to be excluded while computing the application of income for charitable or religious purpose. Held that there

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Whether expenditure allowable u/s 35D can be capitalized to asset for claim of depreciation u/s 32?

 16 March 2015

In the Assessment Year 1980-81, the assessee had issued 6,25,000 equity shares of Rs.10/- each. Accordingly, a sum of Rs.62.50 lakhs was adjusted by issue of shares and the balance application money was refunded to the subscribers. The increase in th

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Whether assessments which have attained finality u/s 153A can be disturbed or varied if no incriminating material is found qua the addition made?

 25 February 2015

Assessee is an individual having salary income and income from other sources. Return of income for A.Y. 2002-03 was filed on 31.03.2003 u/s 139 and for A.Y.2004-05, return was filed on 31.03.2005 u/s 139. After the filing of the return of income, no

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Whether transaction of call/put options in foreign currency are "derivatives" and whether loss suffered therein is a "speculation" loss?

 24 February 2015

Assessee is an Investment Management Consultant. During Scrutinyassessment, the AO noticed that the assessee had claimed a loss of Rs.93,63,235/- on account of loss on foreign currency futures. The AO disallowed the loss considering the provisions of

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