Judgements and Orders, Supreme Court and High courts of India

Applicability of Section 40(b) ::

CA.Saibaburao Nanduri 05 September 2007 at 11:25

Discounts are given for business exigencies to everyone and as such discounts are neither salary nor commission, provisions of section 40(b) are not applicable to such discounts.

Posted in Income Tax | 60 Views

Income from property inherited to son in case of HUF ::

CA.Saibaburao Nanduri 05 September 2007 at 11:25

The property of the father inherited by his son, assessed in his individual capacity and not as karta of the HUF.Hence, income from such property belonged to the assessee.

Posted in Income Tax | 66 Views

Capital or revenue expenditure !

CA.Saibaburao Nanduri 05 September 2007 at 11:25

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

Posted in Income Tax | 29 Views

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 | 49 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 | 50 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 | 40 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 | 56 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 | 37 Views