Judgements and Orders, Supreme Court and High courts of India

Business expenditure/loss : Assessee federal society of primary milk societies : Milk rate difference determined in March and paid in subsequent year : Is allowable business expenditure/loss.

Revision : S. 263 of Income-tax Act, 1961 : A.Y. 2002-03 : Notice u/s.263 referring to four issues and final order passed referred to nine issues : Order of revision bad in law.

Recently, the Bombay High Court in the case of various stock broking houses1 held that the depreciation cannot be granted on Bombay Stock Exchange Membership Card (BSE card) acquired on or after 1 April 1998 either by nomination or directly through

Derivatives transactions having underlying asset as shares are covered under section 43(5) prior to the amendment (effective from AY 2006-07) exempting derivatives from the definition of ‘speculative transaction’

All F & O transactions before 2006 to be held as speculative

Set - off of short-term capital loss which has been subject to STT against short-term capital gains arising on off-market transactions including buy back / open offer, etc., which are not subject to STT

If it is held that the transaction in derivatives does not fall in section 43(5), it will make clause (d) and Explanation thereto below section 43(5) introduced by Finance Act, 2005 to be redundant.

Stock Exchange card is NOT an intangible asset eligible for depreciation

In both the writ appeals, one filed by the firm and the other by the partner of the firm, as a common question of law is involved, they are being heard together and disposed of by this common judgment.

Penalty under section 271(1)(c)-Concealment-Addition to income based on estimate basis-Where in a case there is nothing on record to substantiate that there was failure on part of assessee to return correct income penalty under section 271(1)(c) cann