Judgements and Orders, Supreme Court and High courts of India

The material expression in section 194A(1) is “at the time of credit of such income to the account of the payee”. When interest is debited to ‘Interest Account’, the debit is for a specific amount calculated with reference to the liability of the ded

An allowance is granted by clause (i) of section 31 in respect of amount expended on current repairs to machinery, plant or furniture used for the purposes of business, irrespective of whether the assessee is the owner of the assets or has only used

'Stock appreciation rights' different from 'stock options' – redemption taxable under salary; if it is not salary, it is other income - High Court and Supreme Court judges are not employees, but their salary is taxable under heading salary : ITAT

Held by the Hon`ble Court that, it is well settled law that while disposing of an appeal , the authority must record reason of its decision. Therefore it is not justified in law to dispose of an appeal without recoding any reason.

It may be necessary for the aforementioned purpose to bear in mind that the immunity granted pursuant to acceptance of a declaration made under the voluntary taxation scheme or Kar Vivad Samadhan Scheme, 1998 does not lead to a total immunity. Immuni

On consideration of the background under which the assessee-Corporation came into being and taking into account the provisions under articles 46 and 47 of the Constitution, it was clear that the assessee was primarily formed to ameliorate the sufferi

Held by the Hon`ble Court that as no nexus could be found between the borrowing and the interest free advance to sister concern and with clear finding that there was no element of commercial expediency, the interest paid on borrowed fund is not deduc

S. 142 - Inquiry before assessment

A bare reading of section 68 suggests that there has to be credit of amounts in the books maintained by assessees; that such credit has to be of a sum during the previous year; and that the assessees offer no explanation about the nature and source o

Primary burden of proof, therefore, is on the revenue. The statute requires satisfaction on the part of the Assessing Officer. He is required to arrive at a satisfaction so as to show that there is primary evidence to establish that the assessee had