Judgements and Orders, Supreme Court and High courts of India

Held by Ho"ble court that since the incentive bonus was paid to the employees wholly and exclusively for business purposes such bonus was allowable as deduction u/s 37(1).

Section 226 of the Income-tax Act, 1961 - Collection and recovery of tax - Other modes of recovery - Whether section 226(3) would be applicable when a money is due to assessee from any person - Held, yes Section 226 of the Income-tax Act, 1961 -

Held by the Hon`ble Court that, the books of accounts revealed that the expenses were incurred by the assessee but not able to produce the proper vouchers for the expenses incurred and this is not amount to concealment of income. Therefore Penalty un

Section 112, read with section 48, of the Income-tax Act, 1961 - Capital gains Tax on long-term capital gains - Whether benefit of proviso to section 112(1) cannot be denied to non-residents/foreign companies who are also entitled to a different reli

Held by the Hon`ble Court that,the assessee should have been given an opportunity to put forth the case in respect of any issue which had been left out of consideration in the original order passed by the authority by giving due opportunity. Hence or

Section 23 of the Income-tax Act, 1961 - Income from house property - Annual value - Assessment year 2003-04 - Whether words, ‘property is let’ as appearing in section 23(1)(c) mean actual letting out of property - Held, no - Whether if a property is

Section 211, read with sections 209 and 642, of the Companies Act, 1956 - Accounts - Form and contents of - Whether since Act nowhere deals with recognition and measurement of various items of income and expenses, assets and liabilities and it only d

CLEARING AND FORWARDING AGENT Section 65 of the Finance Act, 1994 - Clearing and forwarding agent - Whether for purposes of service tax a consignment agent should be deemed to be a clearing and forwarding agent and services rendered by a consignme

Held by the Hon`ble Court that, an order cannot be treated as an erroneous order prejudicial to the interest of the revenue unless the view taken by the A.O. is unsustainable in law. Therefore exercise power under section 263 is not justified in law.

Section 251 of the Income-tax Act, 1961, read with rule 46A of the Income-tax Rules, 1962 - Commissioner (Appeals) - Powers of - Assessment year 1997-98 - Whether Commissioner (Appeals) has power to receive new/additional evidence for deciding issue