Judgements and Orders, Supreme Court and High courts of India

Held by the Hon`ble Court that, mere fact that the assessee had given separate receipt to the costumers and made suspense account for excess price collected does not change the character of the transaction. Therefore the receipt is trading receipt.

If the notice returned unserved due to non-availability of proper address cannot be held as empathy on the part of Revenue. Hence, the appeal got dissmissed

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.

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.

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

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

It was held by the High Court that the benefit of the exemption notification would be granted to the assessee.

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.

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

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.