Held so long as the change made by the assessee in his method of accounting is bona fide and amounts to a permanent arrangement to be followed, the Revenue has no cause to complain. The conclusion drawn by the Tribunal that the change in the method of valuation adopted by the assessee, namely, from “lowest… Read More »
Held It is possible that a suit is filed before an appropriate civil court regarding the title to an immovable property and such immovable property later becomes the subject-matter of a bank’s claim. At the time of institution of the civil suit, the bank may not have had any claim or the property may not… Read More »
SUPREME COURT OF INDIA Union of India v. Indusind Bank Ltd. C. NAGAPPAN AND R.F.NARIMAN, JJ. CIVIL APPEAL NOS. 9087-9089 OF 2016 SEPTEMBER 15, 2016 Ms. Manita Verma, Vibhu Shankar Mishra, R.K. Rathore, Arvind Kumar, Raj Bahadur Yadav, M.K. Maroria, Ms.Shruti Srivastava and Shreekant N. Terdal, Advs. for the Petitioner. Pranab Kumar Mullick, Mrs.… Read More »
Held The provisions of section 50C are deeming provisions. It is settled law and well accepted rule of interpretation that deeming provisions are to be construed strictly. Thus, while interpreting deeming provisions neither any words can be added nor deleted from language used expressly. We should apply the ‘Rule of Strict Interpretation’ as well as… Read More »
Held The burden is upon the assessee to show and prove that interest free fund far exceeds the value of investment and thereafter, to justify the quantification of amount of Rs. 4 lakhs towards disallowance for the exempted income. In the present case, the said burden has not been discharged satisfactorily and thereafter, the assessing… Read More »
Held The assessee is undoubtedly an owner of the property but he is not an absolute owner. His ownership is restricted to a certain percentage of the right in the property. The assessee has collected the rent payable with respect to the property in its entirety and thereafter has passed on the rent including the… Read More »
Issue is whether s 128B of the Income Tax Assessment Act 1936 (ITAA 1936) applied to payments that Seven Network Limited (Seven), a resident of Australia, paid to the International Olympic Committee (IOC), a resident of Switzerland, between March 2006 and August 2008 for the broadcasting rights to the Olympic Games. Whether s 128B of… Read More »
Held The goods being transported in a vehicle running upon fixed rails could not be detained under Section 51 of the Act, at the relevant time. HIGH COURT OF PUNJAB AND HARYANA State of Punjab v. Indo Arya Central Transport Ltd. RAJESH BINDAL AND HARINDER SINGH SIDHU, JJ. VAT APPEAL NO. 73 OF 2009 (O… Read More »
Held Increasingly organizations are moving towards computerized integrated manufacturing, where more and more computers, robots, and microprocessors are used in conjunction with the machines. But the machines cannot be called as computers even though computer is an integral and dedicated part of the whole machine. That computer in the machine cannot be used for any… Read More »
HIGH COURT OF DELHI Taxation Bar Association (REGD.) v. Chief Secretary, Government of NCT Delhi MS. G. ROHINI, CJ. AND JAYANT NATH, J. W.P. (C) NO. 5263 OF 2016 SEPTEMBER 16, 2016 Vasdev Lalwani, Ms. Neera Gupta, Vinod Gautam and Mukul Gautam, Advs. for the Petitioner. Satyakam, ASC for the Respondent. ORDER Ms. G. Rohini,… Read More »