Category: Supreme Court

Archive for the ‘Supreme Court’ Category


Sahara India vs. CIT (Supreme Court) (Larger Bench)

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DATE: (Date of pronouncement)
DATE: April 18, 2008 (Date of publication)
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CITATION:

Before dubbing the accounts to be complex or difficult to understand, there has to be a genuine and honest attempt on the part of the AO to understand accounts maintained by the assessee; appreciate the entries made therein and in the event of any doubt, seek explanation from the assessee. The opinion must be based on objective criteria and not on the basis of subjective satisfaction. Recourse to s. 142 (2A) cannot be had by the AO merely to shift his responsibility of scrutinizing the accounts of an assessee and pass on the buck to the special auditor.

Pradip Mehta vs. CIT (Supreme Court)

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DATE: (Date of pronouncement)
DATE: April 12, 2008 (Date of publication)
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CITATION:

U/s 6 (6), a person will become an ordinarily resident only if (a) he has been residing in nine out of ten preceding years; and (b) he has been in India for at least 730 days in the previous seven years;

Sudarshan Silks vs. CIT (Supreme Court)

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DATE: (Date of pronouncement)
DATE: April 12, 2008 (Date of publication)
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CITATION:

The Tribunal deleted penalty on the finding that the assessee had been induced to offer undisclosed income on the assurance that penalty would not be levied. The frame of the question raised by the department in its appeal to the High Court did not challenge the perversity of the finding. However, the High Court still held that the finding was perverse. Held: the Tribunal is the final fact- finding authority and its decision on the facts can be gone into by the High Court only if a question has been referred to it which says that the finding of the Tribunal on facts is perverse, in the sense that it is such as could not reasonably have been arrived at on the material placed before the Tribunal. In the absence of such a question having been claimed, the High Court was obliged to accept the findings of fact arrived at by the Tribunal and then proceed to decide the question of law referred to it.

Synco Industries vs. ITO (Supreme Court)

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DATE: (Date of pronouncement)
DATE: March 15, 2008 (Date of publication)
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CITATION:

If the assessee has suffered a loss in one unit, the same has to be set-off against the profits of the undertaking eligible for deduction u/s 80IA etc and if the resultant figure is a loss, no deduction under Chapter VI-A is allowable;

Kerala Road Lines vs. CIT (Supreme Court)

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DATE: (Date of pronouncement)
DATE: March 15, 2008 (Date of publication)
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CITATION:

Interest paid for purchase of land held allowable as a deduction as the fact that the income on sale of scrap obtained on demolition of buildings on the land was offered as business income showed that the assessee had bought

CIT vs. Bilahari Investments (Supreme Court)

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DATE: (Date of pronouncement)
DATE: March 2, 2008 (Date of publication)
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CITATION:

In the case of a chit fund following the ‘completed contract method of accounting’ and offering income at the end of the chit, held, approving the method: (i) Recognition/identification of income under the Act is attainable by several methods of

Munjal Sales vs. CIT (Supreme Court)

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DATE: (Date of pronouncement)
DATE: February 24, 2008 (Date of publication)
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CITATION:

(i) A firm seeking to claim deduction of interest paid on capital from its partners has to first satisfy the requirements of s. 36(1)(iii) and thereafter the limits imposed by s. 40(b)(iv). The fact that the said capital is not

CCE vs. Punjab Fibres (Supreme Court)

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DATE: (Date of pronouncement)
DATE: February 19, 2008 (Date of publication)
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CITATION:

In the context of s. 35 of the Excise Act, held (1) Where the statute confers on the authority concerned a limited power of condonation of delay or does not provide any such power, the authority has no power to condone delay beyond the prescribed period;

State vs. Abraham Kurian (Supreme Court)

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DATE: (Date of pronouncement)
DATE: February 16, 2008 (Date of publication)
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CITATION:

(1) Tax administration is a complex subject. It consists of several aspects. The Government needs to strike a balance in the imposition of tax between collection of revenue on one hand and business-friendly approach on the other hand. (2) Exemption

DCIT vs. Core Health Care (Supreme Court)

COURT:
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SECTION(S):
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DATE: (Date of pronouncement)
DATE: February 12, 2008 (Date of publication)
AY:
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CITATION:

(i) Interest paid in respect of borrowings on capital assets not put to use in the concerned financial year are deductible under Section 36(1)(iii) of the Act; (ii) Interest on all moneys borrowed for the purposes of business are deductible

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