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JCIT vs. United Phosphorus (Supreme Court)

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DATE: (Date of pronouncement)
DATE: February 12, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

The question as to whether the assessee had an option in law to claim partial depreciation in respect of any block of assets is remanded to the High Court to consider in the light of Mahendra Mills 243 ITR 56

DCIT vs. Gujarat Alkalies (Supreme Court)

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DATE: (Date of pronouncement)
DATE: February 12, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

Commitment charges paid in respect of borrowed moneys are allowable as a deduction u/s 37(1) of the Act.

ITO vs. Ellora Silk Mills (ITAT Mumbai)

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DATE: (Date of pronouncement)
DATE: February 10, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

(i) Where the AO had accepted in the past that the warehousing charges received by the assessee was business income, he was not justified in reopening the assessment to assess the charges as property income in the absense of any

Hasan Ali Khan vs. ITSC (Bombay High Court)

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DATE: (Date of pronouncement)
DATE: February 8, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

(i) The Chairman of the Settlement Commission has the power to constitute a Special Bench and he is not required to give reasons or produce the material in support thereof. (ii) It is not as if the moment an application

Krishna Lifestyle vs. UOI (Bombay High Court)

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DATE: (Date of pronouncement)
DATE: February 8, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

(i) While the arrears of the State have priority over private debts owed to ordinary or unsecured creditors, this priority does not extend over secured creditors (subject to statutory exception). The fact that the tax arrears are recoverable as arrears

CIT vs. Nicholas Piramal (Bombay High Court)

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DATE: (Date of pronouncement)
DATE: February 8, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

As s. 192 requires the employer to deduct tax on the “estimated income” of the employee, the test is whether he acted in a bona fide and honest manner. Where the employer allowed the employees deduction under sections 10(5) and 10(14) only on the basis of declarations filed by the employees without verifying actual expenditure incurred by the employee & maintaining records thereof, it could still be regarded as having acted in a bona fide manner.

CIT vs. Saumya Leasing (Bombay High Court)

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DATE: (Date of pronouncement)
DATE: February 8, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Deduction under section 80M can be claimed even in respect of the interim dividend declared for the succeeding financial year before the due date.

CIT vs. Silver Streak (Delhi High Court)

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DATE: (Date of pronouncement)
DATE: February 8, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

High Court deprectaes the practice of the department in mechnaically filing frivolous appeals. Observes that it causes inconvenience and wastes the time of the Court and results in sidelining of important issues. It accordingly imposes costs of Rs. 10,000 on

Mangat Ram vs. State (Supreme Court)

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DATE: (Date of pronouncement)
DATE: February 8, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

The Supreme Court deprectaes the practice of the High Court in disposing of matters without recording reasons. Explains that while the Supreme Court itself, being the final court, may pass orders without reasons, the High Courts and lower courts are

Jamna Auto Industries vs. CIT (P & H High Court) (Full Bench)

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DATE: (Date of pronouncement)
DATE: January 31, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

While damages or penalty which are compensatory in nature are allowable as a deduction u/s 37(1) of the Act, damages which are penal in nature and in respect of infraction of law are not allowable as a business expenditure. Amounts

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