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DATE: (Date of pronouncement)
DATE: March 31, 2008 (Date of publication)
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CITATION:

Meaning of the terms “manufacture”, “production” and “process”. The process applied to POY either for the purpose of texturising or twisting constitutes manufacture as the article produced is recognised in the trade as distinct commodity pursuant to the process it undergoes and which amounts to manufacture.

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DATE: (Date of pronouncement)
DATE: March 26, 2008 (Date of publication)
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Non-compete compensation paid to an employee for an indefinite period is business expenditure and not capital expenditure as no capital asset or benefit of enduring benefit came into existence. While the lenght of the period of the covenant is important, it is not decisive. What is more important is the purpose of the payment and its intended object and effect.

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DATE: (Date of pronouncement)
DATE: March 26, 2008 (Date of publication)
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CITATION:

Non-compete compensation received by an employee-director for agreeing not to carry on any business activity relating to software development for a period of 18 months constitutes a capital receipt as it is for loss of a source of income. See …

Rohitsava Chand vs. CIT (Delhi High Court) Read More »

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DATE: (Date of pronouncement)
DATE: March 25, 2008 (Date of publication)
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CITATION:

Sections 153A and 153C are not unconstitutional either on the ground of discrimination or on the ground that they allegedly exclude the principles of natural justice. Related Judgements CIT vs. Narendra Desai (Bombay High Court) Receipt for agreeing to refrain from …

Saraya Industries vs. UOI (Delhi High Court) Read More »

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

An order passed by the AO to give consequential effect to an appeallate order of an earlier year is not an order passed under section 154 and consequently the time limit of section 154(7) does not apply.

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DATE: (Date of pronouncement)
DATE: February 27, 2008 (Date of publication)
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CITATION:

The deletion of the second proviso to s. 43B by the Finance Act 2003 wef 1.4.2004 cannot be treated as a retrospective amendment and contributions towards PF beyond the period stipulated in s 36(1)(va) are not allowable deductions. Note: The …

CIT vs. Pamwi Tissues (Bombay High Court) Read More »

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

Where all the material facts were placed before the AO and he raised questions thereon, Explanation 1 to s. 147 has no application. Further, the argument that because there was no discussion in the assessment order, the AO had not …

Idea Cellular vs. DCIT (Bombay High Court) Read More »

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DATE: (Date of pronouncement)
DATE: February 8, 2008 (Date of publication)
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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 …

Hasan Ali Khan vs. ITSC (Bombay High Court) Read More »

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DATE: (Date of pronouncement)
DATE: February 8, 2008 (Date of publication)
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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 …

Krishna Lifestyle vs. UOI (Bombay High Court) Read More »

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COURT:
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DATE: (Date of pronouncement)
DATE: February 8, 2008 (Date of publication)
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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.

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