Constitution of India.
Art 141 : Law declared by the Supreme Court shall be binding on all courts with in territory of India – Binding precedent -A decision , unaccompanied by reasons can never be said to be a law declared by the Supreme Court , though it will bind the parties inter se in drawing the curtain on the litigation .
Interpretation – Doctrine of precedents and stare decisis -Binding precedent .
Interpretation- Precedent – Doctrine of merger- Non -Speaking order of Supreme Court refusing to special leave to appeal – Doctrine of merger would not apply . [ Constitution of India , Art . 141 ]
S. 2(22)(e):Deemed dividend – Loans and advances to subsidiary – Not established the business purposes – Addition as deemed dividend is held to be valid – Reassessment is also held to be valid [ S. 147 , 148 ]
S. 2(22)(e):Deemed dividend –Redeemable debenture – Addition cannot be made as deemed dividend – Advance for purchase of machinery – In the course of business addition cannot be made as deemed dividend – Intercorporate deposit – Repaid before end of relevant year – Addition as deemed dividend is held to be justified
S. 2(22)(e):Deemed dividend – Business transaction – Common directors – Advance in the course of business as commercial transactions – Addition cannot be made as deemed dividend
S. 2(22)(e):Deemed dividend – Share holder – Transferred share holding on borrower company to lender company before advance of loan – Addition cannot be made as deemed dividend .
S. 2(22)(e):Deemed dividend – Allotment of shares- Debited value of shares in the ledger account – Addition of debit balance as deemed dividend is held to be not be not justified .
S. 2(1A) : Agricultural income – Rubber manufacturer – Sale of rubber trees and timber cannot be brought to tax under rule 7A [ R.7A ]
S.148: Reassessment — Notice -Principal Officer- Notice issued in the name of Principal officer was quashed [ S.2(35(b) , 147 , Art . 226 ]