S. 69C : Unexplained expenditure-Search and seizure-Duplicate account-Yield in various years-Finding reversed relying on statement-Order of Tribunal is restored. [S. 132, 143(3)]
S. 69C : Unexplained expenditure-Search and seizure-Duplicate account-Yield in various years-Finding reversed relying on statement-Order of Tribunal is restored. [S. 132, 143(3)]
S. 69 : Unexplained investments-Unexplained money-Possession of goods as bailee for carriage of goods-Does not render owner of gods or deemed to be owner-Bitumen is not a valuable article in context of section 69A-Assessee was mere carrier supplying goods (Bitumen) from consignor i.e. oil marketing companies to consignee i.e. road construction department, he could not be said to be owner for purpose of section 69A of the Act-Other Valuable article-Interpretation Of Taxing Statutes-Ejusdem Generis-Noscitur A Sociis-To be construed Ejusdem Generis with money, bullion or jewellery-Additions deleted. [S. 69A,Carriage by Road Act, 2017, S 15,Contract Act, 1872, S. 148, Transfer of Property Act, 1882, S. 54, Indian Penal Code, 1860, S. 405, Sale of Goods Act, 1930, S. 27, 39, Circular No. 20 of 1964, dated 7-7-19964 instruction No. 1916 dated 11-5-1994 ]
S. 68 : Cash credits-Failed to prove identity, creditworthiness and genuineness of transaction-SLP of assessee dismissed.[Art. 136]
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Compulsory acquisition of land and buildings-S.2(47), 45, Transfer of Property Act, 1882, The Indian Registration Act, 1908, Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, S.96]
S. 45 : Capital gains-Retirement-Firm-Excess of amount due-Goodwill-No discussion in the judgement-Matter remanded to the High court for reconsideration.
S. 43B : Deductions on actual payment-Electricity duty-A Licensee-An agency to collect electricity duty from consumers and to pay it to State Government-Disallowance not attracted-SLP of Revenue is dismissed. [Art. 136]
S. 37(1) : Business expenditure-Provision for warranty-Depreciation on intellectual property. [S. 32, 145(2), 260A]
S. 37(1) : Business expenditure-Capital or revenue-Contingent-Ascertained expenditure-Premium payment on redemption of shares which has been quantified-Allowable as revenue expenditure-Duty of Tribunal to give finding based on facts. [S. 254(1)]
S. 37(1) : Business expenditure-Business loss-Unexplained investments-Search-Unaccounted silver-Penalty or confiscation-Loss on account of confiscation-Not allowable as business loss. [S. 28(i), 37(1), Expln. 69A, 115BBE]
S. 37(1) : Business expenditure-Lease of assets-Lease rent assessed as business income in the assessment of lessor-lease rent should be allowed as deduction-Revenue cannot contend that the assessee is the owner. [S. 32, Art. 132]