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It may be noted that rod/bar and wire falls under different heading of CETA. It means that the legislature have treated these two products as two distinct and different products. When the legislative intent of the Parliament is clear about treating these two products differently, it cannot be said that they are same products. The above “Test of different heading” was applied by the Hon’ble Supreme Court in Lal Woolen and Silk Mills Ltd. V/s CCE, Chandigarh [1999 (1.. Full Article

In March 2008, Central Board of Direct Taxes (CBDT) inserted Rule 8D in the income tax rules laying down the formula for the disallowance of expenses incurred in relation to exempt income. With the recent pressures to boost tax collections, the rule has created an endless bout of litigation as authorities are taking aggressive tax positions resulting [...] Full Article

SUMMARY OF CASE LAW Section 164 gets attracted only when the shares of the beneficiaries are unknown, which is manifest from the marginal heading of that section itself; so long as the trust deed gives the details of the beneficiaries and the description of the person who is to be benefited, the beneficiaries cannot be [...] Full Article