If the authorities are of the opinion that the goods ought not to be released pending the appeal, the straight-forward course for them is to obtain an order of stay or other appropriate direction from the Tribunal or the Supreme Court, as the case may be. Without obtaining such an order they cannot refuse to implement the order under appeal. As is well-known, mere filing of an appeal does not operate as a stay or suspension of the order appealed against.

The High Court had failed to notice that in view of the express provisions of the Act an assessee was entitled to compensation by way of interest on the delay in the payment of amounts lawfully due to the assessee which were withheld wrongly and contrary to the law by the department for an inordinate long period of up to 17 years.

In the instant case effect of the issue of right shares vis-a-vis original shares had not been fully kept in proper perspective by the Tribunal in its evaluation. Further the assessee was the chairman of the company and in fact that if he did not participate in buying right shares, that would have adverse effect on the value of the shares of the company

The High Court went beyond the matters which were the subject-matter of controversy before the departmental authorities and the Tribunal. It was never the case of the assessee at any stage that although it was a dealer in shares those shares which were the subject-matter of sale were held by way of investment.

In Gujarat State Fertilizers & Chemicals Ltd. (supra) a view has been taken that modvat credit can be taken on LSHS used in the manufacture of fertilizer exempt from duty. Although this decision was rendered in the context of availing modvat credit under the Central Excise Rules, 1944 as they existed prior to the promulgation of the Cenvat Credit Rules, 2002 the principle of law laid down is general and not specific to the Central Excise Rules, 1944.

Having interpreted the effect of the OMs dated 7.2.1986 and 3.7.1986, we are satisfied, that not only the requisition but also the advertisement for direct recruitment was issued by the SSC in the recruitment year in which direct recruit vacancies had arisen.

In these appeals filed by the Department, the issue which arises for determination is, whether the expenditure incurred by the assessee during the Accounting Year towards cost of replacement of machinery is an amount paid on account of current repairs allowable under Section 31 of the Income Tax Act, 1961? This issue is squarely covered by the decision of this Court in the case of Saravana Spg. Mills (P.) Ltd. (supra).

Clause 4.3 of the RBI Master Circular states is that there is scope even under the exiting legislations to initiate criminal action against wilful defaulters depending upon the facts and circumstances of the case under the provisions of Sections 403 and 415 of the Indian Penal Code, 1860 and the banks and financial institutions are strictly advised to seriously and promptly consider initiating criminal action based on the facts and circumstances of each case under the above provisions of the IPC.

The assessee has averred that ‘soft serve’ cannot be regarded as ice- cream since the former is marketed and sold around the world as ‘soft serve’. We do not see any merit in this averment. The manner in which a product may be marketed by a manufacturer, does not necessarily play a decisive role in affecting the commercial understanding of such a product. What matters is the way in which the consumer perceives the product at the end of the day notwithstanding marketing strategies.

SCset aside verdict of GujaratHC which had held that criminal proceedings for dishonouring of cheque can be initiated only when the cheque is dishonoured because of lack of sufficient amount in the bank account and not in case where a cheque is returned due to mismatch of signature of account holder.