Exemption available under Chapter VI-A in respect of profits of industrial undertakings is available only in respect of income qualifying the litmus test of “profits or gain derived from undertaking”. The revenue and assessees have been locking their horns over the issue of Subsidies
Supreme Court, in State of Punjab Vs. M/s. Shreyans Indus Ltd., has held that power of the Sales Tax Commissioner to extend the time to pass an order on assessment is to be exercised before the normal period of assessment expires.
Employee Aggrieved By His Termination Can Move Labour Court Where He Had Been Employed Or Where The Company Headquarters Is Located: SC
Registration of the application under Section 12AA of the Income Tax Act in the case of the assessee shall take effect from 24.08.2003 i.e. post 6 months from the date of application for registration.
Supreme Court held In the case of Prakash & Ors vs. Phulavati & Ors that the text of the amendment itself clearly provides that the right conferred on a ‘daughter of a coparcener’ is ‘on and from the commencement of Hindu Succession (Amendment) Act, 2005’.
The court also agreed with the view of Delhi HC in CIT vs Dalmia Cement Ltd [ 2002 (254) ITR 377], wherein the court held that once it is established that there is nexus between expenditure and purpose of business (which need not be necessarily be the business of the assessee itself), the Revenue cannot proceed to disallow the claim.
Supreme Court held In the case of ACIT vs. M/s. Micro Labs Ltd. that – As per first thought of opinion, Section 80-IA (9) is quite unambiguous, which clearly provides that if an assessee claims any deduction under the provisions of Section 80-IA
In the Case of M/s GMR Energy Ltd vs. Commissioner of Customs, Bangalore, Hon’ble Supreme Court while dealing with the appeal of the assessee and of the revenue held that Rules 4 and 9 of the Custom Valuation Rules, 1988 would only apply in case imported goods are sold for export to India.
In the case of Commissioner of Central Excise, Pune V/s. Hindustan National Glass and Industries Limited, it was held that the onus is on the revenue to establish that there has been depression of assessable value and that being the thrust of the matter, liberty is granted to the revenue to produce the documents in this regard to discharge the onus.
Supreme Court held In the case of M/s Ganapathy & Co. vs. CIT that in the current case, each relevant fact considered by the High Court to answer the questions referred to it on the claim(s) of deduction raised by the assessee are acknowledged, admitted and undisputed facts.
