The Judgment of the Court was delivered by R.M. SAHAI, J.- The question of law that arises for consideration in these appeals, directed against orders passed by the National Consumer Disputes Redressal Commission (referred hereinafter as National Commission), New Delhi is if the statutory authorities such as Lucknow Development Authority
The question whether the charge was voluntary or involuntary will have to be decided with reference to the facts relating to the creation of such charge. If the charge is created voluntarily, it remains so, whether it is created before the amendment or after the amendment.
In Gannon Dunkerley and Co. and others Vs. State of Rajasthan and others Supreme Court held that in a building contract which is one, entire and indivisible there is no sale of goods, and it is not within the competence of the Provisional Legislature under Entry 48 to impose a tax on the supply of materials used in the contract treating it as sale
There is no finding of fact to the effect that actually the loan had been granted to the managing director or any other person on interest, or that interest had actually been collected and the collection of the interest was not reflected in the accounts.
One of the tests of what constitutes ‘oppression’ within the meaning of Section 397 of the Act is to see whether the majority is taking an unfair advantage of their position as a majority. The second test is to find out whether in the exercise of the fiduciary power, the group concerned was attempting to destroy the existing majority or to create a new majority which did not exist previously.
Enactment of new provisions in the Income-tax Act, 1961, instead of reducing more than not, increases litigation This is either because of the ambiguity or lack of clarity in the provision enacted or the manner in which the newly enacted provision is applied The present case falls in the second category as we shall presently see
Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in upholding the orders of the Commissioner of Income-tax (Appeals) deleting the addition of Rs. 1,08,644 made in the assessment for the assessment year 1980-81, being the amount transferred to the ‘molasses storage fund’ from the sale proceeds of the molasses ?
Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that two courses were open to the assessee, one being to claim depreciation and the other being forgo the depreciation and any course which is beneficial to the assessee could be adopted and the incidence of tax can be legitimately reduced
Section 147(b)-Scope of-Assessment year 1961-62-Reassessment-Interpretation and meaning of the word information-Material coming to the notice of the Income Tax Officer subsequent to original assessment-Meaning of the word Escape. Dissolution of Firm-Valuation of closing stoc- Principles-In continuing business closing stock to be valued at cost or market price which ever is lower-Where business is discontinued, the closing stock to be valued at market price.
It is evident from a reading of these two clauses that clause (iii) which permitted any amount paid by way of interest on a mortgage or other capital charge was deleted and clause (iv) was amended in such a manner as to make only that annual charge which is not voluntary or which does not amount to a capital charge alone deductible.
