Search Results for "Clarificatory Circulars"

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Supreme Court Dismisses Appeal of NBFC in Income Tax Dispute on Set-off of Speculation Loss. Principal Business Determined by Actual Activities, Not Registration; Amendment to Explanation to Section 73 Held Prospective.

The appeal arose from a judgment of the Calcutta High Court in an appeal under Section 260A of the Income Tax Act, 1961, concerning the assessment yea...

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Bombay High Court Allows Petitions Challenging Levy of Entry Tax on Natural Gas Under Maharashtra Entry Tax Act, 2002 — Holds That Natural Gas Is Not 'Goods' for Entry Tax Purposes When Supplied Through Pipelines

The judgment concerns four writ petitions filed by companies (Deepak Fertilisers and Petrochemicals Corporation Ltd., Smartchem Technologies Ltd., Emp...

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Bombay High Court Dismisses Appeal in Customs Case — Conversion of DEEC Shipping Bill to Drawback Scheme Denied. CBEC Circular No. 4/2004 Mandates Prior Denial of DEEC Benefit by DGFT or Customs Authorities, Which Was Not Established.

The appellant, Manawat Plastics Pvt. Ltd., exported Woven PP Bags/Fabrics under three Shipping Bills dated 06.08.2002, 13.08.2002, and 16.09.2002 unde...

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Bombay High Court Dismisses Appeal in Customs Case — Conversion of Shipping Bill from DEEC to Drawback Scheme Denied. CBEC Circular No. 4/2004 requires prior denial of DEEC benefit by DGFT or Customs; mere inability to utilize advance license does not qualify.

The appellant, Manawat Plastics Pvt. Ltd., exported Woven PP Bags/Fabrics under three Shipping Bills dated 06.08.2002, 13.08.2002, and 16.09.2002 unde...

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High Court of Karnataka Allows Writ Petition Challenging Look Out Circulars Issued by Banks for Loan Recovery — Right to Travel Upheld. Banks Directed to Recall LoCs as Issuance Solely for Civil Debt Recovery Violates Fundamental Rights Under Article 21 of the Constitution of India.

The petitioner, Dr. Bavaguthu Raghuram Shetty, an Indian citizen aged 78 years, filed a writ petition under Articles 226 and 227 of the Constitution o...

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Supreme Court Allows Appeal in Income Tax Deduction Case for Pharmaceutical Freebies. Expenses on Gifting Freebies to Medical Practitioners Are Deductible Under Section 37(1) of Income Tax Act, 1961, as Indian Medical Council Regulations Only Prohibit Acceptance, Not Gifting, Under Explanation 1.

The dispute involved a pharmaceutical company, referred to as Apex, appealing against a High Court judgment that upheld orders disallowing part of its...