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Madras High Court Allows Assessee's Appeal in Income Tax Case — Unabsorbed Depreciation Set-off Against Section 69 Addition Upheld. Addition of Unaccounted Stock Treated as Business Income Under Section 32(2) of Income-Tax Act, 1961.

The case involves an appeal by M/s.Sivasakthi Threads (assessee) against the order of the Income-Tax Appellate Tribunal which upheld the rejection of ...

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Supreme Court Partially Allows Appeal in Recovery Suit Against Sick Industrial Company — Suspension of Proceedings Under Section 22(1) of SICA Does Not Bar Suit for Unadmitted Debt. High Court's Grant of 24% Compound Interest Reduced to 12% Simple Interest.

The case involves a dispute between Fertilizer Corporation of India Ltd. (FCIL), a public sector undertaking, and M/s Coromandal Sacks Private Limited...

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Supreme Court Allows Revenue Appeal in CENVAT Credit Case — Works Contract Service Classification Upheld. CENVAT Credit on Input Services for Works Contract Held Inadmissible Under Rule 2(l) of CENVAT Credit Rules, 2004.

The present appeal arises from a judgment of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) at Allahabad dated 09.11.2017, which allo...

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Bombay High Court Allows Insurance Appeal in Motor Accident Claim — Reduces Compensation Due to Contributory Negligence of Deceased. Deceased pedestrian held 50% contributorily negligent for crossing highway without care; insurer's liability reduced proportionately under Motor Vehicles Act, 1988.

The case arises from a motor accident claim filed by the legal heirs of a deceased pedestrian against the owner and insurer of a truck. The accident o...

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Bombay High Court Allows Petition to Set Aside Termination of Arbitral Proceedings and Constitute New Arbitral Tribunal Under Sections 9 and 14 of Arbitration and Conciliation Act, 1996 — Delay Condoned Due to Sufficient Cause Shown by Legal Heirs of Deceased Partner.

The petitioners, Neeta Lalit Sanghavi and Hemanshu Lalit Sanghavi, are the legal heirs of the deceased partner, Lalitkumar Vanmalidas Sanghavi. They f...

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Bombay High Court Quashes Reassessment Order in Income Tax Case for Non-Compliance with GKN Driveshafts Procedure. Revenue failed to communicate order rejecting objections and passed assessment order within four weeks, violating principles of natural justice.

The petitioner, Capgemini India Pvt. Ltd., challenged a notice under Section 148 of the Income Tax Act, 1961, and the subsequent reassessment order da...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Penalty Case — Tribunal's Order Upheld for Lack of Substantial Question of Law. Penalty under Section 271(1)(c) of the Income Tax Act, 1961 for alleged concealment of income was deleted by the Tribunal on finding no deliberate concealment.

The case pertains to an appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribu...

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Bombay High Court Allows Petition Challenging Cooperative Society's Bye-Law Amendment and Appointment of Administrator. Court holds that amendment to bye-laws requiring members to pay additional contribution for non-residential use is ultra vires the Maharashtra Cooperative Societies Act, 1960.

The petitioners, Balaji Tower Coop. Housing Society Ltd. and Parthasarathy Rangachari, filed a writ petition challenging the amendment to bye-law 28A ...