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Bombay High Court Considers Reference on Exemption for Bonded Warehouse Sales Under Section 5(2) of Central Sales Tax Act. Legal Issue Concerned Whether Transfer of Documents Before Filing Bill of Entry for Home Consumption Constitutes Sale in Course of Import Before Crossing Customs Frontiers.

The matter concerned two sales tax references made by the Maharashtra Sales Tax Tribunal under Section 61(1) of the Bombay Sales Tax Act, 1959, arisin...

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Bombay High Court Allows Appeal in Income Tax Case — HDPE Powder Stock Not Unexplained Investment Under Section 69. Assessee's books of accounts showing purchases and closing stock were accepted, and nature and source of investment were duly explained.

The appeal was filed by the assessee, Babulal C. Borana, a dealer in HDPE plastic powder, under Section 260A of the Income Tax Act, 1961 against the d...

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Bombay High Court Dismisses Petition Challenging Arbitral Award in Favour of Constituent in Stock Trading Dispute. Court upholds award based on documentary evidence and rejects challenge under Section 34 of Arbitration and Conciliation Act, 1996.

The petitioner, M/s. Angel Capital & Debt Market Ltd., a trading member of the National Stock Exchange of India Limited, challenged an arbitral award ...

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Bombay High Court Dismisses Petition Challenging Reassessment Notice Under Section 148 of Income Tax Act for AY 2007-2008. Failure to Assess Consideration Under Distribution Agreement Constitutes Income Escaping Assessment.

The petitioner, Sun Tan Trading Co. Ltd., is engaged in the business of import and distribution of alcoholic beverages in India. It entered into a Dis...

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Bombay High Court Dismisses Petition Challenging Arbitral Award in NIFTY Trade Dispute. Court upholds arbitral tribunal's finding that petitioners failed to prove unauthorized trade and that credit note was accepted without objection.

The petitioners, Intex Financial Services Pvt. Ltd. and its director Dinesh Mehta, filed a petition under Section 34 of the Arbitration and Conciliati...

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Supreme Court Dismisses Assessee's Appeal in Income Tax Cash Credit Case — Upholds Addition Under Section 68 Despite Rejection of Books for Gross Profit. Books of Account Can Be Partially Relied Upon for Different Additions Even After Rejection Under Section 145(3) of Income Tax Act, 1961.

The appeal arose from a challenge to an addition of Rs.2,26,000 made under Section 68 of the Income Tax Act, 1961, as unexplained cash credits. The ap...