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Supreme Court Allows Appeals by DISCOMs and Generating Companies in Electricity Tariff Dispute — Change in Law Compensation for Coal Shortfall Must Be Computed Based on Actual GCV and SHR as per PPAs.

The judgment involves two civil appeals concerning the determination of compensatory tariff for Change in Law events under long-term Power Purchase Ag...

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Supreme Court Allows State's Appeal in Excise Duty Case — Licensee Liable for Duty on Liquor Destroyed in Fire. Absolute liability under Rule 7(11)(a) of UP Bottling of Foreign Liquor Rules, 1969 and Rules 708/709 of UP Excise Manual; act of God no defense.

The case arises from a fire incident on 10.04.2003 at the godown of the respondent company, a distillery licensee, which destroyed 35,642 cases of Ind...

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Bombay High Court Quashes Draft Assessment Order in Faceless Assessment Scheme for Non-Compliance with Natural Justice. Petitioner's Objections Not Considered and No Personal Hearing Granted Despite Request Under Section 144B of Income Tax Act, 1961.

The petitioner, Piramal Enterprises Limited, a registered company engaged in pharmaceutical manufacturing and trading, filed its original return of in...

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Supreme Court Dismisses Department's Appeal in Permanent Establishment Tax Dispute Under India-Korea DTAA. Court Upholds ITAT's Finding of Permanent Establishment but Remands Profit Attribution for Fresh Assessment Due to Insufficient Material.

The dispute arose from the taxability of income attributable to a permanent establishment set up in India by Samsung Heavy Industries Co. Ltd., a Sout...

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High Court of Bombay Dismisses Challenge to Majority Arbitral Award in Insurance Dispute — JSW Steel Ltd. v. ICICI Lombard General Insurance Company Ltd. — Challenge to Rejection of Claims Under Fire, Marine, and Business Interruption Policies Dismissed as No Patent Illegality Found.

The Petitioner, JSW Steel Ltd., engaged in steel manufacturing, had insured its plant at Toranagallu, Karnataka, under five insurance policies issued ...

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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Block Assessment Case — Unexplained Investment of Rs. 1,50,000 Not Assessable as Undisclosed Income. The court held that the assessee had satisfactorily explained the source of investment and the addition was based on mere suspicion.

The Revenue filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, Bangalore, dated 3...

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Bombay High Court Dismisses Winding-Up Petition by Deutsche Bank Against Finolex Industries Under Section 433(e) Companies Act, 1956 — Disputed Derivative Transaction Debt Precludes Summary Winding-Up. Court Holds That Winding-Up Petition Is Not a Debt Recovery Mechanism and Dismisses Petition with Costs.

The judgment arises from a Company Petition filed by Deutsche Bank AG, Mumbai Branch, seeking winding-up of Finolex Industries Limited under Section 4...