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Supreme Court Clarifies Deduction of Broken Period Interest for Banks Treating Securities as Stock-in-TradeDeduction Allowed as Revenue Expenditure for Banks Holding Securities as Stock-in-Trade

The Supreme Court addressed the treatment of broken period interest for tax purposes. The issue centered on whether broken period interest could be de...

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KAHC010479002008_1

The High Court of Karnataka, Bengaluru, heard a consolidated batch of writ petitions filed by various entities including National Mineral Development ...

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Supreme Court Upholds Entry Tax on Industrial Townships — Industrial Townships Can Be Treated as 'Local Area' Under Entry 52 List II. Inclusion of industrial townships in definition of 'local area' for entry tax is constitutionally valid and does not violate Article 243-Q.

The Supreme Court considered a batch of appeals challenging the validity of entry tax levied on goods entering industrial townships under the Orissa E...

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Supreme Court Allows Revenue Appeal in Service Tax Case on Design Services. Engineering Design & Drawings Imported for Manufacturing Wind Turbine Generators Held Taxable as 'Design Services' Under Finance Act, 1994.

The case involves an appeal by the Revenue against the CESTAT order which held that 'Engineering Design & Drawings' imported by M/s Suzlon Energy Limi...

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Bombay High Court Quashes Externment Order in Maharashtra Police Act Case — Lack of Material to Show Harm or Danger. Petitioner's involvement in two theft cases insufficient to justify externment under Section 56 of Maharashtra Police Act, 1951 as there was no evidence of witnesses unwilling to depose.

The petitioner, Pankaj Prakash Shimpi, filed a writ petition under Article 226 of the Constitution of India challenging the externment proceedings ini...