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High Court of Karnataka Acquits Appellants in CBI Corruption Case Due to Lack of Evidence. Conviction for Criminal Conspiracy, Cheating, Forgery, and Corruption Set Aside as Prosecution Failed to Prove Guilt Beyond Reasonable Doubt.

The case involves two criminal appeals filed by the appellants against their conviction by the XXI Additional City Civil and Sessions Judge and Specia...

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Madras High Court Dismisses Contempt Petition Against Bank for Alleged Non-Compliance of Terminal Benefits Order. Bank's Affidavit Shows Payment of Eligible Benefits and No Wilful Disobedience Found Under Section 11 of Contempt of Courts Act, 1971.

Background: The contempt petition arose from an alleged non-compliance of a Division Bench order in W.A.No.1493 of 2014 dated 26.03.2024, concerning t...

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Supreme Court Upholds Immunity of Provident Fund Amounts from Attachment Under Section 3(1) of Provident Funds Act, 1925. Attachment of Money Held by Reserve Bank for Transmission Abroad Declared Contrary to Law as Railway Administration was Trustee.

The dispute arose from execution proceedings against a retired railway employee, B, who had subscribed to the State Railway Provident Fund and opted f...

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Supreme Court Allows Revenue Appeal in Income Tax Matter, Holding Bonus Shares Converted into Stock-in-Trade are Taxable as Business Profits. Bonus Shares Initially Received as Capital Held Converted by Assessee Dealer into Stock-in-Trade, Making Sale Proceeds Taxable Under Income-tax Act, 1922.

The dispute concerned the tax treatment of sale proceeds of bonus shares received by a dealer in shares and securities. The assessee, a firm dealing i...

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Supreme Court Dismisses Assessee's Appeal in Income Tax Case Regarding Exemption Under Section 4(3)(vii) of Income-tax Act, 1922. Receipt Held to be Business Income, Not Exempt as Casual or Non-Recurring Receipt, as it Arose from Services Rendered in the Course of Business.

The assessee firm, Ram Kumar Agarwalla and Brothers, carried on business as share brokers and paper merchants. Together with D, a chartered accountant...