Every Article is A Tax Solution !
IEC Code or Importer & Exporter Code is s unique 10 digit code . This code is allotted by the Director General of Foreign Trade under Section 7 of the Foreign Trade (Development & Regulation) Act, 1992 (22 of 1992) . It is found from readers & postings of queries on various blogs and sites […]
Read MoreCase Name : Cit vs. Masoneilan (india) ltd. Citation : [1999] 107 Taxman 559/ Court : Kerala high court Section : 154 Meaning : The plain meaning of the word ‘apparent’ is that it must be something which appears to be so ex facie and is incapable of argument or debate. Case Name : Hotz […]
Read MoreCase Name : CIT vs. Kalpaka enterprises (p.) Ltd. Citation : [1986] 24 TAXMAN 167/ 157 ITR 658 (KER.) Court : Kerala High Court Section : 70 TO 79 Meaning : The word loss mentioned in section 79 does not include unabsorbed depreciation or unabsorbed development rebate. Accordingly, the bar imposed under the main part […]
Read MoreCase Name : National co-operative development corporation vs. Asstt. CIT Citation : [2011] 16 TAXMANN.COM 251/ Court : Delhi High Court Section : 36 Meaning : “long-term finance” is defined in clause (h) of the explanation to section 36(1)(viii) to mean “any loan or advance where the terms under which moneys are loaned or advanced […]
Read MoreCase Name : Manik chand nahata vs. ITO Citation : [1970] 78 ITR 204 (CAL.) Court : Kolkata High Court Section : 148 Meaning : The expression ‘likely to amount to a lakh of rupees or more’ in section 34 of the 1922 act means that the ito must form some kind of belief or […]
Read MoreCase Name : Chandulal harijiwandas vs. CIT Citation : [1967] 63 ITR 627 (SC) Court : Supreme Court Section : 88 Meaning : Life insurance in a broader sense comprises any contract in which one party agrees to pay a given sum upon the happening of a particular event contingent upon the duration of human […]
Read MoreCase Name : ITO vs. Lakshmi enterprises Citation : [1990] 52 TAXMAN 450/185 ITR 595 (AP) Court : Andhra Pradesh High Court Section : 275A TO 280 Meaning : The word ‘liable’ used in the section gives a discretion to the court as regards imposition of fine. 452
Read MoreCase Name : Sree balaji refinery vs. Dy. CIT Citation : [2012] 20 TAXMANN.COM 183/208 TAXMAN 383/250 CTR 297 (KER.) Court : Kerala High Court Section : 132 Meaning : The expression ‘liability determined’ as occurring in section 132b(1)(i) should be understood as liability to be determined in an assessment. 452
Read MoreCase Name : CIT vs. Zoroastrian building society ltd. Citation : [1955] 27 ITR 218 (BOM.) Court : Bombay High Court Section : 23 Meaning : The only natural and proper construction which could be placed upon the expression ‘levy’ used in the third proviso to section 9(2) of the 1922 act is ‘impose’ and […]
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