The question before the Supreme Court was “whether the amounts paid by ONGC to the non-resident assessees /foreign companies for providing various services in connection with prospecting, extraction or production of mineral oil is chargeable […]
Warrant of authorization under Section 132 of the Act is required to be founded on a reasonable belief of the authorized official regarding the existence of the conditions precedent to the exercise of the power […]
A plain reading of the aforesaid provision makes it clear that the legislature has categorised for deduction income of those institutions which “exist solely” for philanthropic purpose with a further stipulation that they would exist […]
Expenditure made for construction/acquisition of new facility subsequently abandoned at the work-in progress stage was allowable as incurred wholly or exclusively for the purpose of assessee’s business.
The word “income” would include within it both profits as well as losses. In other words, loss is negative profit. Both positive and negative profits are of a revenue character and must enter into computation, […]
The provision contained in Section 132(1) of the Income Tax Act 1961 enables the competent authority to direct for issue of search and seizure on the basis of formation of an opinion which a reasonable […]
Sections 5, 6, 7, 8 and 13 of the NTT Act were held to be unconstitutional, they since constituting the structure of the NTT Act and without these provisions the remaining provisions becoming ineffective and […]