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Dr Vikaramsinha Kakasaheb paid a salary of Rs 19.5 lakhs to his doctor wife, who worked at his nursing home. A.O. observed that assessee had made higher payments to his wife as compared to other doctors. A.O. considered Rs 6 lakhs as reasonable salary and balance of Rs 13.5 lakhs as unreasonable u/s 40A(2)(b). CIT(A) sustained a disallowance of Rs 2 lakhs to plug possible leakages. ITAT upheld CIT(A)s order. - 500439
Read moreA lease deed for 6 years was executed between Dentsply and Shashi Gupta. It had a clause, which gave right to either party to terminate lease by giving 3 months notice. After termination, Shashi did not refund security deposit. So, Dentsply filed a suit for recovery. On hearing, Court ordered Shashi to refund security deposit along with the interest.
Read moreIn a company petition was admitted and the company was directed to be wound up. In another petition, company indicated its willingness to settle with the petitioner-creditor. Company did not pay. Court ordered Official Liquidator's to take control of the company's assets. High Court ordered the company to deposit principal amounts covered by the claims of two petitioning creditors for the Official Liquidator to be asked to stay his hands. -500141
Read moreThere was an agreement between the petitioner and the respondent for making available imported prime coking coal to the respondent. A dispute arose and a settlement was arrived at between the parties. The arbitrator awarded principal amount claimed in respect of the 29 wagons and did not permit any interest for the pre-reference period. High Court held dismissed the appeal as the award was not perverse or otherwise opposed to public policy.-50012 ...
Read moreThe deceased was traveling unauthorizedly in a goods vehicle, and the accident took place prior to amendment of s 147 of the Motor Vehicles Act. Tribunal passed an award against the appellant Insurance Company. On appeal the High Court set aside the Tribunals award of paying to the original claimants and then recovering the same from the owner.-500114
Read moreThis case involved a dispute between a trustee (appellant) representing foreign bondholders and an Indian company (respondent) that defaulted on interest payments for convertible bonds issued to those bondholders. The key issue was whether the trustee could file a winding up petition against the company in an Indian court, given that the trust deed conferred exclusive jurisdiction on English courts. The court allowed the appeal, holding that the ...
Read morePetitioner insured its factory with respondent under Standard Fire and Special Perils Policy. Following a fire in the premises petitioner lodged a claim with respondent, who appointed a surveyor. Petitioner invoked the arbitration clause of the policy for the balance claim amount, and filed a petition u/s 11(6) for appointment of an arbitrator. The High Court allowed the petition and appointed an arbitrator. -500106
Read moreRespondent cancelled petitioner's tender for supply of food grains in Gurgaon and Pataudi, on complaints that food grains had not been supplied in Gurgaon, and forfeited security amount for 2015-16 and blacklisted petitioner for future contracts. Petitioner filed a writ petition, and the High Court set aside the impugned order and directed the DM to take fresh decision on petitioners termination. -500084
Read moreThe respondent/workman was employed with DTC as a driver, and raised an industrial dispute alleging termination. On his claim, the management advised him light duty, but subsequently he was not allowed to do so and he sought reinstatement. Labour held that termination was bad as no approval was taken u/s 33(2)(b). High Court partially allowing the appeal allowed back wages @ 25%.-500098
Read morePetitioner, a chit fund company, induced the respondent to invest with the petitioner. Despite requests for release of matured chit amount, it was not released and respondent filed a complaint u/s 200 & 156 (3) Cr. P. C. before the Ld. Magistrate, and an FIR was registered. Petitioner filed a revision before the Special Judge who held that there was no material to proceed against petitioner and allowed the revision petition. -500080
Read morePlaintiff filed an application under Order VI Rule 17 & s 151 CPC for amendment of the plaint, for enhancement of the valuation of the suit for the purposes of Court fee and jurisdiction, as the defendants has flooded the market with their product TRANSFLUTHRIN thereby infringing the plaintiff's patent. The Court allowed the plaintiffs application. ...
Read moreAssessee traded in two wheeler brake systems & components. It acquired intangible assets. It claimed, depreciation on intangible assets @ 25%. AO & DRP disallowed it. On appeal ITAT allowed the depreciation. ITAT held, in case of intangible assets (being commercial/business rights) diminution in value or physical wear & tear is not essential condition for admissibility for dep. u/s 32, if they were used as business tool for earning in ...
Read moreAssessee-sty promoted & advanced med. science & promoted improvem't of public health & med. educat'n. In return, it claimed exempt. of income u/s 11. AO held, assessee sty. failed to comply with requirements of Sec 2(15), thus he rejected assessee's claim. CIT(A), held assessee's activities fell u/s 2(15), thus allowed claim. On appeal ITAT held, assessee has endorsed products on claims of health & nutritional benefit, thus claim ...
Read morePetitioner applied to CBDT for approval of its Industrial Park u/s 80-IA of I.T. Act. CBDT had denied approval u/s 80-IA of Income Tax Act. On writ, HC held, In view of conduct of petitioner in putting before Authority figures which when confronted with were substituted with new figures. Also, grievances of petitioner being factual which are not shown in any manner to be perverse/ arbitrary, would not warrant exercise of writ jurisd ...
Read moreAssessee incurred certain exp. on brand building which was claimed as deduct'n u/s 37(1). AO held, exp. resulted in enduring benefit. Thus, he disallowed claim by treating it as capital exp.. However, CIT(A) allowed exp. in entirety holding it as routine operational exp..On appeal, ITAT held, As exp. has not resulted in capital asset, so has to be recorded as exp. in capital field. It can't be attributed to capital exp. on brand building.
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