Commissioner of Income Tax (TDS), vs. M/s Country Club Inda Limited

depreciation or any other indirect costs in its accounts. Further, the Assessee had also not showed any source of funds. The AO noted that the equipment stated to have been supplied by the Assessee to Reliance was purchased from other group companies, namely, Nortel Canada and Nortel Ireland and were supplied to Reliance at almost half the price

THE COMMISSIONER OF INCOME TAX III, vs. M/S. SAVIJANA SEA FOODS PVT. LTD.,

Appeals of the Revenue are dismissed

Bench: J SREENIVAS RAO,ALOK ARADHE

depreciation, reserves, etc., a part of it should in all fairness go to the employees.” 30. In the said case the Supreme Court was considering whether payment for ITA 210/2003 & connected matters Page 17 of 36 the extra services rendered by an employee could be allowed as business expenditure. It was held that for the purposes of allowing commercial

Commissioner of Income Tax, vs. M/s. Kokivenkateswara Reddy AND others,

Appeals of the Revenue are dismissed

Bench: V.V.S.RAO,RAMESH RANGANATHAN

depreciation, reserves, etc., a part of it should in all fairness go to the employees.” 30. In the said case the Supreme Court was considering whether payment for ITA 210/2003 & connected matters Page 17 of 36 the extra services rendered by an employee could be allowed as business expenditure. It was held that for the purposes of allowing commercial

Commissioner of Income Tax, Rajahmundry vs. M/s. Kakinada Coop. Town Bank LTd., Kakinada

Bench: The Court Is: “Whether, The Shares Invested Through A Portfolio Management

depreciating value”, and that the PMS is supposed to “provide the skill and expertise to steer through the complex volatile and dynamic conditions of the market”. The order may be extracted in relevant part: “10. Under PMS a person deposits the money under the contract for a period normally not less one year. After depositing the money the investment