Finance (No.2) Act, 1998

Berger Paints India Ltd. claimed a deduction under section 35D of the Income Tax Act for preliminary expenses, treating the premium received on its issued share capital as part of the "capital employed in the business of the company". The Assessing Officer disallowed the claim, the Commissioner of Income Tax allowed it…

The assessee, Prakash Chand Lunia, who dealt in silver, was found to have smuggled 146 slabs of silver which were confiscated by customs and a penalty imposed. He claimed the value of the confiscated silver as a business loss under Section 37(1) of the Income‑Tax Act, relying on the High Court's application of the Piar…

M/s. Techno Shares & Stocks Ltd. claimed depreciation on the cost of its Bombay Stock Exchange (BSE) membership card for assessment years 1999-2003, invoking Section 32(1)(ii) of the Income Tax Act, 1961. The Assessing Officer rejected the claim, holding that the membership card was a personal, non‑transferable privile…

M/s. Swastika Enterprises imported an old vessel and, despite claiming exemption, was assessed additional customs duty of Rs. 1,52,20,000 through an endorsement on the Bill of Entry. The appellants challenged the demand by filing a writ petition, and while the Kar Vivad Samadhan Scheme was introduced during the pendenc…

The respondents, manufacturers of textile fabrics, were found to have cleared goods without paying excise duty and were served a show‑cause notice on 6 January 1999. They sought relief under the Kar Vivad Samadhan Scheme, 1998, which allowed settlement of tax arrears quantified or notified on or before 31 March 1998, b…