Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
The case dealt with the interpretation of interest clauses in an arbitration award, specifically whether interest could be payable on interest or if the awarded 15% per annum interest would apply only to the principal sum, with an additional 12% per annum interest for the preaward period. The court held that interest is generally payable on the principal sum adjudged and not on interest. The Interest Act, 1978 prohibits courts from awarding interest upon interest unless specifically provided by statute or contract terms. The court noted that neither the Act nor Section 34 of the CPC empower the court to award compound interest. The Supreme Court declined to interfere with the lower courts' decision, dismissing the Special Leave Petition.
The case dealt with the interpretation of interest clauses in an arbitration award, specifically whether interest could be payable on interest or if the awarded 15% per annum interest would apply only to the principal sum, with an additional 12% per annum interest for the preaward period. The court held that interest is generally payable on the principal sum adjudged and not on interest. The Interest Act, 1978 prohibits courts from awarding interest upon interest unless specifically provided by statute or contract terms. The court noted that neither the Act nor Section 34 of the CPC empower the court to award compound interest. The Supreme Court declined to interfere with the lower courts' decision, dismissing the Special Leave Petition.
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