B&B Tax

  Pride Foramer S.A. v. CIT [ 2025 INSC 1247] dated 17.10.2025. Issue before Court is: - ‘Whether, in the facts of the case, the appellant can be said to have been carrying on business during the relevant period, so as to avail deduction of business expenditure under Section 37(1) read with Section 71 of the Act, and carry forward unabsorbed depreciation of previous years under Section 32(2) of the Act?’   ‘Clarification of business, purpose of business, lull in business etc.’   Decision: - “ 14. The Tribunal rightly noted a business going through a lean period of transition which could be revived if proper circumstances arose, must be termed as lull in business and not a complete cessation of the business. 15. The word ‘business’ has a wide import and connotes some real, substantial and systemic or organised course of activity or activity with a set purpose. [Narain Swadeshi Weaving Mills v. Commissioner of excess Profits Tax (1954) 2 SCC 546] In CIT v. Ma...

  Aristo Printers Pvt. Ltd v. Commissioner Of Trade Tax, Lucknow, U.P.[ 2025 INSC 1188] dated 07.10.2025. Issue before Court is: - Whether tax can be levied under Section 3F of the Uttar Pradesh Trade Tax Act, 1948, on the ink and processing material used by the appellant in undertaking the printing work?. Decision: - “ 70. In order to sustain a levy of tax under Section 3F(1)(b) of the Act, 1948, three conditions must be fulfilled: (i) there must be a works contract ; (ii) the goods should have been involved in the execution of the works contract; and (iii) the property in those goods must be transferred to a third party either as goods or in some other form. 71. The appellant has admitted that the contract for printing lottery tickets is a works contract. Based on the judgments of this Court, it cannot be said otherwise as well. From the record, it is clear that the ink, chemical and other processing material were involved in the printing of the lottery tickets. 72. ...