Law is what is declared by the Court . An executive authority can, at best, only opine its own understanding of the statute; such opinion is not binding upon the quasi-judicial functioning of the authorities under the Act: SC
CBDT has no power to enlarge the scope of the statutory provision. Its powers are conferred to issue administrative instructions.
Activities of purchasing kendu leaves and making it ready for marketing & selling for bidi manufacturing is not ‘processing’ & so liable for TCS
Earnest money forfeited by HSIDC on surrender of industrial plot allotment was capital loss not deductible