Wood Craft Products Limited v. Commissioner of Income-Tax

204 ITR 545High Court1993#17171 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2006 to 2023.

Judgments citing Wood Craft Products Limited v. Commissioner of Income-Tax

DDIT (It)-2(1), Mumbai vs. Standard Chartered Bank, Mumbai

Accordingly, Ground No. 11 raised by the Revenue is dismissed

ITA 884/MUM/2003[1993-94]Status: DisposedITAT Mumbai27 Jul 2023AY 1993-94
For Appellant: Shri P. J. Pardiwala, Sr. AdvocateFor Respondent: Shri Shri Soumendu Kumar Dash
Section 143(3)Section 15Section 37(2)Section 46Section 58B

…The same view has been followed by the Hon'ble Bombay High Court in CIT v. Citi Bank N.A. (264 ITR 18). The very same view has been adopted by the Hon'ble Kerala High Court in the case of South Indian Bank Ltd, and Nedungadi Bank Ltd. reported in 241 ITR 374 204 ITR 545 23 CO No. 161/Mum/2003 (Assessment Year 1993-94) respectively. 11. We find that this issue is now almost settled. As far as the bank is concerned, broken period Interest paid by it on the securities acquired by the bank in its course of business as trading stock need to be allowed as revenue expenditure in computing its taxable income. Therefore…

Pr. Commissioner of Income Tax vs. Dr. Ranjan Pai

In the result, we do not find any merit in this

ITA/501/2016HC Karnataka15 Dec 2020

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

Section 132Section 139(1)Section 142(1)Section 143(2)Section 260Section 260ASection 56(2)(v)Section 56(2)(vii)

…E, SEPARATE REVENUE, MADRAS, REFERRING OFFICER VS. MADURA MILLS COMPANY LTD.', ILR 1937 MAD 559, 'HUNSUR PLYWOOD WORKS LTD. VS. COMMISSIONER OF INCOME-TAX', (1998) 229 ITR 112 (SC), 'WOOD CRAFT PRODUCTS LTD. VS. COMMISSIONEROF INCOME-TAX', (1993) 204 ITR 545 (CALCUTTA), 'COMMISSIONER OF INCOME-TAX, MADRAS VS. ATHI V. RAMACHANDRA CHETTIAR', 52 ITR 96,'K.P.VARGHESE VS. INCOME TAX OFFICER', 9 (1981) 131 ITR 597 (SC) as well as CIRCULAR NO.6/2014, CIRCULAR NO.05/2005 DATED 15.07.3005, CIRCULAR NO.1/2011 DATED 06.04.2011. 6. We have considered the submissions made by learned counsel…

Aditya Birla Nuvo Ltd ( Formerly Known As Indian Rayon and Industries Ltd), Mumbai vs. Addl CIT RG 3(2), Mumbai

ITA 3703/MUM/2011[2007-08]Status: DisposedITAT Mumbai24 Nov 2015AY 2007-08
For Appellant: Shri J.D. MistriFor Respondent: Shri E. Sankaran-CIT(DR)
Section 143(3)Section 254(1)Section 43B

…mpany will remain the same and the issue of bonus shares will not result in any change in the capital structure of the company. Issue of bonus shares does not result in the expansion of capital base of the company. 23. The case Wood Craft Products Ltd. [1993] 204 ITR 545 of the Calcutta High Court is similar to the case of the respondent. In that case as well there was increase of authorized share capital by the issue of fresh shares and a separate issue of bonus shares. The Calcutta High Court drew a distinction between the raising of fresh capital and the issue of bonus shares and held that expenditure on the f…

Addl CIT 3(2), Mumbai vs. Aditya Birla Nuvo Ltd ( Formerly Known As Indian Rayon & Industries Ltd), Mumbai

ITA 3634/MUM/2011[2007-08]Status: DisposedITAT Mumbai24 Nov 2015AY 2007-08
For Appellant: Shri J.D. MistriFor Respondent: Shri E. Sankaran-CIT(DR)
Section 143(3)Section 254(1)Section 43B

…mpany will remain the same and the issue of bonus shares will not result in any change in the capital structure of the company. Issue of bonus shares does not result in the expansion of capital base of the company. 23. The case Wood Craft Products Ltd. [1993] 204 ITR 545 of the Calcutta High Court is similar to the case of the respondent. In that case as well there was increase of authorized share capital by the issue of fresh shares and a separate issue of bonus shares. The Calcutta High Court drew a distinction between the raising of fresh capital and the issue of bonus shares and held that expenditure on the f…

Commnr. of Income Tax, Mumbai vs. M/S. General Insurance Corpn.of India

C.A. No.-004422-004422 - 2001Supreme Court25 Sept 2006
For Respondent: M/s General Insurance Corporation
Section 143Section 260Section 81

…793, Richardson Hindustan Limited Vs. CIT, (1988) 169 ITR 516 (Bombay) and the subsequent judgments of the same Court taking the same view and the judgment of the Calcutta High Court in Wood Craft Products Limited Vs. Commissioner of Income-Tax, (1993) 204 ITR 545. We may at the outset indicate that this Court has laid down the test for determining whether a particular expenditure is revenue or capital expenditure in the case of Empire Jute Co. Ltd. Vs. CIT, 1980 (4) SCC 25. This Court after considering the law on the subject in detail observed at page 8 as under: "The decided cases have, from ti…

Wood Craft Products Limited v. Commissioner of Income-Tax (204 ITR 545) — Cited in 5 Judgments | BharatTax