THE COMMISSIONER OF INCOME TAX GULBARGA vs. M/S MANJUNATHA COTTON AND GINNING FACTORY

The appeals are dismissed

Bench: ARAVIND KUMAR,N.KUMAR

section 271. For starting the penalty proceedings under this clause, the condition precedent is that the Assessing Officer must be satisfied that a person has concealed particulars of his income or furnished inaccurate particulars of such income. 51 The ingredients which go to make up the conditions precedent to the infliction of penalty are: (i) the Assessing Officer

THE COMMISSIONER OF INCOME TAX vs. M/S WIPRO LTD

The appeals stand disposed of, accordingly

Bench: N.KUMAR,B.SREENIVASE GOWDA

36. The Apex Court had an occasion to go into the validity of the agreements entered into under these provisions and their enforceability in the case of UNION OF INDIA AND ANOTHER VS. AZADI BACHAO ANDOLAN AND ANOTHER reported in 263 ITR 706. Dealing with the purpose of provisions for avoidance of double taxation, the Supreme Court at page

M/S WIPRO LIMITED vs. THE DEPUTY COMMISSIONER OF INCOME TAX

The appeals stand disposed of, accordingly

Bench: N.KUMAR,B.SREENIVASE GOWDA

36. The Apex Court had an occasion to go into the validity of the agreements entered into under these provisions and their enforceability in the case of UNION OF INDIA AND ANOTHER VS. AZADI BACHAO ANDOLAN AND ANOTHER reported in 263 ITR 706. Dealing with the purpose of provisions for avoidance of double taxation, the Supreme Court at page

AZIM PREMJI TRUSTEE COMPANY PVT LTD vs. DEPUTY COMMISSIONER OF INCOME TAX

In the result, I pass the following:-

Bench: The Hon'Ble Mr.Justice S.R.Krishna Kumar

depreciation allowance or any other allowance or deduction for such assessment year (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year). Explanation.—For the purposes of assessment or reassessment or recomputation under this section, the Assessing Officer may assess or reassess the income in respect of any issue, which has escaped assessment

THE COMMISSIONER OF INCOME TAX vs. M/S WIPRO LTD

In the result, the appeals are partly allowed

Bench: B.MANOHAR,DILIP B.BHOSALE

36 of the Act, and even if that was so the question of allowing the expenditure under Section 37(1) of the Act would not arise. 18. In our opinion, the expenditure towards the religious funds, charitable institutions, social clubs or for charity do not stand to the test of commercial expediency. In any case, the expenditure under these heads

THE COMMISSIONER vs. M/S VIJAYA BANK

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

depreciation on ‘Held to Maturity’ category investments even though the same is notional in nature and against the RBI guidelines for valuation of securities? 4. Whether on the facts and in the circumstances on the case, the Tribunal were right in law in holding that the assessee is eligible for deduction under section 36(1

THE COMMISSIONER OF INCOME-TAX vs. M/S.GE INDIA TECHNOLOGY

Bench: SATISH CHANDRA SHARMA,V SRISHANANDA

36, as the case may be, shall not apply in relation to any such allowance or deduction; (ii) no loss referred to in sub-section (1) of section 72 or sub- section (1) or sub-section (3) of section 74, in so far as such loss relates to the business of the undertaking, shall be carried forward

THE COMMISSIONER OF INCOME-TAX vs. M/S.GE INDIA TECHNOLOGY

Bench: SATISH CHANDRA SHARMA,V SRISHANANDA

36, as the case may be, shall not apply in relation to any such allowance or deduction; (ii) no loss referred to in sub-section (1) of section 72 or sub- section (1) or sub-section (3) of section 74, in so far as such loss relates to the business of the undertaking, shall be carried forward

M/S. MARMON FOOD AND BEVERAGE TECHNOLOGIES INDIA vs. THE INCOME TAX OFFICER

Bench: SATISH CHANDRA SHARMA,V SRISHANANDA

36, as the case may be, shall not apply in relation to any such allowance or deduction; (ii) no loss referred to in sub-section (1) of section 72 or sub- section (1) or sub-section (3) of section 74, in so far as such loss relates to the business of the undertaking, shall be carried forward

M/S. MARMON FOOD AND BEVERAGE TECHNOLOGIES INDIA vs. THE INCOME TAX OFFICER

Bench: SATISH CHANDRA SHARMA,V SRISHANANDA

36, as the case may be, shall not apply in relation to any such allowance or deduction; (ii) no loss referred to in sub-section (1) of section 72 or sub- section (1) or sub-section (3) of section 74, in so far as such loss relates to the business of the undertaking, shall be carried forward

M/S. MARMON FOOD AND BEVERAGE TECHNOLOGIES INDIA vs. THE INCOME TAX OFFICER

Bench: SATISH CHANDRA SHARMA,V SRISHANANDA

36, as the case may be, shall not apply in relation to any such allowance or deduction; (ii) no loss referred to in sub-section (1) of section 72 or sub- section (1) or sub-section (3) of section 74, in so far as such loss relates to the business of the undertaking, shall be carried forward

M/S. MARMON FOOD AND BEVERAGE TECHNOLOGIES INDIA vs. THE INCOME TAX OFFICER

Bench: SATISH CHANDRA SHARMA,V SRISHANANDA

36, as the case may be, shall not apply in relation to any such allowance or deduction; (ii) no loss referred to in sub-section (1) of section 72 or sub- section (1) or sub-section (3) of section 74, in so far as such loss relates to the business of the undertaking, shall be carried forward

M/S. MARMON FOOD AND BEVERAGE TECHNOLOGIES INDIA vs. THE INCOME TAX OFFICER

Bench: SATISH CHANDRA SHARMA,V SRISHANANDA

36, as the case may be, shall not apply in relation to any such allowance or deduction; (ii) no loss referred to in sub-section (1) of section 72 or sub- section (1) or sub-section (3) of section 74, in so far as such loss relates to the business of the undertaking, shall be carried forward

THE PRINCIPAL COMMISSIONER vs. M/S OBULAPURAM MINING

Bench: K.SOMASHEKAR,UMESH M ADIGA

36(1)(iii) of the Act. The said provision corresponds to s 10(2)(ii) of the old Act. In Madhav Prasad Jatia vs. CIT (1979) 10 CTR (SC) 375: (1979) 118 ITR 200 (SC): TC 15R.823, the apex Court observed that the conditions required to be fulfilled to be entitled to deduction were that the interest must have been

THE COMMISSIONER OF INCOME-TAX vs. M/S. IBC KNOWLEDGE PARK PVT. LTD.,

In the result, the appeals filed by the Revenue

Bench: B.V.NAGARATHNA,JAYANT PATEL

depreciation has to be allowed, which has been rightly done so by the Tribunal. Substantial question of law No.1 is accordingly answered in favour of the assessee. 17. As far as the second question of law is concerned, the same relates to payment of interest of Rs.72.00 lakh on borrowed capital, as an allowable business expenditure. The contention

THE COMMISSIONER OF INCOME-TAX vs. M/S. IBC KNOWLEDGE PARK PVT. LTD.,

In the result, the appeals filed by the Revenue

Bench: B.V.NAGARATHNA,JAYANT PATEL

depreciation has to be allowed, which has been rightly done so by the Tribunal. Substantial question of law No.1 is accordingly answered in favour of the assessee. 17. As far as the second question of law is concerned, the same relates to payment of interest of Rs.72.00 lakh on borrowed capital, as an allowable business expenditure. The contention

THE COMMISIONER OF INCOME-TAX vs. M/S IBC KNOWLEDGE PARK PVT LTD

In the result, the appeals filed by the Revenue

Bench: B.V.NAGARATHNA,JAYANT PATEL

depreciation has to be allowed, which has been rightly done so by the Tribunal. Substantial question of law No.1 is accordingly answered in favour of the assessee. 17. As far as the second question of law is concerned, the same relates to payment of interest of Rs.72.00 lakh on borrowed capital, as an allowable business expenditure. The contention

THE COMMISSIONER OF INCOME TAX vs. M/S WEIZMANN HOMES LTD

Bench: B.MANOHAR,N.KUMAR

36(1)(viii) 17 of the Act is attracted. Therefore, we do not see any merit in these appeals. Accordingly, the first substantial question of law is answered in favour of assessee and against the Revenue. 10. Section 115JA of the Act reads as under: “Deemed income relating to certain companies. (1) Notwithstanding anything contained in any other provisions

M/S J K INDUSTRIES LTD vs. THE JOINT COMMISSIONER OF INCOME TAX

In the result, all questions are answered against the

Bench: D.V.SHYLENDRA KUMAR,B.SREENIVASE GOWDA

36. One another reason why this argument cannot be accepted is that there can be situation where the amount which qualifies for deduction under section 80HHC of the Act may be more than the available profits of the assessee and in view of section 80A[2] of the Act that has to be limited to the available profits

THE COMMISSIONER OF INCOME TAX vs. M/S BPL SANYO FINANCE LTD

In the result, the appeal filed by the revenue is

Bench: The Tribunal Was Arising From The Order Dated 4Th June 2004 Passed By The Commissioner Of Income Tax (Appeals) Bangalore (For Short “The

depreciation on the assets which never existed. 22. Learned counsel for the assessee in the course of arguments took us through the order passed by the Tribunal and submitted that the assessee was not aware about the fraudulent intention of Bellary Steel and that 28 they were cheated by Bellary Steel by involving them in the bogus transaction. The assessee