THE DIRECTOR OF INCOME TAX vs. M/S GOKULA EDUCATION FOUNDATION

The appeals are dismissed

Bench: S.SUJATHA,N.K.PATIL

45 & 46, it has been noted as follows : "Depreciation is the exhaustion of the effective life of a fixed asset owing to 'use' or obsolescence. It may be computed as that part of the cost of the asset which will not be recovered when the asset is finally put out of use. The object of providing for depreciation

COMMISSIONER OF INCOME vs. SRI ADICHUNCHANAGIRI

The appeals are dismissed

Bench: S.SUJATHA,N.K.PATIL

45 & 46, it has been noted as follows : "Depreciation is the exhaustion of the effective life of a fixed asset owing to 'use' or obsolescence. It may be computed as that part of the cost of the asset which will not be recovered when the asset is finally put out of use. The object of providing for depreciation

THE DIRECTOR OF INCOME TAX EXEMPTIONS vs. AL-AMEEN CHARITABLE FUND TRUST

The appeals are dismissed

Bench: S.SUJATHA,N.K.PATIL

45 & 46, it has been noted as follows : "Depreciation is the exhaustion of the effective life of a fixed asset owing to 'use' or obsolescence. It may be computed as that part of the cost of the asset which will not be recovered when the asset is finally put out of use. The object of providing for depreciation

THE DIRECTOR OF INCOME TAX vs. INTERNATIONAL INSTITUTE OF INFORMATION TECHNOLOGY

The appeals are dismissed

Bench: S.SUJATHA,N.K.PATIL

45 & 46, it has been noted as follows : "Depreciation is the exhaustion of the effective life of a fixed asset owing to 'use' or obsolescence. It may be computed as that part of the cost of the asset which will not be recovered when the asset is finally put out of use. The object of providing for depreciation

THE COMMISSIONER OF INCOME TAX vs. SRI ADICHUNCHUNGIRI

The appeals are dismissed

Bench: S.SUJATHA,N.K.PATIL

45 & 46, it has been noted as follows : "Depreciation is the exhaustion of the effective life of a fixed asset owing to 'use' or obsolescence. It may be computed as that part of the cost of the asset which will not be recovered when the asset is finally put out of use. The object of providing for depreciation

THE DIRECTOR OF INCOME TAX vs. M/S GOKULA EDUCATION FOUNDATION (MEDICAL)

The appeals are dismissed

Bench: S.SUJATHA,N.K.PATIL

45 & 46, it has been noted as follows : "Depreciation is the exhaustion of the effective life of a fixed asset owing to 'use' or obsolescence. It may be computed as that part of the cost of the asset which will not be recovered when the asset is finally put out of use. The object of providing for depreciation

M/S PADMINI PRODUCTS (P) LTD., vs. THE DEPUTY COMMISSIONER OF INCOME TAX

In the result, the aforesaid

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

depreciation with reference to an enhanced cost), the actual cost to the assessee shall be such an amount as the Assessing Officer may, with the previous approval of the Deputy Commissioner, determine having regard to all the circumstances of the case. 47. Transactions not regarded as transfer Nothing contained in section 45

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

In the result, appeal stands dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

depreciable assets in the revenue field, the gains arising as a result of sale thereof will have to be necessarily treated in the revenue field either under Section 28 or Section 56 and not as capital gains; the provisions of Section 56 read with Section 10[3] are quite apposite. Since there was no findings recorded on this aspect

THE PR. COMMISSIONER OF INCOME TAX vs. M/S CISCO SYSTEMS

The appeals are allowed; the impugned

Bench: SATISH CHANDRA SHARMA,R. NATARAJ

45 of that Act, of any asset by the banking company to the banking institution. (iv) [***] (v) [***] (vi) [***] (1A) [***] 17 (2) Where, in the assessment of the assessee, full effect cannot be given to any allowance under sub-section (1) in any previous year, owing to there being no profits or gains chargeable for that previous year, or owing

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

In the result, the appeals are partly allowed

Bench: B.MANOHAR,DILIP B.BHOSALE

Section 43(1) of the Act cannot be read to cover goodwill as an asset for which the assessee had to pay and which can be termed as actual cost of the assets to the assessee. The Tribunal apportioned the cost of goodwill to various other assets acquired by the assessee thereby increasing the cost of other assets and allowing

SRI N GOVINDARAJU vs. THE INCOME TAX OFFICER

Appeal stands disposed of

Bench: S.SUJATHA,VINEET SARAN

45(2) of the Act and denying the benefit of indexation. The reassessment was completed on 4 total income of Rs.29,90,672/-, which was for reasons other than the one recorded in the notice. During the relevant period, the assessee had sold a plot of land measuring 12,430 sq. ft. for a consideration of Rs.74

THE COMMISSIONER OF INCOME TAX vs. M/S AMCO POWER SYSTEMS LTD

Bench: B.MANOHAR,VINEET SARAN

depreciation only after 01.04.1998, which was by the amendment in Section 32 of the Act. 25. In the present case, there is no dispute about the fact that know-how was acquired on 01.03.1998, which was prior to 01.04.1998. It is also not disputed that payment for acquiring such know-how was made only in instalments after 01.04.1998. The question

THE COMMISSIONER OF INCOME TAX vs. M/S AMCO POWER SYSTEMS LTD.,

Bench: B.MANOHAR,VINEET SARAN

depreciation only after 01.04.1998, which was by the amendment in Section 32 of the Act. 25. In the present case, there is no dispute about the fact that know-how was acquired on 01.03.1998, which was prior to 01.04.1998. It is also not disputed that payment for acquiring such know-how was made only in instalments after 01.04.1998. The question

THE COMMISSIONER OF INCOME TAX vs. M/S AMCO POWER SYSTEMS LTD.,

Bench: B.MANOHAR,VINEET SARAN

depreciation only after 01.04.1998, which was by the amendment in Section 32 of the Act. 25. In the present case, there is no dispute about the fact that know-how was acquired on 01.03.1998, which was prior to 01.04.1998. It is also not disputed that payment for acquiring such know-how was made only in instalments after 01.04.1998. The question

THE COMMISSIONER OF INCOME TAX vs. M/S AMCO POWER SYSTEMS LTD.,

Bench: B.MANOHAR,VINEET SARAN

depreciation only after 01.04.1998, which was by the amendment in Section 32 of the Act. 25. In the present case, there is no dispute about the fact that know-how was acquired on 01.03.1998, which was prior to 01.04.1998. It is also not disputed that payment for acquiring such know-how was made only in instalments after 01.04.1998. The question

PR COMMISSIONER OF INCOME TAX vs. M/S IND SING DEVELOPERS P LTD

The appeal is dismissed

Bench: B.V.NAGARATHNA,JAYANT PATEL

depreciation relating to fixed assets acquired for the development and related expenses and the sale price of the undivided share in the land at the rate of Rs.150/- per square foot payable by the intending purchasers as per Article 6 hereof. 8.3 The amount payable to the First Party under Article 8.1 be paid together with the sale price

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

The appeals stand disposed of, accordingly

Bench: N.KUMAR,B.SREENIVASE GOWDA

Section 145A of the Income- tax Act which was inserted with effect from assessment year 1999-2000. The said provision states that the valuation of stock should include the amount of any tax duty, cess or fee - 94 - actually paid or incurred to bring the goods to its present location and condition. The Department has followed a consistent stand

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

The appeals stand disposed of, accordingly

Bench: N.KUMAR,B.SREENIVASE GOWDA

Section 145A of the Income- tax Act which was inserted with effect from assessment year 1999-2000. The said provision states that the valuation of stock should include the amount of any tax duty, cess or fee - 94 - actually paid or incurred to bring the goods to its present location and condition. The Department has followed a consistent stand