SMT. PUNEETHA @ PUNEETHA B. A. vs. SRI. D. RAVI

The appeal is dismissed accordingly

Bench: R DEVDAS

disallowance of foreign exchange loss on forward contract. 13 15. Learned counsel for the revenue has argued before this Court that such loss is a notional and contingent and has to be treated as speculative loss in terms of Section 43(5) of the Income tax Act. He has also argued before this Court that the Tribunal without examining

THE COMMISSIONER OF INCOME-TAX vs. M/S AGRICULTURAL PRODUCE MARKET COMMITTEE

Bench: S.SUJATHA,VINEET KOTHARI

disallow the claim of Depreciation under Section 32 of the Act in the hands of the Assessee, being a Charitable Trust and [ii] requirement to comply with the procedure under Section 11[2] of the Act, if the accumulated income not spent for charitable purpose exceeded 15% of the income during the year. 3. The learned Tribunal found that

THE PR.COMMISSIONER OF INCOME TAX, CIT (A) vs. M/S AGRICULTURAL PRODUCE MARKET COMMITTEE

Bench: S.SUJATHA,VINEET KOTHARI

disallow the claim of Depreciation under Section 32 of the Act in the hands of the Assessee, being a Charitable Trust and [ii] requirement to comply with the procedure under Section 11[2] of the Act, if the accumulated income not spent for charitable purpose exceeded 15% of the income during the year. 3. The learned Tribunal found that

PR COMMISSIONER OF vs. SHUSHRUTHA EDUCATIONAL

Appeal is dismissed

Bench: S.SUJATHA,VINEET KOTHARI

43C, That, section 32(1) of the Act provides for depreciation in respect of building, plant and machinery owned by the assessee and used for the business purposes. It further provides for deduction subject to section 34. In that matter also, a similar argument, as in the present case, was advanced on behalf of the revenue, namely, that depreciation

PR COMMISSIONER OF INCOME TAX vs. M/S MAHARANI LAKSHMI

Bench: S.SUJATHA,VINEET KOTHARI

disallowance of accumulation of income/set apart of income under section 11(1)(a) without considering the Board Circular No.12(PX-7) of 1968) dated 26.11.1968 wherein it is clearly explained that if a trust fails to comply with accumulation provisions under section 11(2) then the entire income accumulated would be liable to assessment under section

COMMISSIONER OF INCOME TAX (EXEMPTIONS) vs. M/S. KARNATAKA FOOD & CIVIL SUPPLIES LTD

Bench: S.SUJATHA,VINEET KOTHARI

disallowance of claim of assessee for carry forward of brought forward losses of Rs.16,62,77,393/- for A.Y.2005-06 and Rs.23,54,61,542/- for A.Y.2006-07 and set off against its income for A.Y.2010-11 by the assessing authority without appreciating that the same is not permitted under the provisions of section

PR COMMISSIONER OF INCOME TAX (CENTRAL) vs. M/S CHALASSANI EDUCATION TRUST

Appeal is dismissed

Bench: S.SUJATHA,VINEET KOTHARI

43C, That, section 32(1) of the Act provides for depreciation in respect of building, plant and machinery owned by the assessee and used for the business purposes. It further provides for deduction subject to section 34. In that matter Date of Order 21-08-2018 I.T.A.No.852/2017 Pr.Commissioner of Income Tax (Central) & Anr. Vs. M/s.Chalassani Education Trust 9/27 also

THE COMMISSIONER OF vs. M/S THE BANGALORE

Bench: S.SUJATHA,VINEET KOTHARI

43C, That, section 32(1) of the Act provides for depreciation in respect of building, plant and machinery owned by the assessee and used for the business purposes. It further provides for deduction subject to section 34. In that matter also, a similar argument, as in the present case, was advanced on behalf of the revenue, namely, that depreciation

PR. COMMISSIONER OF INCOME TAX vs. M/S. ANJUMAN-E-ISLAM

Bench: S.SUJATHA,VINEET KOTHARI

43C, That, section 32(1) of the Act provides for depreciation in respect of building, plant and machinery owned by the assessee and used for the business purposes. It further provides for deduction subject to section 34. In that matter also, a similar argument, as in the present case, was advanced on behalf of the revenue, namely, that depreciation

PR.COMMISSIONER OF vs. M/S AGASTYA

Bench: S.SUJATHA,VINEET KOTHARI

43C, That, section 32(1) of the Act provides for depreciation in respect of building, plant and machinery owned by the assessee and used for the business purposes. It further provides for deduction subject to section 34. In that matter also, a similar argument, as in the present case, was advanced on behalf of the revenue, namely, that depreciation

PR COMMISSIONER OF INCOME TAX vs. ISLAMIC ACADEMY OF GENERAL EDUCATION

Bench: S.SUJATHA,VINEET KOTHARI

43C, That, section 32(1) of the Act provides for depreciation in respect of building, plant and machinery owned by the assessee and used for the business purposes. It further provides for deduction subject to section 34. In that matter also, a Date of Judgment 14-08-2018 I.T.A.No.957/2017 Pr. Commissioner of Income Tax and Another Vs. Islamic Academy

THE DIRECTOR OF INCOME TAX vs. M/S. KRUPANIDHI EDUCATION

Bench: S.SUJATHA,VINEET KOTHARI

43C, That, section 32(1) of the Act provides for depreciation in respect of building, plant and machinery owned by the assessee and used for the business purposes. It further provides for deduction subject to section 34. In that matter also, a similar argument, as in the present case, was advanced on behalf of the revenue, namely, that depreciation

PR COMMISSIONER OF INCOME TAX vs. BHAGWAN MAHAVEER

Bench: S.SUJATHA,VINEET KOTHARI

43C, That, section 32(1) of the Act provides for depreciation in respect of building, plant and machinery owned by the assessee and used for the business purposes. It further provides for deduction subject to section 34. In that matter also, a similar argument, as in the present case, was advanced on behalf of the revenue, namely, that depreciation

PR COMMISSIONER OF INCOME TAX vs. M/S GREEN WOOD HIGH SCHOOL

Bench: S.SUJATHA,VINEET KOTHARI

43C, That, section 32(1) of the Act provides for depreciation in respect of building, plant and machinery owned by the assessee and used for the business purposes. It further provides for deduction subject to section 34. In that matter also, a similar argument, as in the present case, was advanced on behalf of the revenue, namely, that depreciation

THE COMMISSIONER vs. JYOTHY CHARITABLE TRUST

Bench: S.SUJATHA,VINEET KOTHARI

43C, That, section 32(1) of the Act provides for depreciation in respect of building, plant and machinery owned by the assessee and used for the business purposes. It further provides for deduction subject to section 34. In that matter also, a similar argument, as in the present case, was advanced on behalf of the revenue, namely, that depreciation

DIRECTOR OF INCOME TAX (EXEMPTIONS) vs. M/S INTERNATIONAL INSTITUTE OF INFORMATION

Bench: S.SUJATHA,VINEET KOTHARI

43C, That, section 32(1) of the Act provides for depreciation in respect of building, plant and machinery owned by the assessee and used for the business purposes. It further provides for deduction subject to section 34. In that matter also, a Date of Judgment 14-08-2018 I.T.A.No.317/2014 Director of Income Tax (Exemptions) & Another Vs. M/s International Institute

PR COMMISSIONER OF INCOME TAX vs. THE NEW CAMBRIDGE

Bench: S.SUJATHA,VINEET KOTHARI

43C, That, section 32(1) of the Act provides for depreciation in respect of building, plant and machinery owned by the assessee and used for the business purposes. It further provides for deduction subject to section 34. In that matter also, a similar argument, as in the present case, was advanced on behalf of the revenue, namely, that depreciation

COMMISSIONER OF INCOME TAX vs. M/S. ACADEMY OF LIBERAL

Bench: S.SUJATHA,VINEET KOTHARI

43C, That, section 32(1) of the Act provides for depreciation in respect of building, plant and machinery owned by the assessee and used for the business purposes. It further provides for deduction subject to section 34. In that matter also, a similar argument, as in the present case, was advanced on behalf of the revenue, namely, that depreciation