CHALLAPALLI SUGAR LTD. vs. THE COMMISSIONER OF INCOME TAX, A.P. HYDERABAD

gains-Interest paid before commencement of production on money borrowed for- acquiring and installing the machinery and plant, if could be capitalised and included in actual cost. Income-tax Act, 1961, as amended by Income-Tax (Amendment ) Act 1972 (Act No. 41 of 1972) Sctions 10(2) (xv) and 40 (iia)- Wealth tax paid by assessee on net wealth, whether

J.K. COTTON MANUFACTURES LTD. vs. THE COMMISSIONER OF INCOME TAX, LUCKNOW

Accordingly fails and is dismissed with

Section 10(2)(xv) runs thus: 10. (2) Such profits or gains shall be computed after making the following allowances, namely:- (xv) any expenditure not being an allowance of the nature described in any of the clauses (i) to (xiv) inclusive. and not being in the nature of capital

COMMISSIONER OF INCOME-TAX, WEST BENGAL-IICALCUTTA vs. KALYANJI MAVJI & COMPANY

The appeal is dismissed with costs

Section 10(2)(v) deals with current repairs only. The subject matter of s.10(2) (v) is "current repairs" and it appears difficult to agree that repairs which are not "current repairs" should not be considered for deduction on general principles or under s.10(2) (xv). There must be very strong evidence that in the case of such repairs

A. vs. . THOMAS & CO., LTD., ALLEPPEY VS THE COMMISSIONER OF INCOME-TAX,(BANGALORE) KERALA

In the result the appeal must fail and it is dismissed

section 10(2) (xi) or 10(2) (xv) ?" The High Court certified the case as fit for appeal to this Court and this appeal has been filed by the assessee company. The Commissioner of Income-tax (Bangalore) Kerala, is the respondent. The assessee company was incorporated in 1935 and, as is usual with companies, its Memorandum of Association, authorised

COMMISSIONER OF INCOME-TAX, KERALA, ERNAKULAM vs. TRAVANCORE SUGAR & CHEMICALS LTD

Section 10(1) and 2(xv) are as follows :- "(1) The tax shall be payable by an assessee under the head "Profits and gains of business, profession or 746 vocation" in respect of the profits and gains of any business, profession or vocation carried on by him. (2)Such profits or gains shall be computed http://JUDIS.NIC.IN SUPREME COURT

DHARAMVIR DHIR vs. THE COMMISSIONER OF INCOME-TAX,BIHAR & ORISSA

section 10(2)(xv) of the Indian Income-tax Act?" The facts of the appeals are these: The appellant was an employee of M/s. Karam Chand Thapar & Bros. and for each of the accounting years relating to the assessment years 1947- 48 and 1948-49 his salary was Rs. 10,572. He also had an income of Rs. 500 from

COMMISSIONER OF INCOME-TAX, BOMBAY vs. CIBA OF INDIA LTD

gains shall be computed after making the following allowances, namely (xv) any expenditure not being an allowance of the nature described in any of the clauses (i) to (xiv) inclusive, and not being in the nature of capital expenditure or personal expenses of the assessee laid out or expended wholly and exclusively for the purpose of such business, profession

EMPIRE JUTE CO. LTD. vs. COMMISSIONER OF INCOME TAX

section 10(2) (xv) of the Income Tax Act. [1387 C-D] Commissioner of Income Tax v Nchanga Consolidated Copper Mines ltd.. [1965] 58 ITR 241; Commissioner of Taxes v. Curron Company 45 Tax Cases 18; followed. http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 6 of 16 JUDGMENT: CIVIL APPELLATE JURISDICTION: Civil Appeal

AGRICULTURAL PRODUCE MARKET COMMITTEE vs. COMMR.OF INCOME TAX

Appeals are dismissed with no order as to costs

gains” or “Income from other sources” or from a trade or business carried on by it 4 which accrues or arises from the supply of a commodity or service (not being water or electricity) within its own jurisdictional area or from the supply of water or electricity within or outside its own jurisdictional area.” 11. Through the aforementioned amendment (Finance

GORDON WOODROFFEE LEATHER MANUFACTURING CO. vs. THE COMMISSIONER OF INCOME-TAX, MADRAS

Section 10(2) "Such profits or gains shall be computed after making the following allowances, namely: ............................................. .. ............................................. ... (xv) any expenditure (not being an allowance of the nature described in any of the claused (i) to (xiv) inclusive, and not being in the nature of capital

THE COMMISSIONER OF INCOME-TAX,BOMBAY vs. CHANDULAL KESHAVLAL & CO., PETLAD

10(2)(xv) of the Act. This deduction was allowed on the ground that the object of the payment from the point of view of commercial principles was to increase the profits of the Managed Company and thereby the Commission of the Managing Agent. It was argued-there also that the payment was entirely gratuitous but that contention was repelled

COMMISSIONER OF INCOME-TAX BOMBAY vs. MAHARASHTRA SUGAR MILLS LTD. BOMBAY

In the result this appeal fails and the same is dismissed

xv) which says that any expenditure laid out or expended wholly and exclusively for the purpose of such business shall be deducted as an allowance. The mandate of s 10 (2)(15) is plain and unambiguous. Undoubtedly the allowance claimed in this case was laid out or expended for the purpose of the business carried on by the assessee

M/S. W. T. SUREN & CO. LTD. vs. THE COMMISSIONER OF INCOME TAX. BOMBAY

10_ Business. (1) The tax shall be payable by an assessee under the head "Profits and gains of business, profession or vocation" in respect f the profits and gains of any business, profession or vocation carried on by him. (2) Such profits or gains shall be computed after making the following allowance, namely :- xxx xxx xxx (x) any sum paid

PR. COMMISSIONER OF INCOME TAX 6 vs. KHYATI REALTORS PVT. LTD

The appeal is allowed, in the above terms, without order on costs

Bench: HON'BLE THE CHIEF JUSTICE

10 of the Income-tax Act. That section provides by sub-s. (1) that the tax shall be payable by an assessee under the head “profits and gains of business, etc.” in respect of the profits or gains of any business, etc. carried on by him. Under sub-s. (2), these profits or gains are computed after making certain allowances

PINGLE INDUSTRIES LTD., SECUNDERABAD vs. COMMISSIONER OF INCOME TAX, HYDERABAD

In the result, the appeal fails, and will be dismissed with

section reads as follows: " 12 (1). The tax shall be payable by an assessee under the head profits and gains of business, profession or vocation in respect of the profits and gains of any business, profession or vocation carried or by him. (2) Such profits or gains shall be computed after making the following allowances, namely:- ...................................................... (XV) Any expenditure

SHARP BUSINESS SYSTEM THR. FINANCE DIRECTOR MR. YOSHIHISA MIZUNO vs. COMMISSIONER OF INCOME TAX-III N.D

The appeals are hereby disposed of in terms of

Bench: HON'BLE MR. JUSTICE MANOJ MISRA

gains of business or profession’, Section 37 of the Act enables 44 the deduction of any expenditure laid out or expended wholly and exclusively for the purposes of business or profession, as the case may be. The fact that an item of expenditure is wholly and exclusively laid out for the purpose of business by itself is not sufficient

M/S. ROTORK CONTROLA INDIA (P) LTD. vs. COMMNR. OF INCOME TAX, CHENNAI

Appeals stand allowed in favour of the assessee with no order as to

section 10(2) (xv) of the Indian Income-tax Act (hereinafter called the Act), which provides : "Such profits or gains shall be computed after making the following allowances, namely :- any expenditure (not being in the nature of capital

SMITH KLINE & FRENCH [INDIA] LTD.ETC. vs. COMMISSIONER OF INCOME TAX

capital reserves and certain borrowed moneys or a sum of Rs.2 lakhs, whichever is higher..." Section 4 is the charging Section. It says "subject to the provisions contained in this Act, there shall be charged on every company for every assessment year commencing on and from the first day of April, 1964, a tax (in this Act referred