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

290 and has been accepted by this Court. In other words, s. 10(2) does not deal exhaustively with the deductions, which must be made to arrive at the true profits and gains. 8. To find out whether an expenditure is on the capital account or on revenue, one must consider the expenditure in relation to the business. Since

P.K. BADIANI vs. THE COMMISSIONER OF INCOME TAX, BOMBAY

290 and Gobaid Motor Service (P) Ltd. v. Commissioner of Income-tax, Madras 60 ITR 417 followed. (2) Although they are not identical and differ in some material particulars, initial depreciation and development rebate are similar in nature as both are by 639 way of incentive for installation of new machinery or plant. But the initial depreciation or the development

THE COMMISSIONER OF INCOME TAX JAIPUR vs. PRAKASH CHAND LUNIA (D) THR LRS

Bench: HON'BLE MR. JUSTICE M.R. SHAH

Section 10(2) enumerates various items which are admissible as deductions, but it is well settled that they are not exhaustive of all allowances which could be made in ascertaining profits taxable under s. 10(1). In Income Tax Commissioner v. Chitnavis [(1932) LR 59 IA 290, 296, 297] the point for decision was whether a bad debt could

ENGINEERING ANALYSIS CENTRE OF EXCELLENCE PRIVATE LIMITED vs. THE COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

2. DESCRIPTION OF OTHER RIGHTS AND LIMITATIONS xxx xxx xxx Limitations on Reverse Engineering, Decompilation, and Disassembly - You may not reverse engineer, decompile, or disassemble the SOFTWARE PRODUCT, except and only to the extent that such activity is expressly permitted by applicable law nothwithstanding this limitation.” “4. COPYRIGHT- All title and intellectual property rights in and to the SOFTWARE PRODUCT

CAMBAY ELECTRIC SUPPLY INDUSTRIAL CO. LTD. vs. THE COMMISSIONER OF INCOME TAX, GUJARAT-IIAHMEDABAD (AND VI

In the result the assessee’s appeal also fails and the same

section a deduction of 8% is permissible from "such profits and gains" meaning "profits and gains attributable ’to the business of generation and distribution of electricity" carried on by an assessee. He contended that a balancing charge contemplated under s. 41 (2) is really in the nature of a return of capital and not a return of revenue

MEENAKSHI MILLS, MADURAI vs. THE COMMISSIONER OF INCOME-TAX,MADRAS

In the result, the appeals fail, and are dismissed with

capital of the intermediaries even on paper was negligible. 6. The intermediaries bad most of them no offices of their own. Even when they had offices, these were arranged by the officers of the appellant. The concerns had no godowns, and their staff was meagre and recruited from the employees and servants of the appellant. Apart from signing the contracts

ALEMBIC CHEMICAL WORKS CO. LTD. vs. COMMISSIONER OF INCOME TAX, GUJARAT

In the result, for the foregoing reasons the appeal

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

SRI T. ASHOK PAI vs. COMMISSIONER OF INCOME TAX, BANGALORE

The appeal is allowed

Section 271(1)(C) of the Income Tax Act may not be attracted. (2) The revised return having been accepted by the Department and the penalty having not been imposed with reference to the original return filed by assessee, he cannot be considered to be guilty of concealment of income. (3) The fault, if any, was with his tax counsel

COMMISSIONER OF INCOME-TAX, WEST BENGAL,CALCUTTA vs. GUNGADHAR BANERJEE AND CO. (P) LTD

In the result we hold that the order of the High Court is

gains distributed as dividends by any company up to the end of the 443 sixth month after its accounts for that http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 5 of 8 previous year are laid before the company in general meeting are less than sixty per cent of the assessable income of the company of that previous year, as reduced