M/S FIBRE BOARDS (P) LTD BANGALOARE vs. CIT BANGALORE

Section is to “utilize” the amount of capital gains for purchase and acquisition of new machinery or plant and building or land. It is undisputed that the entire amount claimed in the assessment year in question has been so “utilized” for purchase and/or acquisition of new machinery or plant and land or building. 37

THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) vs. TIGER GLOBAL INTERNATIONAL II HOLDINGS

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

capital gain which could then be used to declare a special dividend to the shareholders of HTIL. We find no merit in this argument. 134. Firstly, the Tier I (Mauritius companies) were the indirect subsidiaries of HTIL who could have influenced the former to sell the shares of Indian companies in which event the gains would have arisen

M/S JINDAL EQUIPMENT LEASING CONSULTANCY SERVICES LTD. vs. COMMISSIONER OF INCOME TAX

Appeals stand disposed of in the aforesaid terms

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

capital gains, once this Court has recognized that amalgamation entails a transfer, that conclusion cannot be ignored while considering the ambit of Section 28. 16.4. The real question, therefore, is whether an amalgamation – though, in company law, it operates as a statutory substitution of rights – nonetheless gives 36 rise to taxable business profits under Section

COMMISSIONER OF INCOME-TAX vs. PATEL BROTHERS & CO. LTD, ETC. ETC

The appeals of the assessees are allowed while the

gains of business or profession". (2) Notwithstanding anything contained in sub-section (1), no expenditure in the nature of entertainment expenditure shall be allowed in the case of a company, which exceeds the aggregate amount computed as hereunder:- *** *** *** *(2A) Notwithstanding anything http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 4 of 9 contained in sub-section (1) or sub- section

COMMISSIONER OF INCOME TAX, MADRAS vs. M/S. MADURAI MILLS CO. LIMITED

37,904.73. Out of that, loss amounting to Rs. 41,960.56 in respect of Pandyan Weaving Mills (Private) Limited was deducted, leaving a balance of Rs. 95,944.00. The assessee company at first showed the sum of Rs. 95,944.00 as capital gains but subsequently it filed a statement showing a loss of Rs. 59,104 on the basis that

COMMISSIONER OF INCOME TAX, DELHI vs. M/S WOODWARD GOVERNOR INDIA P. LTD

gains of business or profession, how computed: Section 29: “The income referred to in section 28 shall be computed in accordance with the provisions contained in sections 30 to 43D.” General: Section 37 : “(1) Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital

DIRECTOR OF INCOME TAX (IT)-I, MUMBAI vs. M/S. AMERICAN EXPRESS BANK LTD

Bench: HON'BLE MR. JUSTICE J.B. PARDIWALA

Section 37(1) of the Act, 1961, which provides that any expenditure laid out or expended wholly and exclusively for the purposes of business or profession, not being in the nature of capital expenditure or personal expenditure, shall be allowed as a deduction in computing the income chargeable under the head “Profits and gains

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

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

37 of the Act, being one of the provisions meant for computing income from profits or gains of business or profession, is a residuary and omnibus provision which intends to cover all expenditure to the exclusion of those mentioned under Section 30 to 36 of the Act, apart from being in the nature of capital

M/S APEX LABORATORIES P. LTD. vs. THE DEPUTY COMMISSIONER OF INCOME TAX LARGE TAX PAYER UNIT II

The appeal is dismissed without order on costs

Bench: HON'BLE THE CHIEF JUSTICE

37. General.—(1) Any expenditure (not being expenditure of the nature described in Sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head “Profits

MISS DHUN DADABHOY KAPADIA vs. COMMISSIONER OF INCOME-TAX, BOMBAY

section 12B(ii), the assessee is entitled to claim a deduction from the full value of the consideration of Rs. 45.262.50 nP. received for the capital asset, the sum of Rs. 37,630 or any similar sum?" The case arose out of proceedings for assessment of the ap- pellant for the assessment year 1957-58, the corresponding previous year being

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

37. (1) Any expenditure (not being expenditure of the nature described in Section 30 to 36 [***] and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head “Profits and gains

COMMISSIONER OF INCOME TAX vs. BALBIR SINGH MAINI

The appeals are dismissed with no order as to

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

37 owed to the assessees by the developers and therefore, the assessees have not acquired any right to receive income under the JDA. This being so, no profits or gains “arose” from the transfer of a capital asset so as to attract Sections

NAVINCHANDRA MAFATLAL vs. THE COMMISSIONER OF INCOME-TAX,BOMBAY CITY

sections 37 and 38) capital gains have been included as taxable income. In should be remembered that the question before

DILIP N. SHROFF vs. JOINT COMMNR. OF INCOME TAX, MUMBAI &ANR

The appeal is allowed

capital gains by the assessee was found to be wrong obviously, the finding of the revenue authorities and the Tribunal that the assessee furnished inaccurate particulars cannot be faulted..." 16. Mr. Anil B. Dewan, the learned Senior Counsel appearing on behalf http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 9 of 26 of the Appellant, would contend that the First Respondent

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

37. (1) Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head "Profits and gains

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

37. Section 36 of the Act deals with other deductions that may be allowed while computing the total income under the heading ‘profits and gains of business or profession’ referred to in Section 28 of the Act. Section 36(1)(iii) says that the deductions provided for the amount of interest paid in respect of capital

COMMISSIONER OF INCOME-TAX, CALCUTTA vs. NALIN BEHARI LAL SINGHA ETC

37) ACT: Income-tax Act, 1922, s. 2(6A)--Definition of dividend- If taxable dividend is exclusive of component representing capital gains and not accumulated profits. HEADNOTE: In assessment proceedings for the year 1949-50 the, respondents claimed that certain dividend distributed to them by a company was exempt from tax as the fund out of which it was distributed

M/S. SOUTHERN TECHNOLOGIES LTD. vs. JOINT COMMNR. OF INCOME TAX, COIMBATORE

capital gains, etc. which items are all credited to P&L Account, but, which are exempted under the IT Act would become taxable income which is not the intention of Section 45Q of the IT Act. That, the said 1998 Directions cannot be taken as an excuse by the NBFC to compute lower taxable income under