COMMR.OF INCOME TAX,NEW DELHI vs. M/S ELI LILLY & COMPANY (INDIA) P.LTD

37 of the Income-tax Rules, 1962. Learned counsel next contended that under Section 204(i), the person responsible for paying would cover either the employer himself or if the employer is a company the company itself including its principal officer. According to the learned counsel, the definition contemplates two situations – where the branch is the person responsible, it acts

BRITANNIA INDUSTRIES LTD. vs. COMMNR. OF INCOME TAX

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

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

1 SCR 893 at page 898. 34. In CIT v. Venkateswara Hatcheries (P) Ltd., (1999) 3 SCC 632, this Court was faced with an omission and re- enactment of two Sections of the Income Tax Act. This Court found that Section 24 of the General Clauses Act would apply to such omission and re-enactment. The Court has stated

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

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

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

Gains of Business or Profession’. Various types of income enumerated thereunder are made chargeable to income tax. The income, as referred in Section 28 of the Act, has to be computed in the manner as prescribed under Section 30 to 43D of the Act, which is accordingly provided under Section 29 of the Act. Section 37: “37 General.- (1

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

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, MADRAS vs. M/S. MADURAI MILLS CO. LIMITED

1,37,904.73. 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

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

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

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

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

37 7.20. The learned Additional Solicitor General further highlighted that the deliberate use of distinct expressions in Rule 10U, namely “arrangement” in Rule 10U(1)(a) and Rule 10U(2), and “investment” in Rule 10U(1)(d), cannot be ignored. The differentiation is purposeful. Rule 10U(1)(a) excludes small- value arrangements falling below the monetary threshold, even if they

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

The appeal is allowed

37. The legal history of Section 271(1)(c) of the Act traced from the 1922 Act prima facie shows that explanations were applicable to both the parts. However, each case must be considered on its own facts. The role of explanation having regard to the principle of statutory interpretation must be borne in mind before interpreting the aforementioned provisions

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

CHIEF COMMISSIONER OF CENTRAL GOODS AND SERVICE TAX vs. M/S SAFARI RETREATS PRIVATE LIMITED

Appeals are partly allowed in above terms

Bench: HON'BLE MR. JUSTICE ABHAY S. OKA

capital goods and plant and machinery if he claims depreciation on the said tax component under the Income Tax Act. The object is that a registered person does not take advantage of both depreciation and ITC. 29. Now we come to sub-Section (4) of Section 16. Before the amendment made by the Finance Act, 2022, the sub-section read

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 vs. MAHENDRA MILLS

The appeal is dismissed

gains of business or profession" and Section 29 mandates that income referred to in Section 28 shall be computed in accordance with the provisions contained in Sections 30 to 43A. That being the law, Income- tax Officer was bound to allow depreciation whether the assessee chooses to claim the same or not. To arrive at the profit, depreciation

DEPUTY COMMISSIONER OF INCOME TAX vs. M/S. CORE HEALTH CARE LTD

37 which expressly excludes an expense of a capital nature. The legislature has, therefore, made no distinction in Section 36(1)(iii) between "capital borrowed for a revenue purpose" and "capital borrowed for a capital purpose". An assessee is entitled to claim interest paid on borrowed capital provided that capital is used for business purpose irrespective of what http://JUDIS.NIC.IN

COMMISSIONER OF INCOME TAX CHENNAI vs. TULSYAN NEC LTD

gains under sub-section (4) or sub-section (5) of section 80- IB; or (vi) the amount of profits derived by an industrial undertaking from the business of developing, maintaining and operating any infrastructure facility as defined as defined in the Explanation to sub-section (4) of section 80-IA and subject to fulfilling the conditions laid down in that