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5 results for “capital gains”+ Section 40A(9)clear

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Key Topics

Section 408Section 80H7Deduction5Section 36(1)(vii)4Section 372Section 37(1)2Section 322Section 36(1)(iii)2Depreciation2

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

C.A. No.-003506-003510 - 2009Supreme Court12 May 2009
Section 37

9. We quote herinbelow relevant provisions of the Income-tax Act, 1961 as it stood at the material time: “General 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

COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

C.A. No.-005394-005394 - 1994Supreme Court15 Mar 2000
For Respondent: MAHENDRA MILLS
Section 32
Section 34
Section 72
Section 73

40A, such depreciation shall be excluded for the purposes of sub-rule (1)." This Rule 5AA prescribed the particulars for depreciation necessary to be furnished for allowance of depreciation. Prior to insertion of Rule 5AA return of income tax in the form prescribed itself required particulars to be furnished if the assessee claimed depreciation. Mr. Dastur said that the case

COMMISSIONER OF INCOME TAX, COIMBATORE vs. M/S. LAKSHMI MACHINE WORKS

C.A. No.-004409-004409 - 2005Supreme Court25 Apr 2007
For Respondent: M/s. Lakshmi Machine Works
Section 143(1)(a)Section 143(2)Section 80H

40A 10,30,000 51,600 Less: Excise duty of 1991-92, deductible by virtue of section 43B [see para 49.10] 10,81,600 (-) 86,920 Business income (under section 28) Capital gains 9

M/S MUNJAL SALES CORPORATION vs. COMMR.OF INCOME TAX,LUDHIANA

C.A. No.-001378-001378 - 2008Supreme Court19 Feb 2008
For Respondent: Commissioner of Income Tax,Ludhiana & Anr
Section 36(1)(iii)Section 40

9. The basic question which arises for determination is : whether Section 40(b) of the 1961 Act is a stand-alone section or whether it operates as a limitation to the deduction under Sections 30 to 38 of the 1961 Act? 10. On the above question of law, Mr. S. Ganesh, learned senior counsel appearing on behalf of assessee, contended

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

C.A. No.-001337-001337 - 2003Supreme Court11 Jan 2010
Section 145Section 2(24)Section 36(1)(vii)Section 37Section 37(1)

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 the IT Act. 9