VODAFONE IDEA LTD(EARLIER KNOWN AS VODAFONE MOBILE SERVICES LIMITED vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 26 (2)

Bench: HON'BLE THE CHIEF JUSTICE

depreciation as claimed and by taxing the interest income of Rs.1,07,85,590 as income from other sources and thus raised the demand of Rs. 1,30,83,741 under various heads and sections of taxes, surcharge and additional tax under Sections 143(1A), 234A and 234B. 4. Mr. Shah, learned counsel appearing for the assessee, has contended that

COMMR.OF INCOME TAX-I,NEW DELHI vs. VATIKA TOWNSHIP P.LTD

Appeals of the assessees are allowed deleting the surcharge levied by the

depreciation under sub-section (2) of section 32 shall not be set off against the undisclosed income determined in the block assessment under this Chapter, but may be carried forward for being set off in the regular assessments. Civil Appeal No.________ of 2014 & connected matters Page 17 of 57 (arising out of S.L.P. (C) Nos. 540 of 2009) Page

NECTAR BEVERAGES PVT. LTD. vs. DEPUTY COMMNR. OF INCOME TAX

Section 2(11) of the 1961 Act. As stated, this judgment is confined to depreciable assets costing less than Rs. 5,000/- which

CHECKMATE SERVICES P LTD vs. COMMISSIONER OF INCOME TAX-I

Bench: HON'BLE THE CHIEF JUSTICE

11 a composite amount - referred to as the amount payable in respect of an employee under the scheme. It was submitted that similarly Section 6 of the Act and paragraphs 28, 30 & 38 of the EPF Scheme establish that what was payable as contribution by the employer was not only the contribution in respect of its obligation to deposit amounts

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

Section 2(11) of the same defining block of assets, the legislative intent becomes quite clear: the expression ‘any other business or commercial rights of similar nature’ does not constitute a separate category but is to be read alongwith the preceding categories. In support of this contention, learned 9 (1989) 2 SCC 458 10 (2009) 314 ITR 167 39 Additional

M/S. I.C.D.S. LTD. vs. COMMISSIONER OF INCOME TAX

The appeals are allowed; the impugned

2 (1976) 4 SCC 562 8 Page 9 JUDGMENT asset to the extent it has depreciated during the period of accounting relevant to the assessment year and as the value has, to that extent, been lost, the corresponding allowance for depreciation takes place. 11. Black’s Law Dictionary (5th Edn.) defines ‘depreciation’ to mean, inter alia: “A fall in value

M/S KARNATAKA SMALL S.INDT.DEV.COR.LTD. vs. COMMISSIONER OF INCOME-TAX,BANGALORE

11 of 1922), or any Act repealed by that Act, or under any executive orders issued when the Indian Income-tax Act, 1886 (2 of 1886) was in force. Under the laws in force in the former Portuguese territory, no allowance in the nature of depreciation was permitted in computing the gross income. According to the assessees since there

M/S. SYNCO INDUSTRIES LTD. vs. ASSESSING OFFICER,INCOME TAX MUMBAI &ANR

depreciation of earlier years. In Orient Paper Mills Ltd. V. Commissioner of Income Tax (1986) 158 I.T.R. 695 the Calcutta High Court has taken the view that deductions under Section 80-I cannot exceed gross total income and if gross total income found is ’Nil’ or a net loss the assessee is not entitled to deduction under Section

PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL) 2 vs. M/S MAHAGUN REALTORS (P) LTD

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

Bench: HON'BLE THE CHIEF JUSTICE

11. After the sanction of the scheme on 11th April, 2004, the Spice ceases to exit w.e.f. 1st July, 2003. Even if Spice had filed the returns, it became incumbent upon the Income tax authorities to substitute the successor in place of the said ‘dead person’. When notice under Section 143(2) was sent, the appellant/amalgamated company appeared and brought

PR. COMMISSIONER OF INCOME TAX SHIMLA vs. M/S AARHAM SOFTRONICS

Bench: HON'BLE MR. JUSTICE A.K. SIKRI

depreciation in any year), as on the first day of the previous year in which the substantial expansion is undertaken. 8. This section makes special provisions in respect of certain undertakings or enterprises in certain special category States. Section 80-IC was 10 inserted by the Finance Act, 2003 w.e.f. Civil Appeal No. 7208 OF 2018 & Ors. Page

COMMR.OF INCOME TAX,SIMLA vs. M/S GREEN WORLD CORPORATION

Appeals are disposed of with the aforementioned directions

11. Since none of the submissions made by the learned counsel has any merit, both the review petitions (petition Nos. 15 and 16 of 2006) filed by the assessee, i.e. M/s The Green World Corporation, are dismissed.” 17. Mr. Harish N. Salve and Mr. Sunil Gupta, learned Senior Counsel appearing on behalf of the Assessee inter alia would submit

THE ASSTT. COMMISSIONER OF INCOME TAX vs. M/S. A.R. ENTERPRISES

depreciation under sub- section (2) of section 32; (b) of a firm, or its partners, the method of computation of undisclosed income and its allocation to the partners shall be in accordance with the method adopted for determining the as- 21 Page 22 JUDGMENT sessed income or returned income for each of the previous years falling within the block period

UDAIPUR SAHKARI UPBOKTA THOK BHANDER LD. vs. COMMR.OF INCOME TAX

11. At the outset it may be noted that Sections 81(iv), followed by Section 14(3)(iv) in the 1922 Act, as amended, was a predecessor to Section 80P(2)(e) of the 1961 Act, and it came for consideration before the Gujarat High Court in the case of Surat Vankar Sahakari Sangh Ltd. v. Commissioner of Income

PLASTIBLENDS INDIA LIMITED THROUGH ITS CHAIRMAN AND MANAGING DIRECTOR vs. ADDL.COMMISSIONER OF INCOME TAX RANGE 8(2) MUMBAI

Bench: HON'BLE MR. JUSTICE A.K. SIKRI

11) Before dealing with the aforesaid submissions, let us first discern the reasons which prevailed with the Full Bench of the Bombay High Court in arriving at the said conclusion. 12) We have already mentioned that Full Bench of the Bombay High Court answered the reference by holding that depreciation had to be reduced for computing the profits eligible

COMMISSIONER OF INCOME TAX CHENNAI vs. TULSYAN NEC LTD

depreciation; or (iv) the amount of profits derived by an industrial undertaking from the business of generation or generation and distribution of power; or (v) the amount of profits derived by an industrial undertaking located in an industrially backward State or district as referred to in sub-section (4) and sub- section (5) of section 80-IB, for the assessment

ASSISTANT COMMISSIONER OF INCOME TAX vs. RAJESH JHAVERI STOCK BROKERS PVT.LTD

The appeal is allowed without

11 of 1922); or (d) where excessive loss or depreciation allowance has been computed. Explanation 2.\027Production before the Assessing Officer of account books or other evidence from which material evidence could with due diligence have been discovered by the Assessing Officer will not necessarily amount to disclosure within the meaning of this section

PRIDE FORAMER S.A. vs. COMMISSIONER OF INCOME TAX

Bench: HON'BLE THE CHIEF JUSTICE

2) provides unabsorbed depreciation allowance of a previous year may be carried forward and set off against income of the following assessment years in the manner and subject to the conditions provided therein. The first proviso to the said sub- section further provided such depreciation allowance can be carried forward if the business or profession for which the depreciation allowance

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

11. It is pointed out that Section 17(5)(c) carves out an exception only for works contracts, assuming that this is the only category of service where there is no breakage in the chain of taxable supplies. It is submitted that while Section 17(5)(c) allows ITC on works contracts for contractors, ITC has been blocked for other