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

Section 80-IA depend upon the assessees claiming or not claiming current depreciation? The Full Bench went on to answer this question with the observations that it was no longer res integra as the Apex Court had reflected thereupon in the case of Liberty India and quoted the following passage from the said judgment in support of its aforesaid 16

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 32(1)(ii) of the Act, it would be a capital asset entitled to depreciation. Civil Appeal No. of 2025 (Arising out of SLP(C) No. 719/2020) 10. This appeal is at the instance of the revenue assailing the judgment and order dated 11.06.2019 passed by the Bombay High Court in Income Tax Appeal No. 556 of 2017 (Principal

COMMR.OF INCOME TAX,DIBRUGARH vs. DOOM DOOMA INDIA LTD

16. In our view, in cases where Rule 8 applies, the income which is brought to tax as “business income” is only 40 per cent of the composite income and consequently proportionate depreciation is required to be taken into account because that is the depreciation “actually allowed”. Hence we find no merit in the civil appeals filed by the Department

M/S. G.K. CHOKSI & CO. vs. COMMNR. OF INCOME TAX, GUJARAT

16. As already observed, Section 32(1) lays down the general conditions or basic requirements on fulfillment of which an assessee shall become eligible for deduction as provided under various clauses which follow. Clauses (i), (ii) and (iv) operate in different fields and deal with different set of assessees for the purposes of claiming depreciation

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

Bench: HON'BLE THE CHIEF JUSTICE

section further provided such depreciation allowance can be carried forward if the business or profession for which the depreciation allowance was originally computed, continued in the previous year relevant to the assessment year in question. It may be apposite to note that the said proviso has since been omitted by the Finance Act, 2001 w.e.f. 1st April, 2002. Page

COMMISSIONER OF INCOME TAX vs. M/S JINDAL STEEL THROUGH ITS MANAGING DIRECTOR

Appeals are hereby dismissed

Bench: HON'BLE MRS. JUSTICE B.V. NAGARATHNA

16. We may also advert to the relevant provisions of the Electricity (Supply) Act, 1948 (briefly “the 1948 Act” hereinafter), 35 which was the enactment governing the field at the relevant point of time. As per Section 43 of the 1948 Act, the State Electricity Board was empowered to enter into arrangements for purchase or sale of electricity under certain

M/S. TECHNO SHARES & STOCKS LTD. vs. COMMISSIONER OF INCOME TAX-IV

depreciation was not admissible under Section 32(1)(ii). 14. To decide the above controversy, we need to examine the Rules of BSE. 15. Rule 5, quoted above, states that membership shall constitute a personal permission from the Exchange to exercise the rights and privileges attached thereto. Rule 6 inter alia states that membership shall not be alienable. Rule

M/S. DYNAMIC ORTHOPEDICS PVT. LTD. vs. COMMISSIONER OF INCOME TAX, COCHIN

depreciation in Rule 5 of the Income Tax Rules, 1962, are different from the rates specified in Schedule XIV of 1956 Act. In fact, by the Companies (Amendment) Act, 1988, the linkage between the two has been expressly de-linked. Hence, what is incorporated in Section 115J is only Schedule VI and not Section 205 or Section 350 or Section

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

Depreciation is not there in Section 36(1)(iii). That is why the legislature has used the words "unless the context otherwise requires". Hence, Explanation 8 has no relevancy to Section 36(1)(iii). It has relevancy to the aforementioned enumerated sections. Therefore, in our view Explanation 8 has no application to the facts of the present case. http://JUDIS.NIC.IN

COMMISSIONER OF INCOME-TAX(CENTRAL) vs. M/S. GWALIOR RAYON SILK MFG.(WVG.)CO.LTD

The appeal is partly allowed

Section 32 provides depreciation of capital assets in respect of buildings, machinery, plant or furniture. This Court in C.I.T. v. Ram Gopal Mills Ltd. (41 I.T.R. 280), held that "the basic and normal scheme of depreciation under the Act is that it decreases every year being a percentage of the written down value which in the first year

M/S. VIJAY INDUSTRIES vs. COMMISSIONER OF INCOME TAX

Appeals are allowed

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

depreciation, Section 32AB gives deductions in respect of certain investment allowance. After providing for admissible deductions to an assessee, income under this head is ascertained. In a similar way, as noted above, income under the other heads is worked out. If a particular assessee has income under more than one heads, in the income tax returns, the said assessee would

M/S D. N. SINGH THROUGH PARTNER DUDHESHWAR NATH SINGH vs. COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE K.M. JOSEPH

depreciation under Section 32. 57. This Court is called upon to decide the ambit of the word ‘owner’ in section 69A in the facts before us. This Court agrees with the High Court that the concept of ‘owner’ cannot be divorced from the context in which the expression is employed. In the case of Jodha Mal (supra), the property undoubtedly

THE PRINCIPAL COMMISSIONER OF INCOME TAX III, BANGALORE vs. M/S WIPRO LIMITED

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

depreciation under Section 32(1)(ii-a) of the IT Act. 4.7 It is submitted that exactly the same principle applies to the interpretation of Section 10B (8) of the IT Act. Section 10B (8) enables an assessee to exclude the applicability of the deduction under Section 10B by filing a declaration to that effect before the last date

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

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

16 of 57 (arising out of S.L.P. (C) Nos. 540 of 2009) Page 17 JUDGMENT effect to set off of brought forward losses under Chapter VI or unabsorbed depreciation under sub- section

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

depreciation and allowances are dealt with in Section 32. Therefore, Parliament has used the expression “any expenditure” in Section 37 to cover both. Therefore, the expression “expenditure” as used in Section 37 may, in 11 the circumstances of a particular case, cover an amount which is really a “loss” even though the said amount has not gone out from

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

The appeal is allowed without

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.\024 16

COMMNR. OF CUSTOMS (GENERAL), N. DELHI vs. GUJARAT PERSTORP ELECTRONICS LTD

The appeals are allowed

depreciation allowance in terms of Sections 32 and 43(3) of the Income Tax Act. Merely by reason of the factum of certain writings on various sheets of paper, one cannot ascribe the documentation to be a "book". The word "book" has not been defined in the Act but the "book" in common acceptation is a literary composition from which

ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTIONS) vs. AHMEDABAD URBAN DEVELOPMENT AUTHORITY

Bench: HON'BLE THE CHIEF JUSTICE

Section 12AA(1) of the IT Act, on 18.05.1979 and is engaged in the activity of promotion of the export of all kind of ready-made garments, knitwear, and garments made of leather, jute and hemp. It does not per se engage in any activity for profit, and its mandate is to ensure that Indian apparel manufacturers, are given forums