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

depreciation allowance), Section 32A(investment allowance), Section 33(development rebate allowance), and Section 41(balancing charge). "Actual cost" of an asset

COMMR.OF INCOME TAX,RAJKOT vs. M/S GUJARAT SIDDHI CEMENT LTD

The appeal is disposed of accordingly

Bench: The Commissioner Of Income Tax (Appeals) (In Short ‘Cit(A)’). The Disallowance Made By The Assessing Officer Was Upheld By The Cit(A) On The Ground That No Arguments Were Advanced & No Factual Details Were Furnished Regarding The Alleged Fluctuation On Account Of Foreign Exchange Rate. The Matter Was Carried In Further Appeal By The Assessee Before The Income Tax Appellate Tribunal, Rajkot (In Short ‘Tribunal’) Which Allowed The Claim Placing Reliance On A 2

32A of the Act. It in fact related to “development rebate” under Section 33. It is to be noted that Section 43A in the present form was substituted by the Finance Act, 2002 w.e.f. 1.4.2003. Prior to its substitution Section 43A as inserted by the Finance Act, 1967 w.e.f. 1.4.67 and amended by Direct Tax Laws (Amendment) Act, 1987 w.e.f

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

The appeals are allowed; the impugned

32A(2) and Section 33 of the Act, dealing with Investment Allowance and Development Rebate respectively, held thus: - “9. Sub-section (2) of Section 32-A, however, requires to be examined to see whether there is any provision in that sub-section which requires that the assessee should not merely use the machinery for the purposes of his business

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

COMMISSIONER OF INCOME TAX, MADRAS vs. M/S. LUCAS T.V.S. LTD. PADI CHENNAI

The appeals are allowed to the aforesaid extent

32A- INVESTMENT ALLOWANCE. (1) In respect of a ship or an aircraft or machinery or plant specified in sub-section (2), which is owned by the assessee and is wholly used for the purposes of the business carried on by him, there shall, in accordance with and subject to the provisions of this section, be allowed a deduction, in respect

BRITANNIA INDUSTRIES LTD. vs. COMMNR. OF INCOME TAX

depreciation of buildings, machinery, plant or furniture, being tangible assets along with other intangible assets. The facts involved in this case do not attract the provisions of Sections 30 to 36 of the Act, but have been referred to on account of reference made thereto under Section 37 of the Act which is important for our purpose. In order

COMMNR. OF CUSTOMS(PREV.), GUJARAT vs. M/S. RELIANCE PETROLEUM LTD

Section 18 of the Act and the goods were released on respondent’s furnishing a bond for a sum of Rs.5,84,32,813 along with a Bank Guarantee of Rs.58,43,281/-. 9. An Appraising Officer valued the said equipment at Rs.11,86,20,000/- as in the year of manufacture. A final assessment was 5 made upon enhancing