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

391 to 394 and the relevant Rules have to be followed and complied with. During the period the proceedings are pending before the Court, both the amalgamation units, i.e., the Transferor Company and the Transferee Company may carry on business, as has happened in this 13 1996 Supp (9) SCR 216 15 case but normally provision is made for this

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

depreciation in investments in the Balance Sheet under “Current Liabilities and Provisions” and that such provision for each year shall be debited to P&L Account so that a true and correct figure of “Net Profit” gets reflected in the financial accounts of the company. The effect of such Disclosure is to increase the current liabilities by showing the provision

THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 11 (1) BANGALORE vs. M/S ACE MULTI AXES SYSTEMS LTD

Appeals are disposed of in the same terms

Bench: HON'BLE MR. JUSTICE ADARSH KUMAR GOEL

depreciation schedule annexed to the 3CD report which do not come under the purview of the definition of small scale industry for the year ending 04-05 (A.Y.05-06). In view of the above, I am constrained to hold that the assessee company is not eligible for claim of 80IB(3) deduction amounting to Rs.75,81,910/- and hence same