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3 results for “depreciation”+ Section 40A(2)clear

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Key Topics

Section 36(1)(vii)4Section 36(1)(va)3Deduction3Section 37(1)2Section 322Depreciation2

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 32Section 34Section 72Section 73

2) Where the depreciation in respect of any asset is not admissible as a deduction under clause (ii) of sub- section (4) of section 37 or sub-clause (ii) of clause (c) of section 40 or sub-clause (ii) of clause (a) of sub- section (5) of section 40A

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

C.A. No.-002833-002833 - 2016Supreme Court
12 Oct 2022

Bench: HON'BLE THE CHIEF JUSTICE

Section 2Section 2(24)(x)Section 28Section 36Section 36(1)(va)Section 43B

40A(2) opens with a non-obstante clause and spells out what expenses and payments are not deductible in certain circumstances. Section 41 elaborates conditions which apply with respect to certain deductions which are otherwise allowed in respect of loss, expenditure or trading liability etc. If we consider this scheme, Sections 40- 43B, are concerned with and enact different conditions

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)

2: P&L Appropriation A/c 8.00 To Prov. Taxation 4.00 To Prov. for Dividends 2.00 To Transfer to Reserve 2.00 Thus, if there are no profits, there 13 can be no debit to the reserve. Under the vertical system, “profits available for appropriation” are post-tax profits. Appropriation to reserves can be made only when there is a surplus