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

Section 43A(1). All allowances including development rebate or depreciation allowance or the other types of deductions referred to in the sub-section

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

1) provides is that if any person who produces electricity has surplus electricity, he may dispose of such surplus electricity by entering into an arrangement with the State Electricity Board for supply of such surplus electricity by him and purchase thereof by the State Electricity Board. 16.1. Section 43A provides for the terms, conditions and tariff for sale of electricity

OIL & NATURAL GAS CORP. LTD. TR. M.D. vs. COMMR.OF INCOME TAX, DEHRADUN

The appeals are allowed; the impugned orders are

1) of the Act in respect of loans used in revenue account, and also took into consideration the similar difference in foreign exchange on capital account loans as an increased liability under Section 43A of the Act for the purposes of depreciation

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

The appeals are allowed to the aforesaid extent

43A(1) of the Act read as under: Section 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

HONDA SIEL POWER PRODUCTS LTD. vs. COMMR.OF INCOME TAX,DELHI

The appeal is allowed with no order as to costs

depreciation as under section 43A actual payment was a condition precedent for availing the benefit under that section. According to the Tribunal, if actual payment was not made after fluctuation then the value of the asset cannot be increased by adding the increase on account of fluctuation. On facts, the Tribunal found that, in the http://JUDIS.NIC.IN SUPREME COURT

WIPRO FINANCE LTD. vs. THE COMMISSIONER OF INCOME TAX, BANGALORE

The appeal is allowed in terms of the signed

1 (referred to in Recital A) Description of the Project The Project consists of the financing by the Company of the acquisition of plant, machinery and equipment to be used in its leasing business in accordance with the applicable laws and regulations of India and the Company’s Memorandum and Articles of Association.” The loan was obtained in foreign currency