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

depreciation in the value of the assets and, consequently, it is deductible under Section 37(1) of the IT Act. In this connection, appellant placed reliance on the judgment of this Court in 4 Commissioner of Income-Tax v. Woodward Governor India P. Ltd., 312 ITR 254. According to the appellant, applying “real income theory”, the “Provision for NPA” which

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

depreciation “actually allowed”. Hence we find no merit in the civil appeals filed by the Department. 17. Before concluding, we may state that the judgment of this Court in Commissioner of Income Tax v. Willamson Financial Services and Others – (2008) 297 ITR 17, has no application to the present cases. Willamson Financial Services case (supra) was rendered in the context

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

Appeals are allowed

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

43D. These sections provide for deductions of various kinds. Among them, Section 32 relates to depreciation, Section 32AB gives deductions

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

43D.” General: Section 37 : “(1) Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head