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

48 (1A) of the Income Tax Rules, 1962 (briefly ‘the Rules’ hereinafter), it would be entitled to depreciation on the straight line method. On that basis, as against the depreciation claim of the assessee of Rs. 2,85,37,634.00, the assessing officer allowed depreciation to the extent of Rs. 1,59,10,047.00. 37. In the appeal before

VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

48 lays down the mode of computation of capital gains and deductions therefrom.” In para 45 of the judgment, the Court also stated that capital gains under Section 45 of the Act are not income accruing from day to day. It is deemed income which arises at a fixed point of time, viz. on the date of transfer. 28) When

M/S D. N. SINGH THROUGH PARTNER DUDHESHWAR NATH SINGH vs. COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE K.M. JOSEPH

depreciation under Section 32. 57. This Court is called upon to decide the ambit of the word ‘owner’ in section 69A in the facts before us. This Court agrees with the High Court that the concept of ‘owner’ cannot be divorced from the context in which the expression is employed. In the case of Jodha Mal (supra), the property undoubtedly

INCOME TAX APPELLATE TRIBUNAL vs. DY.COMMNR. OF INCOME TAX & ANR.ETC.ETC

Appeals are allowed accordingly

48 Taxman 347 (Magazine Section) and 49 Taxman 49 and 133 (Magazine Section) and having noticed diametrically opposite views expressed in two decisions of the Tribunal - one reported in 39 I.T.D. 432 Butwelded Tools (P) Ltd. Vs. Asstt. Commissioner of Income-tax and the opposite decision rendered by the Hyderabad Bench in V.V. Trans Investment (P) Ltd. Vs. Income

SUNDARESH BHATT vs. CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS

Bench: HON'BLE THE CHIEF JUSTICE

depreciation. From the viewpoint of creditors, a good realisation can generally be obtained if the firm is sold as a going concern. Hence, when delays induce liquidation, there is value destruction. Further, even in liquidation, the realisation is lower when there are delays. Hence, delays cause value destruction. Thus, achieving a high recovery rate is primarily about identifying and combating

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

48, and the amount arrived at after such addition or deduction shall be taken to be the actual cost of the asset or the amount of expenditure of a capital nature or, as the case may be, the cost of acquisition of the capital asset as aforesaid.” 24. We also quote hereinbelow Section 43A, as it stands in the Statute

COMMR.OF INCOME TAX-I,NEW DELHI vs. VATIKA TOWNSHIP P.LTD

Appeals of the assessees are allowed deleting the surcharge levied by the

depreciation under sub-section (2) of section 32 shall not be set off against the undisclosed income determined in the block assessment under this Chapter, but may be carried forward for being set off in the regular assessments. Civil Appeal No.________ of 2014 & connected matters Page 17 of 57 (arising out of S.L.P. (C) Nos. 540 of 2009) Page

COMMNR. OF CUSTOMS (GENERAL), N. DELHI vs. GUJARAT PERSTORP ELECTRONICS LTD

The appeals are allowed

48 and 49. In exercise of the powers conferred by sub-section (1) of Section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods specified in column (3) of the Table hereto annexed, and falling within Chapter, heading

CHIEF COMMISSIONER OF CENTRAL GOODS AND SERVICE TAX vs. M/S SAFARI RETREATS PRIVATE LIMITED

Appeals are partly allowed in above terms

Bench: HON'BLE MR. JUSTICE ABHAY S. OKA

depreciation and ITC. 29. Now we come to sub-Section (4) of Section 16. Before the amendment made by the Finance Act, 2022, the sub-section read thus: “16. .. .. .. .. .. .. .. .. .. (4) A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after

MCORP GLOBAL PVT. LTD. vs. COMMISSIONER OF INCOME TAX, GHAZIABAD

Accordingly, the civil appeal filed by the assessee is partly allowed with no order as to costs

Bench: Coming To The Facts, The Following Is The Relationship Between The Parties: - M/S Glass & Ceramic Decorators Was The Manufacturer Of Soft Drink Bottles. - Assessee Was The ‘Lessor’. - M/S Coolade Beverages Pvt. Ltd. Was The ‘Lessee’. 4. During The Relevant Assessment Year, The Assessee Carried On The Business Of Trading In Lamination Machines & Binding & Punching Machines. In Addition, It Was Also Engaged In The Leasing Business. During The Year In Question, The Assessee Had Bought 5,46,000 Soft Drink Bottles From M/S Glass & Ceramic Decorators Worth Rs. 19,54,953/-. The Bottles Were Directly Supplied To M/S Coolade Beverages Pvt. Ltd. (“M/S Coolade” For Short) In Terms Of Lease Dated 15.2.1991. Vide Assessment Order Dated 28.3.1994, The Ao Found That M/S Coolade Had Received Only 42,000 Bottles Out Of The Total Of 2

48,21,694/- in the first round. In other words, the AO allowed depreciation in respect of both the transactions amounting to Rs. 1,32,08,795 as against the claim of Rs. 1,80,30,489/-. Findings: 6. In the case of Hukumchand Mills Ltd. v. CIT reported in (1967) 63 ITR 232 this Court has held that under

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

The appeal is allowed with no order as to costs

section 254(2) which reads as under: "BEFORE THE INCOME TAX APPELLATE TRIBUNAL: DELHI BENCHES HON’BLE "A" BENCH (HON’BLE VICE PRESIDENT R.M. MEHTA & SH. HON’BLE SH. Y.K.KAPOR) IN THE MATTER OF : M/S SHRIRAM HONDA POWER EQUIPMENTS LTD. ITA NOS. : 5413 & 5414/D/96(A) 5544 & 5545/D/96(D) ASSESSMENT YEARS: 1990-91 & 1991-92 SUB: APPLICATION

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

depreciation and other allowances because the allowance of development rebate can result in an assessee claiming allowances exceeding the original cost. It may be that the legislature thought that, though development rebate was intended to promote development of industries, this could not be allowed at the cost of the foreign exchange resources of the country which are also depleted when

M/S. MANGALAM PUBLICATIONS, KOTTAYAM vs. COMMISSIONER OF INCOME TAX, KOTTAYAM

Bench: This Court & On Leave Being Granted, Civil Appeals Have Been Registered. 3.

depreciation allowance or any other allowance, as the case may be, for the assessment year concerned (hereafter in this section and in Sections 148 to 153 referred to as the relevant assessment year). 32 28.4. Thus, Section 147 as it stood at the relevant point of time provides that if the assessing officer has reason to believe that any income

M/S.VIRTUAL SOFT SYSTEMS LTD. vs. COMMISSIONER OF INCOME TAX, DELHI-I

depreciation allowance which it was entitled to under the Income-tax Act came to Rs.7,84,063 thus converting the profit into a loss of Rs.2,19,848 for income-tax purposes, and the company was adjudged not to be liable to income-tax for the relevant assessment year 1951-52. The company, however, declared dividends in that year amounting

MANSAROVAR COMMERCIAL PVT. LTD. vs. COMMISSIONER OF INCOME TAX DELHI

Bench: HON'BLE MR. JUSTICE M.R. SHAH

48 of 67 Court concluded that the findings by the ITAT in this regard is contrary to the record and is based on surmises and unsustainable in law. 6.4 In light of the above findings, the submissions made by the learned counsel for the respective parties on service of notice upon Rattan Gupta being in the control and management

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

Section 45JA RBI, having considered it necessary in public interest and being satisfied that for the purpose of enabling the Bank to regulate the credit system, it was necessary to issue directions relating to Prudential Norms, gives to every Non-Banking Financial Company the following directions. The said directions are called as “NBFCs Prudential Norms (Reserve Bank) Directions, 1998”: Definitions

COMMISSIONER OF INCOME TAX vs. UNITED PROVINCES ELECTRIC SUPPLY CO

In the result, appeal is allowed

depreciable assets of the assessee and as per the details given in his order computed the written down value of those assets at Rs.2,06,48,985/- and determined the profit of Rs.1,29,35,557/- under Section

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