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

depreciation and allowances are dealt with in Section 32. Therefore, Parliament has used the expression “any expenditure” in Section 37 to cover both. Therefore, the expression “expenditure” as used in Section 37 may, in 11 the circumstances of a particular case, cover an amount which is really a “loss” even though the said amount has not gone out from

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

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

NECTAR BEVERAGES PVT. LTD. vs. DEPUTY COMMNR. OF INCOME TAX

50,850/- 2 holding that the sale proceeds of the 100% depreciated and written off assets can still be treated as the business income of the assessee under Section 41(1

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

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

1)(c)(iii)? ii. What is meant by the term "total income" in Explanation 4(a)? Both these questions are fully answered by this Court in Commissioner of Income Tax, Bombay City v. Elphinstone Spinning and Weaving Mills Co. Ltd., 40 ITR 142 (SC). Under the Finance Act, 1951, a provision was enacted to discourage the declaration of dividend disproportionate

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

50 40.1. Thus, what is noticeable is that as per sub-rule (1A), the allowance under clause (i) of sub-section (1) of Section 32 of the Act in respect of depreciation

COMMR.OF INCOME TAX,SIMLA vs. M/S GREEN WORLD CORPORATION

Appeals are disposed of with the aforementioned directions

50 of 2005 and Civil Writ Petition No.800 of 2005 as also out of common judgment and order dated 3.4.2007 in Civil Review No. 15 and 16 of 2006 in ITA No.50 of 2005 and C.W.P. No. 800 of 2005 passed by the High court of Himachal Pradesh, Shimla. 3. M/s Green World Corporation is a partnership concern of Shri

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

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

ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTIONS) vs. AHMEDABAD URBAN DEVELOPMENT AUTHORITY

Bench: HON'BLE THE CHIEF JUSTICE

Section 12AA(1) of the IT Act, on 18.05.1979 and is engaged in the activity of promotion of the export of all kind of ready-made garments, knitwear, and garments made of leather, jute and hemp. It does not per se engage in any activity for profit, and its mandate is to ensure that Indian apparel manufacturers, are given forums

M/S. SYNCO INDUSTRIES LTD. vs. ASSESSING OFFICER,INCOME TAX MUMBAI &ANR

1 of Section 80A, Sub-Section 2 of Section 80A and Sub-Section 5 of Section 80B the Calcutta High Court has held that the gross total income defined by Section 80B(5) is the total income computed under the provisions of the Act, but before making any deductions under Chapter VI-A and if the total income computed under

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

COMMR.OF INCOME TAX, DEHRADUN vs. M/S ENRON OIL & GAS INDIA LTD

Bench: Cit(A), Who After Analyzing The Psc Held That Each Co-Venturer In This Case Had Made Contribution At A Certain Rate Whereas The Expenditure Incurred Out Of The Said Contribution Stood Converted On The Basis Of The Previous 2

50,013 under Section 115JA. 5. During the year, EOGIL debited its P&L account by exchange loss of Rs. 38,63,38,980. The A.O. disallowed this loss on the ground that it was a mere book entry and actually no loss stood incurred by the assessee. 6. The decision of the A.O. was challenged in appeal by EOGIL

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

Appeals are allowed accordingly

50 Taxman 659 (Magazine Section) 47 Taxman 133 (Magazine Section) 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

SUNDARESH BHATT vs. CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS

Bench: HON'BLE THE CHIEF JUSTICE

1: Rational & Design (November 2015), available at , last accessed 06-07-2022. Page 28 of 59 Civil Appeal No.7722 of 2021 and Civil Appeal No.7731 of 2021 31. In the Fifth Report of the Insolvency Law Committee, May, 2022 published by the Ministry of Corporate Affairs, Government of India29, while examining whether the role

COMMISSIONER OF INCOME-TAX(CENTRAL) vs. M/S. GWALIOR RAYON SILK MFG.(WVG.)CO.LTD

The appeal is partly allowed

50,526. On appeal the C.I.T. (Appeals) allowed the assessee’s claim for depreciation. The Tribunal dismissed the appeal of the revenue. At the instance of the revenue on a reference under Section 256(1

DEPUTY COMMISSIONER OF INCOME TAX (CENTRAL) CIRCLE 1(2) vs. M/S M.R. SHAH LOGISTICS PVT. LTD

Appeal is allowed in these terms, without order on costs

Bench: HON'BLE THE CHIEF JUSTICE

depreciation allowance or any other allowance or deduction for such assessment year (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year). Explanation.--For the purposes of assessment or reassessment or recomputation under this section, the Assessing Officer may assess or reassess the income in respect of any issue, which has escaped