DEPUTY COMMISSIONER OF INCOME TAX vs. M/S. CORE HEALTH CARE LTD

Depreciation is not there in Section 36(1)(iii). That is why the legislature has used the words "unless the context otherwise requires". Hence, Explanation 8 has no relevancy to Section 36(1)(iii). It has relevancy to the aforementioned enumerated sections. Therefore, in our view Explanation 8 has no application to the facts of the present case. http://JUDIS.NIC.IN

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

Section 32 (1) under sub- rule (1) of Rule 5 read with Appendix-I instead of the depreciation specified in Appendix-1A in terms of sub-rule (1A) of Rule 5 which the assessee has done. If that be the position, we find no merit in the question proposed by the revenue. The same is therefore answered in favour

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

54. In view of the findings hereinabove:- a) I confirm duty demand of Rs.4,18,12,425/-. b) I order adjustment of the amount of Rs.30 lakhs deposited by M/s. Pearl Engineering Polymer Ltd., voluntarily, towards the above confirmed demand of duty and direct that the remaining amount be paid forthwith. c) I hold that the goods are liable

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

VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

54-F). 9 (2009) 8 SCC 412 Page 24 JUDGMENT 24 17. Section 45(1) of the 1961 Act speaks about capital gains arising out of “transfer” of a capital asset. The definition of the expression “transfer” is contained in Section 2(47) of the 1961 Act. It has very wide meaning. What is taxable under Section

M/S. VIKRAM CEMENT vs. COMMNR. OF CENTRAL EXCISE, INDORE

54 or Chapter 55 of the Schedule to the Act; (iv) fabrics of cotton or man-made fibres falling within heading Nos.58.01, 58.02, 58.06 (other than goods falling within sub- heading No.5806.20) 60.01 or 60.02 (other than goods falling within sub-heading No.6002.10) of the Schedule to the Act. (2) The manufacturer of the final products shall take credit under

COMMISSIONER OF INCOME TAX, HYD. vs. M/S. P.J. CHEMICALS LTD

In the result, we affirm the judgments of the High Courts which have

depreciation was not an initially recognised concept. The Millard Tucker Committee in United Kingdom said : "For more than a generation after the imposition of the present income tax, no relief whatever was given to the using up, in the course of carrying on a business, of any kind of fixed assets." 12. In Corporation of Birmingham V. Barnes

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

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

54 of 67 employees or agents. The real test to be applied is, where is the controlling and directing power, or rather, where does the controlling and directing power function or to put it in a different language there is always a seat of power or the head and brain, and what has got to be ascertained is, where

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

Bench: HON'BLE THE CHIEF JUSTICE

depreciation). Each of these deductions, has its contours, depending upon the expressions used, and the conditions that are to be met. It is therefore necessary to bear in mind that specific enumeration of deductions, dependent upon fulfilment of particular conditions, would qualify as allowable deductions: failure by the assessee to comply with those conditions, would render the claim vulnerable

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

depreciation under Section 32(1)(ii) of the Income-tax Act, 1961 (“1961 Act” for short) in respect of two separate transactions dated 15.2.1991 and 15.3.1991. The impugned judgment has been rendered in respect of Assessment Year 1991-92 (corresponding to the previous year ending 31.3.1991). (A) Facts Regarding Lease dated 15.2.1991 (Transaction No. I): 3. Before coming

NAVIN JINDAL vs. ASSISTANT COMMISSIONER OF INCOME TAX

54, 54B, 54D, 54E, 54F, 54G and 54H, be chargeable to income-tax under the head `Capital gains', and shall be deemed to be the income of the previous year in which the transfer took place. 48(1). The income chargeable under the head `Capital gains' shall be computed,-- [a] by deducting from the full value of the consideration received

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

depreciation in investments in the Balance Sheet under “Current Liabilities and Provisions” and that such provision for each year shall be debited to P&L Account so that a true and correct figure of “Net Profit” gets reflected in the financial accounts of the company. The effect of such Disclosure is to increase the current liabilities by showing the provision

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

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

Appeals are disposed of with the aforementioned directions

depreciation was not causing any prejudice to the interest of Revenue at least in the year under consideration and the apprehension of the learned CIT about such prejudice which may be caused to the Revenue in the subsequent years was based on 29 assumptions and surmises depending on ultimate eventualities like the one happened in the present case when

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

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

ASSTT DIRECTOR OF INCOME TAX I NEW DELHI vs. M/S E FUNDS IT SOLUTION INC

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

Section 10A of the Act. Copy of the return was furnished. It was further stated that cost of personnel seconded in India was fully borne by e-Fund India i.e. 100% of the salary paid to the said employees seconded to India were debited to profit and loss accounts. 75% of the salary component was paid abroad by e-Fund