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

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

Bench: HON'BLE THE CHIEF JUSTICE

56:35 IST Reason: Signature Not Verified 2 J U D G M E N T S. RAVINDRA BHAT, J. 1. Leave granted. Berger Paints India Ltd. v Commissioner of Income Tax, Kolkata-IV & Anr.1 was the lead matter while hearing this batch of appeals. However, the parties agreed to treat Checkmate Services Pvt. Ltd. v Commissioner of Income

SHARP BUSINESS SYSTEM THR. FINANCE DIRECTOR MR. YOSHIHISA MIZUNO vs. COMMISSIONER OF INCOME TAX-III N.D

The appeals are hereby disposed of in terms of

Bench: HON'BLE MR. JUSTICE MANOJ MISRA

Section 10(2)(xv) of the Indian Income Tax Act, 1922. 23. In Alembic Chemical Works Co. Ltd. (supra), the assessee was the manufacture of the antibiotic penicillin. In its initial years, it could produce only about 5000 units of penicillin per milli-liter of the culture-medium. With a view to increase the yield of penicillin, assessee negotiated with

M/S KARNATAKA SMALL S.INDT.DEV.COR.LTD. vs. COMMISSIONER OF INCOME-TAX,BANGALORE

depreciation as on April 1998 remained intact and was not written off or obliterated by computation of income of 30 per cent of the book profit under section 115-J. Mr. Dhruv Mehta, learned counsel for another appellant/assessee has adopted these arguments and has further submitted that the fiction of the assessable income under section 115-J could

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

PLASTIBLENDS INDIA LIMITED THROUGH ITS CHAIRMAN AND MANAGING DIRECTOR vs. ADDL.COMMISSIONER OF INCOME TAX RANGE 8(2) MUMBAI

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

56 at Page 62). Thirdly, the Apex Court in the case of Mahendra Mills (supra) has not laid down any proposition of law that by disclaiming depreciation, the assessee can claim enhanced deduction allowable under any other provision in the Act. 32. The choice or the option available to an assessee to claim 15 or not to claim current depreciation

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

depreciable assets. For the purposes of calculation/ computation, figures were taken from Table II incorporated in the Assessment Order itself mentioning the market value of these assets. This Table II reads as under: S.No. Asset %age Sales/Market Value Amount in assessee's case 1. Land as per H.S. Seshagiri – Registered Valuer 19.00 17,47,90,000 2

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

2) has no application. We may, therefore, refer to sub-rule (1A) along with the provisos thereto which read as under: (1A) The allowance under clause (i) of sub-section (1) of section 32 of the Act in respect of depreciation of assets acquired on or after 1st day of April, 1997 shall be calculated at the percentage specified

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

NAVIN JINDAL vs. ASSISTANT COMMISSIONER OF INCOME TAX

depreciation in the value of 1500 original share of JISCO as a result of right issue of PCDs after adjusting the profit realized on a/c of discussed above Less : Deduction u/s 48(2): On Rs.15000/- @ 100% On Rs.2303200/- @ 60% (B) Net Income under the head “capital gains” (A) + (B) 56,250 (-) 3,00,00 0 16,67,2

M/S DALMIA POWER LTD. vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Appeals are allowed

Bench: HON'BLE MS. JUSTICE INDU MALHOTRA

56,89,83,608/­).  2.4 With   a   view   to   restructure   and   consolidate   their businesses,   and   enable   better   realisation   of   the potential   of   their   businesses,   which   would   yield beneficial   results,   and   enhanced   value   creation   for their   shareholders,   better   security   to   their   creditors and   employees,   the   Appellants   (also   referred   to   as “Transferee Companies” or “Amalgamated Companies”) entered into 4 interconnected Schemes

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

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

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

2) Mere activity by the company in a place does not create residence, with the result that the company may be residing in one place and doing a great deal of business in another. (3) The central management and control of a company may be divided and it may keep house and do business in more than one place

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

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

2(m) of the said Act defined net wealth as being predicated with reference to assets “belonging to” the assessee. The assessee in the said case had sold out the property without executing the sale deed. The possession was 13 1986 (supp.) SCC 700 48 handed over to the buyer after receiving full consideration. The Court notices the following statement

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

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

SHIV RAJ GUPTA vs. COMMISSIONER OF INCOME-TAX, DELHI IV

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

Section 10(2)(xv) of the Act the deduction claimed must amount to an expenditure which was laid out or expended wholly and exclusively for the purpose of the business, profession or vocation. This will naturally depend upon the facts of each case, (2) that in order to determine the question of reasonableness of the expenditure, the test of commercial