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2 results for “depreciation”+ Section 56(2)(viia)clear

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Key Topics

Section 36(1)(vii)4Section 36(1)(iii)4Section 43(1)4Section 37(1)2Deduction2

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

C.A. No.-001337-001337 - 2003Supreme Court11 Jan 2010
Section 145Section 2(24)Section 36(1)(vii)Section 37Section 37(1)

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

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

C.A. No.-003952-003955 - 2002Supreme Court08 Feb 2008
For Respondent: M/s. Core Health Care Ltd
Section 260ASection 28Section 36(1)(iii)Section 43(1)

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