COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

1) of section 32A, the following particulars shall be furnished in a columnar form, namely: - (i) description of assets in respect of building, indicate whether the building is taken on lease or is owned by the assessee; (ii) written down value of existing assets; (iii) actual cost of assets acquired during the previous year; (iv) capital expenditure on additions

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

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

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

depreciation as in sub-Paragraph (vii) above, the Appellant was assessed at a loss of Rs. 11,02,255.00 (Rs. 69,15,757.00) \026 Rs. 80,18,012.00 = - Rs. 11,02,255.00) In this manner, the carry-forward loss of Rs. 15,53,487.72 originally claimed by the appellant was reduced to Rs. 11,02,225.00. By order dated

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

RAJASTHAN STATE ELECTRICITY BOARD JAIPUR vs. THE DY. COMMISSIONER OF INCOME TAX (ASSESSMENT)

In the result, we allow the appeal, set aside the

Bench: HON'BLE MRS. JUSTICE R. BANUMATHI

6 forward to future years to be set off against profits and it did not in any manner affect business loss. He submits that business loss suffered by the assessee had not reduced because of the bonafide mistake committed by the appellant in calculating the depreciation. The assessee was in loss and continued to be in loss. Reduction in depreciation

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

6 reduced by Rs. 300/- and there would be a business gain of Rs. 300/-. 8. In the light of the above illustration, learned counsel urged that when the assessee(s) borrows 100 US$ on 1.4.1999 he incurs a crystallised liability, however, the value of that liability undergoes a change by 31.3.2000 on account of the fall in the rupee

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

1)(b) of Part – III of Schedule – VI of Companies Act, 1956 – reserve does not include any amount written off or retained by providing for depreciation, renewals, etc. or providing for any known liability. Under Part – I of Schedule – VI, ‘reserve’ can be made in respect of capital reserves, capital redemption, share premium, etc. 6. Provision cannot be used

COMMISSIONER OF INCOME TAX CHENNAI vs. TULSYAN NEC LTD

6 (ii) the amount of income to which any of the provisions of Chapter III applies, if any such amount is credited to the profit and loss account; or (iii) the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account. Explanation.—For the purposes of this clause, the loss shall not include depreciation

ASSISTANT COMMISSIONER OF INCOME TAX vs. RAJESH JHAVERI STOCK BROKERS PVT.LTD

The appeal is allowed without

6. In support of the appeal learned counsel for the appellant submitted that the factual position involved in Adani Exports\022 case (supra) was entirely different. That was a case relating to http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 2 of 10 Section 143 (3) of the Act and the present case relates to Section 143(1

M/S. G.K. CHOKSI & CO. vs. COMMNR. OF INCOME TAX, GUJARAT

6. Aggrieved by the order passed by the Tribunal, the appellant filed a Reference Application under Section 256(1) of the Act before the Tribunal to refer certain questions of law to the jurisdictional High Court for its opinion. The Tribunal referred the following question of law to the jurisdictional High Court for its opinion: "Whether, on the facts

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

depreciation on the assets used for power generation. This additional issue has been raised by the revenue in Civil Appeal No.13771 of 2015 (Commissioner of Income Tax Vs. M/s Jindal Steel and Power Ltd.). Revenue has also raised the issue of expenditure in Civil Appeal No.7425 of 2019 (Commissioner of Income Tax Vs. M/s Reliance Industries Ltd.). The expenditure claimed

THE PRINCIPAL COMMISSIONER OF INCOME TAX III, BANGALORE vs. M/S WIPRO LIMITED

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

depreciation under Section 32(1)(ii-a) of the IT Act. 4.7 It is submitted that exactly the same principle applies to the interpretation of Section 10B (8) of the IT Act. Section 10B (8) enables an assessee to exclude the applicability of the deduction under Section 10B by filing a declaration to that effect before the last date

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

Appeals are disposed of with the aforementioned directions

iii. The amount of profit shown from the Parwanoo having been holding disproportionate to the investment made, the High Court was correct in passing the impugned judgment. iv. In any event, the Assessee cannot be said to have been prejudiced in any manner whatsoever by the order of the High Court, as the appeal although was improperly filed

KOTAK MAHINDRA BANK LIMITED vs. COMMISSIONER OF INCOME TAX BANGALORE

The appeal is allowed

Bench: HON'BLE MRS. JUSTICE B.V. NAGARATHNA

6. On a close reading of the provisions extracted hereinabove, it emerges that under Section 245H(1) if the Settlement Commission is satisfied that any assessee who makes the application for settlement 26 under Section 245C, has co-operated with the Settlement Commission in the proceedings before it and has made a full and true disclosure of its income

THE ASSTT. COMMISSIONER OF INCOME TAX vs. M/S. A.R. ENTERPRISES

6 Page 7 JUDGMENT by itself does not establish an intent to disclose the income. The disclosure is to be made by filing the return. Even in search cases where the time for filing the return under section 139(1) has not expired, income disclosed in the books of account is not treated as undisclosed income. All that is denied

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

iii). Reliance was placed on section 43(6) which defines ’written down value’ as meaning the actual cost of the asset less deprecation actually allowed. It is submitted that therefore in computing the income for the next assessment year the assessee who had paid 30 per cent of the book profit in the preceding assessment year could claim to adjust

COMMISSIONER OF INCOME TAX, MADRAS vs. M/S. LUCAS T.V.S. LTD. PADI CHENNAI

The appeals are allowed to the aforesaid extent

6) of section 32AB. (2) The ship or aircraft or machinery or plant referred to in sub-section (1) shall be the following, namely :- (a) A new ship or new aircraft acquired after the 31st day of March, 1976, by an assessee engaged in the business of operation of ships or aircraft; (b) Any new machinery or plant installed after