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

Section 271(1)(c) of the Income Tax Act, 1961 with effect from 1.4.1976? FACTS (C.A. NO. 7115 OF 2005) For the assessment year 1996-97, the assessee-appellant returned an income of Rs. 1,32,44,507.29 subject to depreciation. The depreciation claimed for the year was Rs.1,47,97

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

97,085 which the assessee had received from the "actual cost" for purposes of calculation of depreciation etc. The Income Tax Officer was of the opinion that the statutory concept of "actual cost" in Section

M/S. O.K. PLAY (INDIA) LTD. vs. COMMNR. OF CENTRAL EXCISE, NEW DELHI

depreciation from the profit margin and accordingly, it was contended that the matter should be remitted to the Commissioner (Adjudication) for fresh determination on the question of valuation of the said powder. On the question of limitation, it was urged, that the assessee had maintained stock registers during the entire period; that these were audited; that they indicated pulverization

COMMR.OF INCOME TAX,CHENNAI vs. M/S ALAGENDRAN FINANCE LTD

Depreciation and disallowed in the computation of income, the assessee sought to claim in the form of Lease Equalisation from the lease rentals by virtue of the guidelines note of the Institute of Chartered Accountants of India. *** *** *** 7. Since the assessee has not given the complete details, the method adopted by the assessee in arriving at the correct profit

COMMNR. OF CUSTOMS, NEW DELHI vs. M/S. PARASRAMPURIA SYNTHETICS LTD

97 volumes of imported materials, 23 volumes contained pictorial drawings and designs, while 46 volumes contained textual materials with a few drawings and designs. The Commissioner of Customs in his elaborate and considered order dated 31.10.1997, while referring to the various documents and statements of various persons/directors of the assessee, in para 63 has stated thus:- "63. In this case

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

VODAFONE IDEA LTD(EARLIER KNOWN AS VODAFONE MOBILE SERVICES LIMITED vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 26 (2)

Bench: HON'BLE THE CHIEF JUSTICE

97,36,82,990/- 1,45,49,93,270/- 2010-11 Corporate Tax Assessment u/s 143(3) 3,36,22,76,980/- 60,00,00,000/- 2,76,22,76,980/- 2010-11 Corporate Tax Assessment u/s 143(3) 1,65,14,76,430/- 1,65,14,76,430/- 2011-12 Corporate Tax Assessment

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 2,41,97

M/S.SIV INDUSTRIES LTD. vs. COMMNR.OF CENTRAL EXCISE & CUSTOMS

depreciated value but at the rates prevalent at the time of import and also to pay customs duty on enhanced imported raw materials or components on the value at the time of import and at the rates in force at the time of clearance. Proviso to Section 3(1) of the Act thereafter was inserted in Section

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

COMMISSIONER OF SERVICE TAX vs. M/S ADANI GAS LTD

The appeal is allowed in the above terms

Bench: HON'BLE THE CHIEF JUSTICE

depreciation. They are not collected as a consideration for providing a service; and under Article 366(29-A)(d), a tax on the sale or purchase of goods includes a tax on the transfer of the right to use goods for any purpose, without necessarily transferring the title. Section 65(105)(zzzzj) was introduced with the intention of capturing services

COMMNR. OF CENTRAL EXCISE, TAMIL NADU vs. M/S. SOUTHERN STRUCTURALS LTD

97) ELT 395, he held that the deposit or advance ought to depress the price of the goods in order to include notional interest on such advance in the assessable value and in this case the Department had failed to show that the advance received had a nexus with the price fixed or the depreciation thereof. Thus, on this point

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

Appeals are disposed of with the aforementioned directions

97,12,106/- net profits were declared to be to the tune of Rs.1,96,77,631/-. For the subsequent three assessment years i.e. 2001-2002, 2002-2003 and 2003-2004, the proportionate net profits to the gross sales were 81%, 95% and 95% respectively. 2 It is furthermore stated that the total investment on plant and machinery for unit