NECTAR BEVERAGES PVT. LTD. vs. DEPUTY COMMNR. OF INCOME TAX

short term capital gains on the ground that the assets stood depreciated at 100% under the proviso to Section 32(1)(ii) and hence

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

short. In the appeal, assessee contended that non-compete fee should be treated as an allowable revenue expenditure. However, in the course of the appellate proceedings, an alternative ground was put forth by the assessee that if the amount of non-compete fee paid to L&T was treated as capital expenditure, then the benefit of depreciation allowance should

COMMISSIONER OF INCOME-TAX(CENTRAL) vs. M/S. GWALIOR RAYON SILK MFG.(WVG.)CO.LTD

The appeal is partly allowed

terms of section 32 of the Act read with the Rules in the Appendix. [1030 C-E] 2.(a). The expressions used in a taxing statute would ordinarily be understood in the sense in which it is harmonious with the object of the statute to effectuate the legislative animation. [1026 G] 2(b). The Income

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

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

gains of business under Sections 28 to 43D of the IT Act. In reply, the Department contended before us that the IT Act is a separate code by itself; that the taxable total income has to be computed strictly in terms of the provisions of the IT Act; that the Reserve Bank of India Act, 1934 (“RBI Act” for short

COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

short) for its opinion and answered in affirmative in favour of the assessee and against the Revenue. This question has been answered differently by various High Courts one in favour of the assessee and the other in favour of the Revenue. Section 32 has since been amended by the Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986, with effect from

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

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

short document containing two clauses, which are set out as follows: “1. In consideration of the sum of Rs. 6,00,00,000 (Rupees Six crores only) paid by SWC to Mr. Gupta as an advance against the aforesaid non-competition fee of Rs. 6,60,00,000 (the receipt whereof, Mr. Gupta hereby admits and acknowledges), Mr. Gupta hereby

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

short, a registered person will not be entitled to ITC on the tax component of the cost of capital goods and plant and machinery if he claims depreciation on the said tax component under the Income Tax Act. The object is that a registered person does not take advantage of both depreciation and ITC. 29. Now we come

M/S MANGALORE GANESH BEEDI WORKS vs. COMMISSIONER OF INCOME TAX, MYSORE

The appeals are disposed of in the above terms

terms of Section 35A and 35AB of the Act? iii) Whether the Tribunal had erred in directing the Assessing Officer 1 Page 2 JUDGMENT to capitalize the value of trademarks, copyright and technical know-how by treating the same as plant and machinery and grant depreciation therein? 3. In its conclusion, the High Court answered the first two questions

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

short, "1961 Act’) the assessee was not entitled to claim deduction for interest on borrowings, particularly, when the machines were not put to use during the assessment year under consideration. According to the Department, provisions of Section 36(1)(iii) of the 1961 Act were required to be harmoniously construed along with the provisions of Explanation 8 to Section

M/S. I.C.D.S. LTD. vs. COMMISSIONER OF INCOME TAX

The appeals are allowed; the impugned

short “the Tribunal”). The Tribunal agreed with the assessee on both the counts. On the question of claim for depreciation on normal rate, the following observations by the Tribunal are very significant: “…In the present case the business of the assessee-appellant is leasing and hiring of vehicles and other machinery. It is definitely not a hire purchase, as seen

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

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

short, ‘ACIT’) (Investigation), Circle 7(1), New Delhi to each of the assessees under Section 148 of the Act, in respect of Assessment Years 1987-88, 1988-89 and 1989-90 (Assessment Years under consideration). An order was passed on 12th July, 1990 by ACIT (Investigation), Circle 13(1), New Delhi in respect of M/s Rattan Gupta & Co. under section

COMMR.OF INCOME TAX, DEHRADUN vs. M/S ENRON OIL & GAS INDIA LTD

Bench: Cit(A), Who After Analyzing The Psc Held That Each Co-Venturer In This Case Had Made Contribution At A Certain Rate Whereas The Expenditure Incurred Out Of The Said Contribution Stood Converted On The Basis Of The Previous 2

gains of any business consisting of prospecting, extraction or production of mineral oil, an assessee would be entitled to claim deduction in respect of abovementioned three items of expenditure in lieu of or in addition to the allowances admissible under the 1961 Act. Further, such allowances shall be computed and made in the manner specified in the agreement. In short

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

capital or revenue receipt. This additional issue has been raised in Civil Appeal No.9917 of 2017 (Assistant Commissioner of Income Tax Vs. M/s Godawari Power and Ispat Pvt. Ltd.) and also in Civil Appeal No.8983 of 2017 (Assistant Commissioner of Income Tax Chhattisgarh Vs. M/s Godawari Power and Ispat Pvt. Ltd.) RECOMPUTATION OF DEDUCTION UNDER SECTION

OIL & NATURAL GAS CORP. LTD. TR. M.D. vs. COMMR.OF INCOME TAX, DEHRADUN

The appeals are allowed; the impugned orders are

terms of borrowings repayable after the end of the relevant accounting year. Similar treatment was given to the foreign exchange loans taken for general purposes, used partly in revenue account and partly in capital account. Thus, the Assessee’s claim for foreign exchange loss/increased liability on revaluation of these foreign exchange loans at the end of the accounting year under

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

short "the Act") merely on the ground that the total income of the assessee was assessed at a minus figure/loss. Tribunal had allowed the assessee’s appeal remitting the penalty imposed by the assessing officer under Section 271(1)(c) relating to the assessment year 1996-97, relying upon the decision of the Punjab High Court in CIT v. Prithipal

MALAYALA MANORAMA CO LTD. vs. COMMR.OF INCOME TAX, TRIVANDRUM

The appeals are allowed and the

capital expenditure on scientific research and development which is fully deductible under section 35 of the 1961 Act would be assessed to tax under this section. It was submitted on behalf of the appellant that in the profit & loss account the assessee has debited depreciation at the rates prescribed by the Income-tax Rules, 1962. This has been the consistent

ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTIONS) vs. AHMEDABAD URBAN DEVELOPMENT AUTHORITY

Bench: HON'BLE THE CHIEF JUSTICE

termed as a commercial activity. This was the principal idea in omitting Section13(1)(bb) as it was considered as restrictive for carrying out such activities. It was argued that, substitution of the definition of “charitable purpose” in Section 2(15) by the Finance Act, 2008 has not changed the law. The words “in relation to any trade, commerce