M/S JINDAL EQUIPMENT LEASING CONSULTANCY SERVICES LTD. vs. COMMISSIONER OF INCOME TAX

Appeals stand disposed of in the aforesaid terms

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

Income Tax v. Mahagun Realtors (P) Ltd28, this Court explained that amalgamation is unlike liquidation. Though the corporate shell of the transferor disappears, its business continues within the transferee, and courts therefore identify the successor-in-interest upon whom rights and obligations devolve. The relevant paragraphs are extracted below for proper understanding: “19. Amalgamation, thus, is unlike the winding

NATIONAL COOPERATIVE DEVELOPMENT CORPORATION vs. ASSISTANT COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE PAMIDIGHANTAM SRI NARASIMHA

income could be characterized as "profits derived from the business of providing long-term finance" as envisaged by the Act. Accordingly, the AO disallowed

COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

business or profession" is chargeable to income-tax under Section 28 and that income under Section 29 is to be computed in accordance with the provisions contained in http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 20 of 21 Sections 30 to 43A. The argument that since Section 32 provides for depreciation it has to be allowed in computing the income

ASST. COMMR. OF INCOME TAX, MADRAS vs. THANTHI TRUST

disallow the claim of the Trust for exemption under Section 4(3)(i) of the Income Tax Act, 1922 for the Assessment Years 1955-56 to 1961-62. The Trust challenged the correctness of the tentative decision by filing a writ petition in the High Court of Judicature at Madras. On 25th June, 1961 the trustees of the Trust took

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

Bench: HON'BLE THE CHIEF JUSTICE

business, and the income earned is not derived in the course of any commercial activity. 65. Learned counsel also submitted that the assessee carries on R&D work which enables educational institutions with Information and Communication Technology infrastructure for making education reach the public at large solely for charitable purpose and further reliance was placed upon ICAI Accounting Research Foundation

COMMISSIONER OF INCOME-TAX BOMBAY vs. MAHARASHTRA SUGAR MILLS LTD. BOMBAY

In the result this appeal fails and the same is dismissed

business. The Income-tax Officer and the Appellate Assistant Commissioner disallowed a part of the remuneration on the grounds that

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

The appeals are allowed; the impugned

disallowed claims, both of depreciation and higher rate, on the ground that the assessee’s use of these vehicles was only by way of leasing out to others and not as actual user of the vehicles in the business of running them on hire. It had merely financed the purchase of these assets and was neither the owner nor user

THE SOUTH INDIAN BANK LTD. vs. THE COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE HRISHIKESH ROY

disallowance of expenditure incurred by the assessee in relation to income, which does not form part of their total income. As such if the assessee incurs any expenditure for earning tax free income such as interest paid for funds borrowed, for investment in any business

SHAH ORIGINALS vs. COMMISSIONER OF INCOME TAX 24 MUMBAI

Bench: HON'BLE MR. JUSTICE S.V.N. BHATTI

business from exports outside India. The assessee claimed deduction under Section 80 HHC of the Income Tax Act, for short, “the Act”. 2. The Assessing Officer (AO), by the assessment order dated 10.02.2006, disallowed

VIJAYA LAXMI SUGAR MILLS LTD. vs. COMMISSIONER OF INCOME TAX, KANPUR

business of the company: interest income--Whether to be assessed under s. 28: expenditures incurred by liquidator--Deduction of--Whether admissible under s. 57(iii): interest accrues sui generis. HEADNOTE: The appellant-company was ordered to be wound up in 1949. In the course of its winding up the liquidator sold certain assets of the company and invested the sale

COMMISSIONER OF INCOME-TAX, MADRAS vs. R.M. CHIDAMBARAM PILLAI ETC

disallowing certain deductions in the computation of agricultural income did not apply to computation of agricultural income derived from tea plantations. The reasons for this conclusion may be summarised thus: The definition of agricultural income in the Constitution and the Indian Income-tax Act, 1922, is bound up with rule 24 of the Income Tax Rules, 1922. Income derived from

THE COMMISSIONER OF INCOME TAX JAIPUR vs. PRAKASH CHAND LUNIA (D) THR LRS

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

Disallowance of illegal expenses 20.1 Section 37 of the Income-tax Act is amended to provide that any expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law shall not be deemed to have been incurred for the purposes of business

PRIDE FORAMER S.A. vs. COMMISSIONER OF INCOME TAX

Bench: HON'BLE THE CHIEF JUSTICE

disallowed the deduction of business expenditure under Section 37 of the Income Tax Act 19612, as well as carrying 1 Income

THE COMMISSIONER OF INCOME TAX, PUNJAB vs. THE LAHORE ELECTRIC SUPPLY CO

In the result, the appeals are dismissed with costs

Income-tax Officer held that the company was not carrying on any business and totally disallowed contribution to employees’ provident

K. vs. . A. L. M. RAMANATHAN CHETTIAR BY L.RS. VS COMMISSIONER OF INCOME-TAX, MADRAS

In the result the appeals are allowed with costs here and in

disallowance thus :- "When the Indian income in the year of assessment calculated according to Indian methods is more than the Indian income calculated according to British methods, then he will only get relief calculated with reference to the amount of the English- calculated income upon which he has paid English Income Tax. Where the Indian income calculated according

MADHAV PRASAD JATIA vs. COMMISSIONER OF INCOME TAX, U.P., LUCKNOW

business income under s. 10(2) or against income from investments under s. 12(2) of the Indian Income Tax Act, 1922. So also the claim for deduction of interest credited to the college account on Rs. 4.5 lacs was disallowed

KILLICK NIXON LTD., MUMBAI vs. DEPUTY COMNR. OF INCOME TAX,MUMBAI

In the result, we allow the appeal, set aside the judgment of the High

business income Rs. 15,49,724.00 against income from other sources in the original order (p. 29) Totaling Rs. 2,00,81,732.00 He again deducts therefrom the reliefs which had been allowed by C1T (A) on account of following ; 1. Interest disallowance

SHREE CHOUDHARY TRANSPORT CO. vs. INCOME TAX OFFICER

Bench: HON'BLE MR. JUSTICE DINESH MAHESHWARI

income of the previous year in which such tax has been paid. *** *** ***” (ii) After the amendment by Finance Act, 2010 “40. Amounts not deductible. - Notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head “Profits and gains of business or profession”,- (a) in the case