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

Bench: HON'BLE MR. JUSTICE HRISHIKESH ROY

disallowance under Section 80M of the Act on the presumption that when the funds available to the assessee were both interest free and loans, the investments made would be out of the interest free funds available with the assessee, provided the interest free funds were sufficient to meet the investments. The resultant SLP of the Revenue challenging the Bombay High

SHREE CHOUDHARY TRANSPORT CO. vs. INCOME TAX OFFICER

Bench: HON'BLE MR. JUSTICE DINESH MAHESHWARI

Section 40 of the Act would apply only from the financial year 2005-2006 and cannot apply to the present case pertaining to the financial year 2004-2005 stands rejected. 18. The supplemental submission that in any case, disallowance

M/S MUNJAL SALES CORPORATION vs. COMMR.OF INCOME TAX,LUDHIANA

disallowed payment of the interest in the present case for AYs 1994-95, 1995-96, 1996-97 and 1997-98. However, the point which has been left out from consideration is that the loans which were given in August/September 1991 to the sister concerns got wiped out only in AY 1997-98. As stated above

.M. SALGAOCAR & BORS. VS COMMISSIONER OF INCOME TAX

Accordingly Civil Appeal No. 657 of 1994 is allowed and Civil Appeal Nos

disallowance under Section 40A(5) of the Act. High Court said that the Section was admittedly applicable only where the assessee incurred expendi-ture which resulted directly or indirectly in the payment of any salary or in the provisions of any perquisite (whether convertible into money or not) to its employees. It was nobody’s case that in providing interest

SHAH ORIGINALS vs. COMMISSIONER OF INCOME TAX 24 MUMBAI

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

disallowing the deduction under Section 80 HHC, in the facts and circumstances of the case, are valid and tenable. 9. We have perused the citations Mr. V. B. Gupta, learned counsel appearing for the assessee, has placed a strong reliance on. The cases relied on by the assessee are clearly distinguishable on the point of deciding the appeal. The ratio

CHECKMATE SERVICES P LTD vs. COMMISSIONER OF INCOME TAX-I

Bench: HON'BLE THE CHIEF JUSTICE

18 31. Section 43B falls in Part-V of the IT Act. What is apparent is that the scheme of the Act is such that Sections 28 to 38 deal with different kinds of deductions, whereas Sections 40 to 43B spell out special provisions, laying out the mechanism for assessments and expressly prescribing conditions for disallowances

COMMISSIONER OF INCOME TAX KOLKATA XII vs. M/S CALCUTTA EXPORT COMPANY

Bench: HON'BLE MR. JUSTICE R.K. AGRAWAL

18,17,910/-. The case was selected for scrutiny and the assessment under Section 143(3) of the Income Tax Act, 1961 (in short ‘the IT Act’) was completed on 28.12.2007. The Assessing Officer, vide order dated 12.10.2009, disallowed

COMMISSIONER OF INCOME TAX, COIMBATORE vs. M/S. LAKSHMI MACHINE WORKS

disallow a part of 80HHC concession when the entire deduction claimed could not be regarded as relatable to exports. Therefore, while interpreting the words "total turnover" in the above formula in Section 80HHC one has to give a schematic interpretation to that expression. There is one more reason for giving schematic interpretation. The various amendments to Section 80HHC show that

DIRECTOR OF INCOME TAX (IT)-I, MUMBAI vs. M/S. AMERICAN EXPRESS BANK LTD

Bench: HON'BLE MR. JUSTICE J.B. PARDIWALA

18 of 55 i) The Revenue proceeds based on the misconception that a deduction is allowable under Section 44C of the Act, 1961, the moment expenditure is incurred outside India by the head office, and therefore its allowability is subject to the limitations outlined in that section. This interpretation does not align with the language or the legislative intent behind

KERALA STATE BEVERAGES MANUFACTURING AND MARKETING CORPORATION LIMITED vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 1(1)

Accordingly, the civil appeal filed by the assessee is dismissed

Bench: HON'BLE MR. JUSTICE R. SUBHASH REDDY

18 C.A.@S.L.P.(C)No.12859 of 2020 etc. used in Section 40(a)(iib) attract such amounts.  At the same time only on the ground that FL­1 licences are issued not only to the KSBC but also to Kerala State Co­operatives Consumers’ Federation Ltd., High Court has held that exclusivity is lost so as to apply the provision under Section

ENGINEERING ANALYSIS CENTRE OF EXCELLENCE PRIVATE LIMITED vs. THE COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

disallowance of the deduction under section 40(a)(ia) of the Income Tax Act, end up paying tax of a huge amount, way beyond the commission, resulting in extreme financial hardship. Thus, if section 195 of the Income Tax Act could be construed in a manner so as to avoid such a result, this must be done. Further, he relied

COMMISSIONER OF INCOME TAX 5 MUMBAI vs. M/S. ESSAR TELEHOLDINGS LTD. THROUGH ITS MANAGER

Bench: HON'BLE MR. JUSTICE A.K. SIKRI

disallow expenditure incurred to earn exempt income by applying the provisions of newly inserted section 14A of the Act.” 17. By   Finance   Act,   2002,   a   statutory   provision   was   also inserted by way of proviso to Section 14A.  What was clarified by the Circular have been statutorily engrafted in the proviso to the following effect:­            “Provided that nothing contained in this

MCORP GLOBAL PVT. LTD. vs. COMMISSIONER OF INCOME TAX, GHAZIABAD

Accordingly, the civil appeal filed by the assessee is partly allowed with no order as to costs

Bench: Coming To The Facts, The Following Is The Relationship Between The Parties: - M/S Glass & Ceramic Decorators Was The Manufacturer Of Soft Drink Bottles. - Assessee Was The ‘Lessor’. - M/S Coolade Beverages Pvt. Ltd. Was The ‘Lessee’. 4. During The Relevant Assessment Year, The Assessee Carried On The Business Of Trading In Lamination Machines & Binding & Punching Machines. In Addition, It Was Also Engaged In The Leasing Business. During The Year In Question, The Assessee Had Bought 5,46,000 Soft Drink Bottles From M/S Glass & Ceramic Decorators Worth Rs. 19,54,953/-. The Bottles Were Directly Supplied To M/S Coolade Beverages Pvt. Ltd. (“M/S Coolade” For Short) In Terms Of Lease Dated 15.2.1991. Vide Assessment Order Dated 28.3.1994, The Ao Found That M/S Coolade Had Received Only 42,000 Bottles Out Of The Total Of 2

18,04,572/- in respect of the First Transaction and depreciation of Rs. 30,17,122 under the Second Transaction. In all, she disallowed depreciation of Rs. 48,21,694/- in the first round. In other words, the AO allowed depreciation in respect of both the transactions amounting to Rs. 1,32,08,795 as against the claim

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

18 banking financial company for such period as may be specified in the order: Provided that no such order shall be made unless the amount in the reserve fund under sub-section (1) together with the amount in the share premium account is not less than the paid-up capital of the non-banking financial company. 45JA. Power of Bank

S.A. BUILDERS LTD. vs. COMMNR. OF INCOME TAX, CHANDIGARH

18 lacs, and the disallowance was reduced accordingly. http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 2 of 6 Both the assessee as well as the Revenue filed appeals before the Income Tax Appellate Tribunal (hereinafter referred to as the ’Tribunal’). The Tribunal by its order dated 20.6.2002 allowed the appeal of the Revenue, and held that the entire amount

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

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

disallowable under Explanation 1 to Section 37(1). It is submitted that thus either way, neither can the Respondent- Assessee claim business loss due to him not being in the smuggling business nor can he claim business expenditure as the same is prohibited under Explanation 1 to Section 37(1). 3.6 Making above submissions and relying upon the above submissions

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

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

Section. He contended that, in the case of the present appellant, the giving effect order made by the CIT (Appeals) had not been fully worked out by the Assessing Officer as income under the four heads i.e. a) disallowance of bad debts to the extent of Rs. 68,02,046.00; b) income from house property to the.extent