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

249 ITR 670) will apply even after insertion of Explanation 4 to 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

COMMISSIONER OF INCOME TAX vs. VANAZ ENGINEERING PVT.LTD

The appeal is allowed, the judgment of the High Court

Sections 22, 29 and 40A(7)(b)(ii) - Gratuity - Scheme introduced for first time in assessee firm in 1970 - On basis of Actuarial Report total liability as on December 31, 1970 debited to Profit and Loss Account Assessment proceedings - Income Tax Officer disallowing burden of liability - Appellate Assistant Commissioner and Tribunal allowing that liability - Appeal by Revenue to Supreme Court

COMMISSIONER OF INCOME-TAX,WEST BENGAL-II, CALCUTTA vs. HINDUSTAN HOUSING & LAND DEVELOPMENTTRUST LIMITED

The appeal is dismissed

249 as compensation payable to the assessee. The assessee was not satisfied with the amount of compensation, and preferred an appeal before the Arbitrator, 24 Parganas, Calcutta. The Arbitrator made an award dated July 29, 1955 whereby he fixed the amount of compensation at Rs.30,10,873 on account of the permanent acquisition of the land, thus enhancing the original