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

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

Bench: HON'BLE THE CHIEF JUSTICE

33. The significance of this is that Parliament treated contributions under Section 36(1)(va) differently from those under Section 36(1)(iv). The latter (hereinafter, “employers’ contribution”) is described as “sum paid by the assessee as an employer by way of contribution towards a recognized provident fund”. However, the phraseology of Section 36(1)(va) differs from Section

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

33 and 41 which deal with concepts like Depreciation. The concept of Depreciation is not there in Section 36(1)(iii). That is why the legislature has used the words "unless the context otherwise requires". Hence, Explanation 8 has no relevancy to Section 36(1)(iii). It has relevancy to the aforementioned enumerated sections. Therefore, in our view Explanation

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

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

33 of 55 this juncture, it is essential to consider and evaluate the respondents' contention that an additional condition must be fulfilled for Section 44C to apply. 50. According to the respondents, by virtue of clause (c) of Section 44C of the Act, 1961, only when the expenditure is of a common nature, and not exclusive expenditure incurred

M/S. SARAF EXPORTS vs. COMMISSIONER OF INCOME TAX, JAIPUR - III

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

disallowing the deductions claimed under Section 80-IB of the Act, 1961. The impugned judgment and order passed by the High Court is the subject matter of the present appeal. CIVIL APPEAL NO. 4822 OF 2022 Page 3 of 36 3. Learned counsel appearing on behalf of the assessee has heavily relied upon the decision of this Court

COMMR.OF INCOME TAX,RAJKOT vs. M/S GUJARAT SIDDHI CEMENT LTD

The appeal is disposed of accordingly

Bench: The Commissioner Of Income Tax (Appeals) (In Short ‘Cit(A)’). The Disallowance Made By The Assessing Officer Was Upheld By The Cit(A) On The Ground That No Arguments Were Advanced & No Factual Details Were Furnished Regarding The Alleged Fluctuation On Account Of Foreign Exchange Rate. The Matter Was Carried In Further Appeal By The Assessee Before The Income Tax Appellate Tribunal, Rajkot (In Short ‘Tribunal’) Which Allowed The Claim Placing Reliance On A 2

disallowance made by the assessing officer was upheld by the CIT(A) on the ground that no arguments were advanced and no factual details were furnished regarding the alleged fluctuation on account of foreign exchange rate. The matter was carried in further appeal by the assessee before the Income Tax Appellate Tribunal, Rajkot (In short ‘Tribunal’) which allowed the claim

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

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

Section 10(2) enumerates various items which are admissible as deductions, but it is well settled that they are not exhaustive of all allowances which could be made in ascertaining profits taxable under s. 10(1). In Income Tax Commissioner v. Chitnavis [(1932) LR 59 IA 290, 296, 297] the point for decision was whether a bad debt could

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

33 13.8. Mr. Datar submits that by the Finance Act, 2002, legislature has inserted clause (va) to Section 28 of the Act to tax such receipts. There is no distinction or test stating that only if it is a receipt on account of positive rights, it would be taxable. Irrespective of whether it is a positive right or a negative

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

disallowed under the IT Act, the same cannot be added back and, hence, such a provision for NPA cannot be added back in computing the taxable income. According to the appellant, the purpose behind prescribing RBI Directions 1998 is to ensure that members of the public and shareholders of the company obtain a true picture of the financial health

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

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

33. Before parting with this issue, we may mention that reliance placed by Mr. Rupesh Kumar, learned counsel for the revenue on the definition of the expression “market value” as defined in the explanation below sub-section (6) of Section 80 A of the Act is totally misplaced inasmuch as sub-section (6) was inserted in the statute with effect

RAMNATH AND CO. vs. THE COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE DINESH MAHESHWARI

33, read with Third Schedule, item 14, of the Finance (No.2) Act, 1967. The reason for omission of the said Section 85-C was that similar 46 provision, with revised requirements, came to be introduced by way of Section 80-O in the new Chapter VI-A12-13. 14.3. Section 80-O as introduced in Chapter VI-A got several

SHITAL FIBERS LTD. vs. COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE ABHAY S. OKA

disallowed. 7. The appeal preferred by the appellant against the said Order was dismissed by Commissioner of Income Tax (Appeals). In appeal preferred by the appellant before the ITAT, the appellant was unsuccessful. Thereafter, an appeal was 3 304 ITR 319 Civil Appeal No.14318 of 2015 etc. Page 3 of 20 preferred before the Punjab and Haryana High Court which

M/S. SIDDACHALAM EXPORTS PRIVATE LTD. vs. COMMISSIONER OF CENTRAL EXCISE DELHI-III

The appeal is allowed; the

disallowed, and penalty under Section 114 of the Act should not be imposed on the exporter. 7. On 7th December, 2004, the said Pankaj, authorised signatory of M/s Skipper International submitted another letter to the Commissioner (Adjudication Bench) stating that their earlier letter dated 12th March, 4 2003 should not be relied upon for any purpose in as much

THE MAVILAYI SERVICE COOPERATIVE BANK LTD. vs. COMMISSIONER OF INCOME TAX CALICUT

Bench: Us, The Assessing Officer Denied Their Claims For Deduction, Relying Upon Section 80P(4) Of The It Act, Holding That As Per The Audited Receipt & 2

disallow deductions claimed under section 80P of the IT Act, notwithstanding that mere nomenclature or registration certificates issued under the Kerala Act would show that the assessees are primary agricultural credit societies. These divergent decisions led to a reference order dated 09.07.2018 to a Full Bench of the Kerala High Court. 4 5. The Full Bench of the Kerala High

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

Sections 230 – 232 prescribe the procedure and spell out the legal effect, namely, the extinguishment of the transferor’s corporate identity and the vesting of its assets, rights, and obligations in the transferee. Thus, amalgamation – ordinarily effected through a scheme of compromise or arrangement sanctioned by the Court or Tribunal – is founded on agreement between shareholders and creditors

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

33(4) of the Income-tax Act, 1922 (equivalent to Section 254(1) of the 1961 Act), the Tribunal was not authorized to take back the benefit granted to the assessee by the AO. The Tribunal has no power to enhance the assessment. Applying the ratio of the said judgment to the present case, we are of the view that

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

The appeals are disposed of in the above terms

disallowing the claim.” 18. The High Court did not accept the view of the Tribunal and in support of that it was contended before us by learned counsel for the Revenue that the highest bid of AOP-3 was accepted by the High Court on or about 21st September, 1994 and therefore there was no question