M/s.V.R.Farms Pvt Ltd vs. Deputy Commissioner of Income Tax

The appeals are dismissed

Bench: P.SAM KOSHY,SUDDALA CHALAPATHI RAO

depreciation. The rate of minimum tax was kept at a modest figure deeming 30 per cent of book profits as total income. This modest amount is likely to go down further with the downward revision of corporate tax rate to 35 per cent and abolition of surcharge. xxxx xxxx xxxx xxxx 45.4 The Act also inserts a new section 115JAA

The Commissioner of income Tax-II vs. M/s.Ideal Industrial Explosives Ltd

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

depreciation on the reduction that has been occasioned in the market value, which is the loss suffered by the assessee. However, in the subsequent year, if the market value exceeds the cost price and the same reaches Rs.105/-, the question is as to what is the addition to be made. Then, what is to be adopted is the cost price