Commissioenr of Income Tax vs. Dr. T. Ravi Kumar

depreciation loss of Rs. 116,70,45,911/-, which in the order section 143(3) was determined at depreciation loss

The Commissioner of Income Tax - IV vs. M/s. Mekins Agro Product (P) Ltd.

45 & 46, it has been noted as follows : "Depreciation is the exhaustion of the effective life of a fixed asset owing to ' use ' or obsolescence. It may be computed as that part ofthe cost ofthe asset which will notbe recovered when the asset is finally put out of ^ use. The object of providing for depreciation is to spread the expenditure

COMMISSIONER OF INCOME TAX-III, HYD vs. M/S. SUJANA METALS LTD, HYD

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

depreciation is prescribed”. 8. It can also be said that the „right to carry on any business‟ has been recognized by the legislature as capital asset for the purposes of assessing and computing the capital gains as is clear from the reading of Section 55 (2) (a) of the Act, which is in the following terms:- (2) For the purposes

Commissioner of Income Tax vs. Sri P.Sarveswara Rao

Appeals are partly allowed, in view of the

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

depreciation and not the grant of deduction in respect of Sales-tax collections which had not been paid in accordance with the provisions of sec.43-B of the IT Act. (e) No objection on the issue whether the assessee‟s industrial undertaking was set up in a backward area, notified by the Central Govt. for the purpose of benefit under provisions

PR COMMISSIONER OF INCOME TAX vs. R SURYANARAYANA

In the result, the appeal filed by the revenue stands

Bench: RAMESH RANGANATHAN,KONGARA VIJAYA LAKSHMI

45,778/- on account of additional depreciation made by the assessing officer without citing any cogent reason merely by stating that the findings of the CIT (Appeals) was not rebutted by the department before it whereas the fact was that the department relied on the finding made by the assessing officer in the assessment order? (iii) Whether on the facts

The Commissioner of Income Tax -V, vs. M/S Secunderabad Club

Bench: V.V.S.RAO,RAMESH RANGANATHAN

45,33,370/-. These expenses have to apportion according W.P.(C) 422/2006, 2794/2008, 2795/2008 & 8177/2008 Page 4 of 10 to sales which has not been done resulting in excess claim of deduction in certain units and increased loss in certain units. The total sales of all units have been declared at ₹ 246,11,90,504/- (c) Besides, there were other

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

The appeals are dismissed

Bench: P.SAM KOSHY,SUDDALA CHALAPATHI RAO

section 115JAA is set off against the tax payable on the current income. 17. Reliance was placed on paragraph 45 of Circular No. 763 (230 ITR 54 [St], 81) which contained the Explanatory Notes on provisions relating to Direct Taxes in the Finance Act, 1997. The relevant portions of the said paragraph 45 are as under:- ―Minimum alternative

Commissioner of Income Tax (TDS), vs. M/s Country Club Inda Limited

depreciation or any other indirect costs in its accounts. Further, the Assessee had also not showed any source of funds. The AO noted that the equipment stated to have been supplied by the Assessee to Reliance was purchased from other group companies, namely, Nortel Canada and Nortel Ireland and were supplied to Reliance at almost half the price

Commissioner of Income Tax vs. Dr. T.Ravi Kumar

The appeal is disposed of

Depreciation) Expenditure as per Income and Expenditure Account-Donation Less: Capital Expenditure 8,51,352 38,94,805 48,97,84,885 3,07,77,395 45,90,07,490 Deduction under Chapter VIA u/s 80IB(10) 573,968,569 Taxable Income NIL 10. Thus, from perusal of the order passed by the Assessing Officer, it is evident that

Principal Commissioner of Income Tax-2 vs. M/s Indur Green Power Private Limited

In the result, all the appeals fail and are hereby

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

Depreciation 1,05,72,696 1,10,86,334 1,26,18,427 1,39,66,450 Total Expenditure 4,81,29,896 4,75,41,722 5,01,63,902 3,88,21,912 Profit for the year 2,53,21,438 2,09,87,242 62,58,319 836236 Add Balance brought forward

THE COMMISSIONER OF INCOME TAX III, vs. M/S. SAVIJANA SEA FOODS PVT. LTD.,

Appeals of the Revenue are dismissed

Bench: J SREENIVAS RAO,ALOK ARADHE

depreciation, reserves, etc., a part of it should in all fairness go to the employees.” 30. In the said case the Supreme Court was considering whether payment for ITA 210/2003 & connected matters Page 17 of 36 the extra services rendered by an employee could be allowed as business expenditure. It was held that for the purposes of allowing commercial

Commissioner of Income Tax, vs. M/s. Kokivenkateswara Reddy AND others,

Appeals of the Revenue are dismissed

Bench: V.V.S.RAO,RAMESH RANGANATHAN

depreciation, reserves, etc., a part of it should in all fairness go to the employees.” 30. In the said case the Supreme Court was considering whether payment for ITA 210/2003 & connected matters Page 17 of 36 the extra services rendered by an employee could be allowed as business expenditure. It was held that for the purposes of allowing commercial

The Commissioner of Income Tax-IV vs. M/s Pokarna Limited

The appeals are dismissed

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

depreciation in respect of such machinery or plant has been allowed or is allowable under the provision of this Act in computing the total income of any person for any period prior to the date of the installation of machinery or plant by the assessee. Explanation 2.-Where in the case of an [undertaking], any machinery or plant

The Commissioner of Income Tax-II, vs. M/s Padmapriya Real Estates AND Financiers

In the result, the appeal is allowed and the impugned judgment passed by

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

Section 313 of Cr.P.C. has also been recorded in which he denied the circumstances appears against him, plead innocence and have submitted that he was posted as Junior Engineer from April 1978 to 1979 at PNT Department, Nasik. He was working since February 1980 in Irrigation Department. But the income of the said period was not counted. His wife