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Budhwar Cold Storage Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (1984)10ITD357(Delhi)

not help the assessee as this is not the point in issue before us. Section 2(7)(d) of the Finance Act, 1966 and the Finance (No. 2) Act, 1967, defined an 'industrial company' as a company which was mainly engaged … decisions, referred to above. Section 32 of the Act, which deals with depreciation, uses the expression 'plant'. Section 43(3) of the Act defines 'plant'. It is with reference to the said definition that it was held by

Commissioner of Income Tax Vs. Woodward Governor India Pvt. Ltd.

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 33, 37, 43, 43A, 43(1), 43(2), 145, 145(1) and 145(2); Companies Act - Sections 209(3); Income Tax Act, 1922 - Sections 10(2) and 10(5); Finance Act, 1967; Finance Act, 2002

Reported in : (2007)210CTR(Del)354; 142(2007)DLT650; [2007]294ITR451(Delhi)

of acquisition to provide for the subsequent revisions to the actual cost. Section 43-A was inserted by the Finance Act, 1967 with effect from 1-4-1967. In the explanatory process contained in the Bill preceding the Act it was … of the rupee, this will be the previous year in which the date of devaluation, viz., 6th June, 1966 falls....It has been expressly provided in Sub-section (2) of Section 43-A that the abovementioned provisions for adjustment to

Jct Ltd. Vs. Deputy Commissioner of Income Tax and anr.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 10(2), 35, 36(1), 37, 43 and 43(1); ;Finance Act, 1986; ;Finance Act, 2003; ;Companies Act, 1948 - Section 65

Reported in : (2005)194CTR(Cal)509,[2005]276ITR115(Cal)

on the basis of Expln. 8 to Section 43(1) as was inserted in the IT Act, 1961 through Finance Act, 1986 w.e.f. 1st April, 1974, applicable in relation to the asst. yr. 1974-75 and subsequent years. The object

Jct Ltd. Vs. Dy Cit and anr.

Court : Kolkata

Subject : Direct Taxation

Reported in : [2005]144TAXMAN435(Cal)

the basis of Explanation. 8 to section 43(1) as was inserted in the Income Tax Act, 1961 through Finance Act, 1986 with effect from 1-4-1974, applicable in relation to the assessment year 1974-75 and subsequent years. The object

Core Health Care Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

the learned Accountant Member. Further I find that the aforesaid provision came into force in the statute by Finance Act, 1986 with retrospective effect from 1-4-1974. Admittedly, that provision was not in existence while Hon'bte Supreme Court and … the said decision was pronounced with reference to assessment years 1965-66 and 1966-67, with regard to capitalisation of interest expenditure. Therefore, the ratio of the … interest expenditure. Therefore, the ratio of the decision cannot be made applicable after insertion of various explanations below section 43(1) of the income-tax Act, 1961. (vi) It is to further add that the assessee has de-capitalised various expenditure

Core Health Care Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2001)70TTJ(Ahd.)490

by the learned Accountant Member.Further, I find that the aforesaid provision came into force in the statute by Finance Act, 1986, with retrospective effect from 1-4-1974.Admittedly, that provision was not in existence while Hon'ble Supreme Court and Honble … the said decision was pronounced with reference to assessment years 1965-66 and 1966-67, with regard to capitalisation of interest expenditure. Therefore, the ratio of the … interest expenditure. Therefore, the ratio of the decision cannot be made applicable after insertion of various Explanations below section 43(1) of the Income Tax Act, 1961.(vi) It is to further add that the assessee has de-capitalised various expenditure

Petroleum India International Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2000)241ITR43(Mum.)

Indian technical know-how, abroad was first introduced in the form of s. 85C of the Act by the Finance Act, 1966, w.e.f. 1st April, 1966. At the time of its introduction, this section provided for tax at the rate … the deduction till asst. yr. 1972-73 when s. 80-O was introduced. Reference was made to cls. 42 and 43 of the Memorandum explaining the provisions of the Finance Bill as reported in 93 ITR (St) 122 at

itc Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (2003)86ITD135(Kol.)

was issued by the CBDT to explain the substance of the provisions relating to direct taxes in the Finance Act, 1986. The learned authorised representative is also silent about the observation of the AO that this type of … erred in confirming the action of the AO in rejecting the appellant's claim for being allowed deduction under Section 36(1)(iii) of IT Act, 1961, while computing the income chargeable under the head "Profits and gains of business … action of the AO in disallowing, by invoking the provisions of Section 43B of the Act, an aggregate amount of Rs. 6,65,438 being a part

Assst. C.i.T., Vadodara Vs. Elecon Engineering Co. Ltd.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32, 36(1), 37, 43, 43(1), 43A and 50; Finance Act, 1967; Finance Act, 2002; Foreign Exchange Regulation Act, 1947 - Sections 2

Reported in : (2010)230CTR(SC)1

finance the purchase of plant and machinery.9. Section 43A, before its substitution by a new Section 43A vide Finance Act, 2002, was inserted by Finance Act, 1967 with effect from 1.4.1967, after the devaluation of the rupee on … effect from 1.4.1967, after the devaluation of the rupee on 6 June, 1966. It applied where as a result of change in the rate of … the case may be, deducted from, the actual cost of the asset as defined in Clause (1) of Section 43 or the amount of expenditure of a capital nature referred to in Clause (iv) of Sub-section (1) of

Commissioner of Income-tax Vs. India Steamship Co. Ltd.

Court : Kolkata

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 33, 43 and 43(1)

Reported in : [1992]196ITR917(Cal)

expenditure, but the intention of the Legislature as contained in Explanation 8 to Section 43(1) inserted by the Finance Act, 1986, is that the benefit of such capitalisation would be denied on and from the assessment year 1974-75.