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Commissioner of Income-tax Vs. Rajamohan Cashews Ltd.

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 43(5); Finance Act, 1972 - Sections 2(6); Finance (No. 2) Act, 1977 - Sections 2(7)

Reported in : (1989)78CTR(Ker)151; [1991]187ITR670(Ker)

25, 1986, held that the respondent-assessee is an industrial company within the meaning of Section 2(6)(c) of the Finance Act, 1972. The Appellate Tribunal has also found that the nature of the operations carried on by the assessee-company is … by the assessee should not be treated as losses arising out of speculative transactions as defined in Section 43(5) of the Income-tax Act, 1961 R. A. No. 26 (Coch) of 1983 : Whether, on the facts and

Lohia Machines Ltd. and anr. Vs. Union of India (Uoi) and ors.

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2, 2(8), 2(33), 5, 11, 28 to 43A, 43(6), 80A to 80VV, 84, 84(1), 295(1), 295(2) and 296; Finance Act, 1980 - Sections 15C, 80H, 80I, 80J, 80J(1), 80J(2), 80J(3), 84 and 84(1); Income Tax Rules, 1962 - Rule 19, 19A, 19A(2) to (4), 19A(5), 19(1), 19(1A), 19(3) and 19(6); Indian Income Tax Act, 1922 - Sections 15C(1), 15C(2), 51C and 59(1); Taxation Laws (Amendment) Ordinance, 1949; Indian Income tax (Computation of Capital of Industrial undertakings) Rules, 1949 - Rule 3 and 3(1); Business Profits Tax Act, 1947 - Sections 13; Taxation Laws (Extension to Merged States and Amendment) Act, 1949 - Sections 13, 15C, 15C(1), 15C(2), 15C(4), 15C(6) and 34(2); Finance (Amendment) Act, 1976 - Sections 29; Finance (Amendment) Act, 1967; State Financial Corporati

Reported in : AIR1985SC421; (1985)1CompLJ249(SC); (1985)44CTR(SC)328; [1985]152ITR308(SC); 1985(1)SCALE115; (1985)2SCC197; [1985]2SCR686; [1985] 1 SCR 192

computed in accordance with the provisions of the Second Schedule" and the Second Schedule after its amendment by Finance Act 66 of 1976 does not provide for inclusion of borrowed monies and debts in computation of the capital … Section 80J. This amendment came into force with effect from 1st April, 1972. 10. But a serious controversy was sparked off by this amendment of … Clause (iv) of Sub-section (1) of Section 32; (iv) "written-down-value" means the written-down-value computed under Sub-section (6) of Section 43 as if for the words "previous year" the words "computation period" were substituted. There were also several other

A.C.i.T. and D.C.i.T. Vs. Shri Raghunath B. Taware

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

Reported in : (2008)302ITR136(Pune.)

of Section 2(24)(ix), Section 56(2)(ib) and Section 115BB together. First two provisions have been introduced by the same Finance Act 1972 Section 115BB was introduced by Finance Act 1986 seeking to replace Section 80 TT which was introduced by Finance … book making inasmuch as hedging is permitted and not treated as speculative transaction within the meaning of Section 43(5) of the Income-tax Act, in respect forward transactions where actual delivery takes place. This being so, the winnings

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 … Ltd. (supra) was decided by the Supreme Court on 3rd Feb., 1999, but it pertained to asst. yr. 1972-73. The case decided by the Bench of this Tribunal cited by the learned authorised representative in his own … 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 … 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

Commissioner of Income-tax Vs. Gujarat State Fertilizers Co. Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32A, 43(1), 43A and 43A(1)

Reported in : (2003)179CTR(Guj)266; [2003]259ITR526(Guj)

(No. 2) Act of 1967, with effect from April 1, 1967, whereas Section 32A was inserted by the Finance Act, 1976, with effect from April 1, 1976. Hence, the non obstante clause in Section 43A could not have … expenditure. This was agitated in appeal against the orders of assessments for 1972-73 and 1975-76. But the Commissioner of Income-tax (Appeals), following the decision of … installed and put to use in the preceding year.(v) The definition of 'cost of asset' as contained in Section 43(1) is applicable only if it is not repugnant to the context. The decision in Dhandhania Kedia and Co.

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. … under Section 256(1) of the Income-tax Act, 1961, at the instance of the Revenue for the assessment year 1972-73 :' 1. Whether, on the facts and in the circumstances of the case, the finding and/or conclusion of

Commissioner of Income-tax Vs. Shivalik Hatcheries Pvt. Ltd.

Court : Himachal Pradesh

Subject : Direct Taxation

the purposes of the business of profession but does not include tea bushes or livestock.'5. Later on vide Finance Act of 2003 w.e.f. 1.4.2004 the following words were added at the end of the definition:Or building or furniture … and tube wells.(2) In the case of Taj Mahal Hotel : AIR 1972 SC 168 : 1972 Tax LR 54 (supra) this Court has observed … which requires consideration is whether a 'Poultry shed' is a 'plant' or not. 'Plant' has been defined in Section 43(3). The definition of plant at the relevant time reads as follows: 'Plant includes ships, vehicles, books, scientific apparatus

Gujarat Alkalies and Chemicals Ltd. Vs. Deputy Commissioner of Income ...

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2002)82ITD135(Ahd.)

i.e.., 1st April, 1999. According to the learned counsel, the legislative intention in introducing Section 35AB by the Finance Act, 1985, w,e.f. 1st April, 1986, and thereafter substituting the same by a new provisions allowing depreciation on the … paid by the assessee for loans taken for purchase of machinery are an allowable deduction for asst. yrs. 1972-73 to 1974-75. The machinery in question had not been actually used in the business of the assessee till … fee of DM 6,00,000 for grant of licence and further payment of 43,60,000 DM for the performance of services as per Article 2.2 and Article

Commissioner of Income-tax Vs. Lake Palace Hotels and Motels Pvt. Ltd.

Court : Rajasthan

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32, 32(1A) and 32(2),

Reported in : [1997]226ITR561(Raj)

table was changed on the basis of general rates or special rates.11. Section 32(1)(v) was added by the Finance Act (No. 2) of 1967, and remained in operation for the assessment years 1968-69 to 1987-88 and initial depreciation … of the block of assets' shall have the same meaning as in Clause (c) of Sub-section (6) of Section 43.' The various authorities relevant to the point are discussed hereunder. 7. The word 'building' has not been defined … large number of hotels and licensed premises in Scotland and England. In 1972-73, they decided that to maintain or increase their turnover they ought to

Agarwal Industries Vs. Commissioner of Income-tax

Court : Rajasthan

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 43, 80J and 80J(1A); Finance Act, 1980

Reported in : [1995]211ITR30(Raj)

for denying the benefit of depreciation or investment allowance.5. Sub-section (1A) of Section 80J was inserted by the Finance Act (No. 2) of 1980, with retrospective effect from April 1, 1972. It has provided that for the purpose … the amount thereof. Explanation 1.--In this clause, 'actual cost' has the same meaning as in Clause (1) of Section 43. Explanation 2.--In this clause and in Clause (iii), 'computation period' means the period for which profits and gains