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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 … that the asseseee shall pay a 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 2.3 reproduced hereinbefore.4.5. From the aforesaid

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

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 … years 1976,1977 and 1978 (relatable to the assessment years 1977-78, 1978-79 and 1979-80) increased by reason of fluctuation in the foreign exchange rate. The assessee … 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. … allowable as deduction while computing business income of the relevant year under the Income-tax Act.26. On September 16, 1979, the Research Committee of the Institute of Chartered Accountants of India issued a Statement on ' Treatment of

India Pistons Repco Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Land Acquisition

Reported in : (1988)26ITD413(Mad.)

cost of the assets purchased within the meaning of Section 43(1). An Explanation has been added by the Finance Act, 1986 with effect from 1-4-1974 to the effect that interest paid in connection with acquisition of an asset

Super Spinning Mills Ltd. Vs. Commissioner of Income-tax and anr.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 156, 220 and 220(2); Taxation Laws (Continuation and Validation of Recovery Proceedings) Act, 1964 - Sections 3; Finance Act, 1986

Reported in : [2000]244ITR814(Mad)

Income-tax (Appeals), the Income-tax Officer filed an appeal to the Income-tax Appellate Tribunal, Madras. In the meantime, the Finance Act, 1986, added an Explanation 8 to Section 43(1) with retrospective effect from April 1, 1974. In view of … dated March 6, 1989, the petitioner has filed Writ Petition No. 4397 of 1989 for the assessment year 1979-80 and Writ Petition No. 4656 of 1989 for the assessment year 1980-81.2. The case of the petitioner is

TexpIn Engineering and Manufacturing Works Vs. Joint Commissioner of I ...

Court : Mumbai

Subject : Direct Taxation

Reported in : (2001)70TTJ(Mumbai)789

the assessing officer.6. The assessee is in further appeal before the Tribunal. Section 45(4) was inserted by the Finance Act, 1987, with effect from 1-4-1988. It provides for certain conditions before liability to capital gains tax attaches. They … noted that with the introduction of the concept of 'block of assets' from 1-4-1988, and the provisions of section 43(6)(c)(i)(B) with effect from the same date, the WDV (written-down value) or a particular block of assets available at

Ram Nath Jindal Vs. Cit

Court : Punjab and Haryana

Subject : Direct Taxation

Reported in : (2001)170CTR(P& H)251

has not been claimed by the assessee. This position is further obvious from the fact that in the Finance Act, 2001, Explnation 5 has been inserted in section 32(1)(ii) with effect from 1-4-2002. It has been inter alia … for Rs. 64,300 and claimed depreciation @ 30 per cent. This claim was allowed. From the assessment years 1979-80 to 1981-82, the assessee did not claim any depreciation. On this basis, the assessee claimed that the written … that the written down value of truck No. HRN 345 was Rs. 43,400 (Rs. 62,000 minus Rs. 18,600). Thus, he claimed that the profit was

Commissioner of Income-tax Vs. Travancore Mats and Mattings Co.

Court : Kerala

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32A(2) and 35B(1A)

Reported in : [1998]229ITR93(Ker)

1978, with effect from April 1, 1978, and consequently deleted with effect from April 1, 1980, by the Finance Act, 1979, there being no dispute that the said provision governs the situation with regard to the assessment year in … amounting to Rs. 2,38,675. Before the first appellate authority, on behalf of the Revenue, reliance was placed on Section 43(3) of the Act to contend that 'plant' includes ships, vehicles, books, scientific apparatus and surgical equipment used for