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Commissioner of Income-tax Vs. India Pistons Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32, 32A, 43 and 43(1); Finance Act, 1986

Reported in : (1999)155CTR(Mad)37; [2000]242ITR672(Mad)

in favour of the Revenue and against the assessee. No costs. Direct Taxation - development rebate - Sections 32 and 43 of Income Tax Act, 1961 and Finance Act, 1986 - whether Tribunal right in holding that … such asset.'5. Explanation 8 to Section 43(1) of the Income-tax Act was inserted by Section 9 of the Finance Act, 1986, with retrospective effect from April 1, 1974. It declares that where any amount is paid or is payable

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

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28 to 41, 43, 43(1), 80HH, 80I, 90(2) and 260A; Finance Act, 1986 - Sections 43(1); Finance Act, 2003

Reported in : 105(2008)CLT433(SC); (2008)215CTR(SC)1; [2008]298ITR194(SC); JT2008(2)SC367; 2008(2)SCALE327; (2008)2SCC465; 2008AIRSCW1425

directly or indirectly by any other person or authority. Explanation 8 has been inserted in Section 43(1) by Finance Act, 1986 (23 of 1986), with retrospective effect from 1.4.74. It is important to note that the word 'actual cost' … than the cost accurately ascertained. The determination of actual cost in Section. 43(1) has relevancy in relation to Section 32(depreciation allowance); Section 32A(investment allowance), Section 33(development rebate allowance), and Section 41 (balancing charge). 'Actual cost' of an asset

Commissioner of Income-tax Vs. Kerala Electric Lamp Works Ltd. and Cro ...

Court : Kerala

Subject : Direct Taxation

Acts : Finance Act, 2001; Income Tax Act, 1961 - Sections 32 and 32(1)

Reported in : (2003)183CTR(Ker)182; [2003]261ITR721(Ker)

learned standing counsel appearing for the Revenue, the Explanation inserted by the amendment to Section 32 by the Finance Act, 2001, with effect from April 1, 2002, would take us back to the position that whether or not … it was noticed that after the amendment of Section 34(1) by the Taxation laws (Amendment and Miscellaneous Provisions) Act, 1986, with effect from April 1, 1986, it was not necessary for the assessee to furnish the prescribed particulars

Cit Vs. Kerala Electric Lamp Works Ltd.

Court : Kerala

Subject : Direct Taxation

Reported in : [2003]129TAXMAN549(Ker)

P.K.R. Menon, learned standing counsel appearing for the revenue, the Explanation inserted by amendment to section 32 by Finance Act, 2001 with effect from 1-4-2002 would take back to the position that whether or not the assessee claimed … it was noticed that after the amendment of section 34(1) by the Taxation Laws (Amendment and Mise. Provisions) Act, 1986 with effect from 1-4-1986, it was not necessary for the assessee to furnish the prescribed particulars for claiming

Commissioner of Income Tax Vs. Dharampal Satyapal

Court : Delhi

Subject : Direct Taxation

assigned to individual assets and liabilities constituting the undertaking/division. Section 50B of the Act was introduced by the Finance Act, 1999 with effect from 1st April, 2000 for the purposes of taxing gains arising on slump sales. Correspondingly, … consider the statutory scheme relating to a block of assets. 11. The Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986 introduced significant changes with regard to the depreciation allowance; the concept of block of assets was introduced. Section … submitted that the Assessee would have to first establish that it was entitled to a depreciation allowance under Section 32 of the Act and it is possible that the conditions for grant of depreciation allowance would not be

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 … recomputed in terms of Section 43A for the purposes of depreciation (Sections 32 and 43(1)). A perusal of Section 43A makes it clear that insofar … of civil appeals is civil appeal arising out of S.L.P.(C) No. 8363 of 2009. It concerns assessment year 1986-87. Assessee is a manufacturing company. It manufactures gears and mechanical handling equipments. It procured a foreign currency loan

Jaihind Bottling Co. (P) Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2005)1SOT1(Mum.)

written down value of the asset thereafter is taken to be niL This proviso was introduced through the Finance Act, 1966, when the concept of "block of assets was not in existence. Thereafter, sweeping changes were made in … assessees counsel, during the assessment proceedings, contended that the bottles had been allowed as 100% write off under section 32 and during the year, a sum of Rs. 7,82,388 had been realised on sale of scrap of bottles

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 Hon'ble … the CIT(A) erred in not allowing interest paid on borrowings amounting to Rs. 1,56,76,000 as a deduction under section 36(1)(iii). (3) The CIT(A) erred in not allowing the following expenditure as revenue expenditure:-- On the facts and … 7 of the assessment order. The appellant paid a sum of Rs. 32,000 to the principal of K.M. Kundanani College of Pharmacy by way of

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 Gujarat … Commissioner (Appeals) erred in not allowing interest paid on borrowings amounting to Rs. 1,56,76,000 as a deduction under section 36(1)(iii).(3) The Commissioner (Appeals) erred in not allowing the following expenditure as revenue expenditure : On the facts … decision of the High Court in the case reported in 140 CTR 329 (supra).So far as ground No. 9(d) is concerned, the same is covered

Apollo Tyres Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Subject : Direct Taxation

Reported in : (1992)43ITD464(Coch.)

the Income-tax Act, 1961.43. We have thus heard rival submissions and perused the records.Section 32AB was inserted by Finance Act, 1986 with effect from 1-4-1987. We are now concerned with the assessment year 1988-89.Sub-sections (1), (2) and (3) of … after deducting an amount equal to the depreciation computed in accordance with the provisions of Sub-section (1) of Section 32 from the amounts of profits computed in accordance with the requirements of Part II and III of the