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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' … 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 has no relevancy in relation to Section 36(1)(iii) of the 1961

Commissioner of Income Tax-i Vs. Vardhman Polytex Ltd.

Court : Punjab and Haryana

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28 to 41, 43, 43(1) and 143(1); Finance Act, 1986; Income Tax Act, 1922; Finance Act, 2003

Reported in : (2006)205CTR(P& H)457

of actual cost of an asset. Explanation 8 to Section 43(1) of the Act was added by the Finance Act, 1986 w.e.f. 1.4.1974. The object of the said amendment as contained in the Finance Bill, 1986 as it appeared … of certain terms relevant to income from profits and gains of business or profession.43. In Sections 28 to 41 and in this section, unless the context otherwise requires-(1) 'actual cost' means the actual cost of the assets

Assam Company Ltd. Vs. Dy. Cit

Court : Guwahati

Subject : Direct Taxation

after the judgment of the Hon'ble Supreme Court in : [1990]186ITR278(SC) (supra) an amendment was introduced by the Finance Act, 1992. In the abovesaid amendment section 41(l)(b) was introduced so as to make liable the successor of the … order of the Commissioner (Appeals), the present appeal is filed by assessee in respect of the assessment year 1986-87.2. The primary business of the assessee- company is growing, manufacturing and selling tea. The assessee filed Form No.

Goculdas Dossa and Co. and Others Vs. J.P. Shah and Others

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act 1961 - Sections 2(24), 32, 32(1), 41, 41(2), 43, 43(6), 45, 46, 47, 48, 49, 50, 50(1), 50(2), 51, 52, 53, 54, 55, 55(1), 55(2) and 156

Reported in : 1995(1)BomCR546; (1994)119CTR(Bom)14; [1995]211ITR706(Bom); 1994(2)MhLj1466

Finance (No. 2) Act, 1977, and January 1, 1974, with effect from the assessment year 1987-88 by the Finance Act, 1986. At present the said date has not only been advanced to April 1, 1981, but even indexation is … sub-section (1), or clause (ii) of sub-section (1A) of section 32 or sub-section (2) or sub-section (2A) of section 41, as the case may be, the computation for this purpose being made with reference to the period commencing

Commissioner of Income-tax Vs. Appollo Tyres Ltd.

Court : Kerala

Subject : Direct Taxation

Acts : Companies Act, 1956 - Sections 205, 205(1), 205(2), 348, 349 and 350; Income Tax Act, 1961 - Sections 28, 32AB, 32AB(1), 32AB(2), 32AB(3), 32AB(5), 43, 72, 73, 115J, 115JA and 115J(1); Unit Trust of India Act, 1963; Finance (No. 2) Act, 1996

Reported in : [1999]237ITR706(Ker)

be treated as part of the same business.48. We have considered the matter. Section 32AB inserted by the Finance Act, 1986, with effect from April 1, 1987, Sub-sections (1), (2) and (3) thereof, relevant for the purpose of this … Act. Income from 'business or profession' is liable to be computed under the provisions of Sections 28 - 41 of the Act. Section 28 enumerates different types or categories of income chargeable to tax under the head

Nectar Beverages P. Ltd. Vs. Deputy Commissioner of Income-tax (Assess ...

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32, 32(1), 41, 41(1) and 50

Reported in : (2004)190CTR(Bom)319; [2004]267ITR385(Bom)

the proviso to Section 32(1)(ii) of the Act was deleted with effect from April 1, 1996, by the Finance Act, 1995, which provided for 100 per cent. depreciation in respect of plant or machinery if its value did … 41(2) was, however, deleted with effect from April 1, 1988, by the Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986. Indeed, if Section 41(2) was on the statute book during the period, assessment year 1991-92, the assessee would

Coimbatore Insulation Tapes (P) Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Direct Taxation

Reported in : (2003)84ITD459(Chennai)

the assessments with the direction to adopt the correct rate of tax as per Section 2(8)(c) of the Finance Act, 1976 after giving the assessee a fresh opportunity of being heard.The AO then passed revised assessment orders levying … the assessee received a sum of Rs. 1,80,000 on sale of machinery. The AO computed the profit under Section 41(2) of the IT Act on the sale of the machinery at Rs. 1,18,539. The assessee was also in

Berlia Chemicals and Traders (P) Ltd. Vs. Asstt. Cit

Court : Mumbai

Subject : Direct Taxation

Reported in : (2002)76TTJ(Mumbai)974

would have specified so in no uncertain terms as was done when Explanation 8 was inserted by the Finance Act, 1986, with retrospective effect from 1-4-1974. The situation in the present case is clearly distinguishable from the one which … computation of income from business or profession as per sections 28 to 41, section 43 defines certain terms. Sub-section (1) of section 43 defines the … after claiming deprecation of Rs. 28,97,697. The assessee was assessed at a positive income of Rs. 25,36,330 under section 143(3) of the Act, the major disallowance being that of depreciation amounting to Rs. 26 lakhs, the facts

University of Kerala Vs. Council, Principals' Colleges, Kerala and Ors ...

Court : Supreme Court of India

Subject : Constitution

Reported in : JT2009(11)SC102; 2009(8)SCALE75; (2009)7SCC726

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 1-4-1974. It is important to note that the word actual cost … 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 has no relevancy in relation to Section 36(1)(iii) of the Act.

De Nora India Limited (Earlier Known as M/S Titano Vs. Cit and Another

Court : Delhi

Subject : Direct Taxation

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 1.4.1974. It is important to note that the words "actual cost" … the Supreme court held that the ITA No.190 & 191/2002 Pa ge 9 of 15 balancing charge under Section 41(2) of the Act could be computed, inspite of the fact what was payable by the assessee was the