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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'

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)

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

Freeze King Industries Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Delhi

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 37, 43, 43(1) and 256(1); Finance Act, 1986

Reported in : 2001VIIAD(Delhi)183; [2001]252ITR583(Delhi)

of such asset.' 5. It is to be noted that the Explanationn in question was inserted by the Finance Act, 1986, with retrospective effect from April 1, 1974. This provision no doubt was not before the Tribunal when it … expenditure made is clearly of capital nature.4. At this juncture it would be necessary to take note of Section 43(1) of the Act, Explanationn 8. The provision reads as follows :'43. In Sections 28 to 41 and in

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 … 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

Commissioner of Income-tax Vs. Digvijay Cement Co. Ltd.

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 43(1), 143(3), 154 and 256(2); Finance Act, 1986

Reported in : [2008]305ITR267(Guj)

1988, by placing reliance on Explanation 8 to Section 43(1) of the Act which was inserted by the Finance Act, 1986, with retrospective effect from April 1, 1974, to withdraw depreciation and investment allowance on the component of interest

Coimbatore Pioneer Mills Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 43(1) and 80J; Finance Act, 1986

Reported in : [1999]236ITR69(Mad)

change in the statutory law. Explanation 8 to Section 43(1) of the Income-tax Act was introduced by the Finance Act, 1986, with retrospective effect from April 1, 1974, and under the said Explanation it is declared that for the

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 … 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

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 of

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

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.)

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 Act 1972. In all these sections reference … 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