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Elgi Electric and Industries (P) Ltd. Vs. the Deputy Commissioner of I ...

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Section 260A,; Finance Act of 1992 - Section 37(2A); Finance Act of 1997 - Section 37(1)

expenditure under Sub Section (2) and (2A) was however removed by the substitution of sub section (2) under Finance Act of 1992 with effect from 1.4.1993. Sub Section (2) itself was omitted subsequently by the Finance Act, 1997 … in confirming the estimated disallowance of Rs.1,50,420/- treating the same as 'entertainment expenditure' hit by Explanation 2 to Section 37(2A)?2. The question raised on refundable contingency deposit to be included as trading receipt was already considered in T.C.No.890

Sudipto Sarkar Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Land Acquisition

Reported in : (2006)101ITD229(Kol.)

the decision relied on by the ld.counsel for the assessee are prior to the amendment made by the Finance Act, 1992 with effect from 1.4.1993, therefore, the same are not applicable in the assessee's case. He, therefore, submits that … such expenses Rs. 1,28,561 he, disallowed Rs. 59,280 as under: the assessee: Rs. 1,28,561(ii) Less : Deduction under Section 37(2A) Rs. 10,000 plus 50 per cent of Rs. 1,18,561: Rs. 69,281 ___________ Besides this, it was also found

Salem Textiles Limited Vs. Authorized Officer of Phoenix Arc Private L ...

Court : Chennai

Subject : Land Acquisition

of the Companies Act, 1956, the Securities Contracts (Regulation) Act, 1956, the Securities and Exchange Board of India Act, 1992, and the Recovery of Debts due to Banks and Financial Institutions Act, 1993. Interestingly, Section 37 does not … after independence. But, even at that time, the Parliament was conscious of the fact that recovery of amounts financed by State Financial Corporations to industries, may pose difficulties, if the Financial Corporations are also required to follow

Commissioner of Income Tax Vs. Woodward Governor India Pvt. Ltd.

Court : Delhi

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28, 33, 37, 43, 43A, 43(1), 43(2), 145, 145(1) and 145(2); Companies Act - Sections 209(3); Income Tax Act, 1922 - Sections 10(2) and 10(5); Finance Act, 1967; Finance Act, 2002

Reported in : (2007)210CTR(Del)354; 142(2007)DLT650; [2007]294ITR451(Delhi)

of acquisition to provide for the subsequent revisions to the actual cost. Section 43-A was inserted by the Finance Act, 1967 with effect from 1-4-1967. In the explanatory process contained in the Bill preceding the Act it was … increase or decrease the liability on revenue account. It would qualify as business expenditure and thereforee allowable under Section 37 of the Act despite the fact that the liability has not been discharged in the concerned previous year.

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 … the assessee and the other by the revenue relating to assessment year 1992-93 are taken up together and disposed of by a common order for … on the facts and circumstances of the case. Your appellant submits that this expenditure is fully allowable under section 37(1) of the Act. (6) Expenditure on advertisement : Rs. 70,22,742 - The CIT has erred in not allowing

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 … the assessee and the other by the revenue relating to assessment year 1992-93 are taken up together and disposed of by a common order for … on the facts and circumstances of the case. Your appellant submits that this expenditure is fully allowable under section 37(1) of the Act.The Commissioner (Appeals) has erred in not allowing the total expenditure on advertisement as shown on

M/S Madras Petrochem Ltd. and Anr. Vs. Bifr and Ors.

Court : Supreme Court of India

Subject : Company

shall be in addition to, and not in derogation of, the Industrial Finance Corporation Act, 1948 (15 of 1948), the State Financial Corporations Act, 1951 … of 1956), the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993) … financial institutions, would lead to the conclusion that the 2002 Act is also overridden. He further contended that Section 37 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 expressly refers to

South Eastern Coalfields Ltd. Vs. Jt. Cit

Court : Income Tax Appellate Tribunal ITAT Nagpur

Subject : Direct Taxation

Reported in : (2002)77TTJ(Nag.)401

(va) of section 36(1) as given in clause 12,1 of the Explanatory Note on the provisions of the Finance Act, 1987, are extracted below : "12.1. The existing provisions provide for a deduction in respect of any payment … Supreme Court in the case of Indian Molasses Co. v. CIT (1959) 37 ITR 66 (SC), she contended that the "expenditure" primarily donates the idea … submitted that the proceedings initiated under section 263 by the Commissioner in assessees own case for assessment year 1992-93 on a similar issue has been dropped on the basis of the aforesaid letter issued by the Central

South Eastern Coalfields Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Nagpur

Subject : Direct Taxation

Reported in : (2003)260ITR1(Nag.)

(va) of Section 36(1) as given in Clause 12.1 of the Explanatory Note on the provisions of the Finance Act, 1987, are extracted below : "12.1. The existing provisions provide for a deduction in respect of any payment … submitted that the proceedings initiated under Section 263 by the CIT in assessee's own case for asst. yr. 1992-93 on a similar issue has been dropped on the basis of the aforesaid letter issued by the CBDT. … of its case :CIT v. Gujarat Mineral Devp. Corporation (1981) 132 ITR 377 (Guj): (vii) CIT v. Khalsa Mirbhai Transport Co. Ltd. (1971) 82 ITR

M/S. L.G. Electronics India Private Limited Vs. the Asstt. Commissione ...

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

called `the Act') has undergone certain changes. He referred to sub-section (2A) of section 92CA, inserted by the Finance Act 2011 w.e.f. 1-6-2011, as per which, where any other international transaction, apart from those referred to under sub- … judgment of Hon'ble Supreme Court in the case of Sultana Begum Vs. Prem Chand Jain (1997) 1 SCC 373 to contend that the statute has to be read as a whole to find out the real intention