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Commissioner of Income-tax Vs. K.S. Venkataraman and Co.

Court : Chennai

Subject : Direct Taxation

Acts : Finance Act, 1977 - Sections 2(7); Income Tax Act, 1961 - Sections 32A

Reported in : [2000]243ITR377(Mad)

the purpose of deriving the benefit of the lower rate of taxation accorded to industrial companies under the Finance (No. 2) Act, 1977. It also claims investment allowance under Section 32A of the Income-tax Act, 1961, on the ground that … of 1988 (CIT v. K. S. Venkataraman and Co. Pvt. Ltd. : [2000]243ITR314(Mad) , decided on August 3, 1998 remanded the matter to the assessing authority to consider that question afresh as to whether the assessee meets

Escapade Resorts (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Subject : Direct Taxation

Reported in : (2008)303ITR118(Coch.)

being a company, mentioned in this section.9. Now, Section 115JA was brought on the statute book by the Finance (No. 2) Act, 1996, which was applicable from the asst. yr. 1997-98. The scope and effect of this section was explained … the subsequent year or years under the provisions of Sub-section (2) of Section 32 or Sub-section (3) of Section 32A or Clause (ii) of Sub-section (1) of Section 72 or Section 73 or Section 74 or Sub-section (3) … are preferred by the assessee which relate to the asst. yrs. 1997-98, 1998-99, 1999-2000 and 2001-02 and one appeal is preferred by the Revenue relating

Simbhaoli Sugar Mills Ltd. Vs. Asstt. Cit, Range-1

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

or Section 37 cannot be claimed which stands clarified by the insertion of the proviso therein under the Finance Act, 2003. As such, the assessee cannot claim any benefit of Section 36(1)(iii) or Section 37 in this … of the assessee for both the assessment years under consideration is allowed.8. Now we shall deal with Ground No. 2 of the appeal of the assessee for assessment year 2000-01 pertaining to the issue of the assessee's claim … an incentive for the purpose of setting up a specified industry (sections 32A and 33). The term "actual cost" is applicable only in relation to … fact that the predecessor Commissioner of Income-tax (Appeals) in the assessment year 1998-99, being the initial assessment year, has held the said project to be

Commissioner of Income-tax Vs. N. Venkataraman

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32A

Reported in : [2000]245ITR73(Mad)

our attention the decision of the Supreme Court in CIT v. Shaan Finance (P.) Ltd. : [1998]231ITR308(SC) . Learned senior counsel also relied upon the … counsel also relied upon the decision of the Karnataka High Court in Hind Nippon Rural Industries Pvt. Ltd, (No. 2) v. CIT : [1993]201ITR588(KAR) and submitted that chipping and sizing of granite do not amount to manufacture or … Department is whether the assessee is entitled to claim investment allowance in respect of the air compressor under Section 32A of the Income-tax Act, 1961 (hereinafter to be referred to as 'the Act'), used by it for the

Commissioner of Wealth Tax Vs. Indian Warehousing Industries Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Finance Act, 1983 - Sections 40(3)

Reported in : (2004)188CTR(Mad)283; [2004]269ITR203(Mad)

of the value of the warehouses as they were exempt under the provisions of Section 40(3) of the Finance Act, 1983?2. In order to appreciate the question of law, it is necessary to notice the facts in … Ltd & Am : [1998]231ITR308(SC) In the said decision, the question was whether investment allowance was allowable under Section 32A of the IT Act in respect of the machinery owned by the assessee, but leased to third parties

Commissioner of Income Tax Vs. Gotan Lime Stone Khanij Udyog and A.R. ...

Court : Rajasthan

Subject : Direct Taxation

Reported in : (2007)211CTR(Raj)585; [2008]299ITR368(Raj)

Co. Ltd. : [2006]281ITR297(Guj) ; (8) CIT v. Bajrang Enterprises : [2002]258ITR448(Mad) ; (9) CIT v. Shriram Transport Finance Co. Ltd. : [2002]254ITR558(Mad) ; (10) CIT v. C.S. Anand : [1997]225ITR573(Patna) ; (11) CIT v. Sibson Construction … Deo Narayan Thanvi, J.1. As common questions of law with regard to the entitlement of investment allowance under Section 32A of the IT Act, 1961 (hereinafter referred to as 'the Act') are involved in these three appeals, therefore, … little bit different as referred hereunder:(i) D.B. IT Appeal No. 41 of 2002:2. In this appeal, the assessee was carrying on business of excavation of

Commissioner of Income Tax Vs. Daljeet Tyres

Court : Allahabad

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 32A, 32A(2), 33, 80I, 143(3) and 260A; Finance Act, 1976; Finance Act, 1972

Reported in : (2006)201CTR(All)530; [2006]287ITR344(All)

of the Act on the cost of computer.13. The apex Court in the case of CIT v. Shaan Finance (P) Ltd. : [1998]231ITR308(SC) , had an occasion to consider the meaning, import and scope of Section 32A. … was justified in upholding the findings of CIT(A) directing allowance of the assessee's claim for investment allowance under Section 32A of the IT Act, 1961 at, Rs. 3,79,285 on new machineries installed in the branch set for doing … 1. This appeal under Section 260A of the IT Act has been filed by the Revenue on the

First Leasing Company of India Ltd. Vs. Commissioner of Income Tax (No ...

Court : Chennai

Subject : Direct Taxation

Reported in : [2000]244ITR234(Mad)

answer to those questions has been settled by the decision of the Supreme Court in CIT v. Shaan Finance (P.) Ltd. : [1998]231ITR308(SC) . The Supreme Court in that case which also concerns this assessee, held that … the Income Tax Act,1961 ?'4. We may conveniently dispose of questions Nos. 2 to 5 as the answer to those questions has been settled by … Whether the Tribunal was correct in law in holding that the assessee is entitled to investment allowance under section 32A on the machinery leased out to other company ?3. Whether, on the facts and in the circumstances of

Srei Infrastructure Finance Ltd. Vs. Additional Commissioner of Income ...

Court : Delhi

Subject : Direct Taxation

the subsequent year or years under the provisions of subsection (2) of section 32 or sub-section (3) of section 32A or clause (ii) of sub-section (1) of section 72 or section 73 or section 74 or subsection (3) … TAX APPEAL No.371/2012 Reserved on : Date of decision :11. h December, 2014 13th February, 2015 SREI INFRASTRUCTURE FINANCE LTD. ..... Appellant Through Mr. S. Ganesh, Sr. Advocate with Mr. U.A. Rana, Ms. Mrinal Elker Mazumdar, Mr. … KHANNA, J.: These two appeals under Section 260A of the Income Tax Act, 1961 (Act, for short) by the assessee SREI Infrastructure Finance Ltd. pertaining

Gowri Shankar Finance Ltd. Vs. Commissioner of Income-tax

Court : Karnataka

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 32, 32A, 43, 142(1), 143(1), 143(2) and 256(1)

Reported in : (2001)166CTR(Kar)137; [2001]248ITR713(KAR); [2001]248ITR713(Karn); [2001]116TAXMAN375(Kar)

is the customers themselves who chose the consumer durables and also arranged for their purchase. The assessee provided finance for purchasing the goods. In the books of the assessee, the customers become indebted tothe entire cost of … and on these facts it was held that the assessee would be entitled to the investment allowance under Section 32A. Whereas in the case before us the finding recorded is that the assessee neither actually owned the assets … 'the Tribunal'), has referred the following three questions of law under Section 256(1) of the Income-tax Act, 1961 (for short 'the Act'), at the instance