Judgment Search Results Home > Cases Phrase: expenditure tax act 1987 Page 13 of about 148,244 results (0.300 seconds)

Cit Vs. Saravana Spinning Mills P. Ltd.

Court : Chennai

Reported in : [2007]292ITR655(Mad)

..... these provisions were introduced from 2-4-1987, as defined under section 2(11) of the income tax act, 1961, and they are in operation on different ..... of the ratio laid down by this court in the decision cited supra, we hold that the expenditure on replacement of machinery is revenue expenditure and therefore, the tribunal was right in allowing the claim of the assessee.7. ..... instant case, the appellate tribunal, finding that replacement of machinery is revenue expenditure, held that the claim of the assessee cannot be disallowed.5. ..... 1 and 2, the question whether the expenditure on replacement of machinery is capital or revenue is not determined by the treatment given in the books of account or in the ..... officer, on completing the assessment, disallowed the claim of the assessee in respect of replacement expenditure of muratec auto coner and 18 ring frames as revenue expenditure and treated the same as capital expenditure. ..... 427) :regarding the argument relating to 'block of assets', it is the claim of learned counsel for the assessees that the said principle or object of introduction of the above concept is totally not applicable relating to the nature of expenditure incurred by the respondent. ..... on the facts and circumstances of the case, replacement of independent complete machinery can be treated as revenue expenditure ?3. ..... on the facts and circumstances of the case, the tribunal was right in allowing a deduction of the amount spent on replacement of machinery as revenue expenditure ?2. .....

CiT Vs. Mehsana Dist. Co-Operative Milk Producers' Union Ltd.

Court : Gujarat

Reported in : [2008]307ITR83(Guj); [2009]176TAXMAN416(Guj)

..... circumstances of the case, the tribunal was right in law in holding that the transfer to reserve fund cannot be treated as a business expenditure and allowed deduction under section 28/37 of the income tax act, 1961 ?5. mr., m.j. ..... the tribunal, ahmedabad bench 'b', has raised and referred the following question under section 256(1) of the income tax act, 1961 (the act) at the instance of the cit:whether the tribunal is right in law and on facts in confirming the order made by the ..... profits transferred to the reserve fund would constitute a charge on the taxable income under provisions of section 28 of the act, or an expenditure having the characteristic of business expenditure under section 37 of the act, and thus not liable to be taxed, being a deductible expenditure. ..... in holding that the amount transferred to the reserve fund account as per provisions of section 67 of the gujarat co-operative societies act, 1961, was not diversion of income at source by overriding title nor can such transfer be treated as a business expenditure deductible either under section 28 or section 37 of the act. ..... it was submitted on behalf of the applicant assessee that section 67 of the gujarat co-operative societies act, 1961 (the co-operative societies act)requires every society to maintain a reserve fund where the society derived or can derive profits from ..... to 1986-87 in the present case, which relates to assessment year 1987-88 and hence, connected reference, at the instance of the assessee, .....

Gerard Perir Vs. The Income-Tax Officer, Range XV(1), Chennai

Court : Chennai

..... rules made thereunder ; (aa) "export out of india" shall not include any transaction by way of sale or otherwise, in a shop, emporium or any other establishment situate in india, not involving clearance at any customs station as defined in the customs act, 1962 (52 of 1962) ; (b) "export turnover" means the sale proceeds, received in, or brought into, india by the assessee in convertible foreign exchange in accordance with clause (a) of sub-section (2) of any goods or merchandise to which this ..... appellate authority, a further contention has also been made that when the assessing officer allowed interest expenditure on credit facilities, given by the bank, as "business expenditure", he was not correct, in taking the interest income, under the head, "other sources" ..... the direct tax laws (amendment) act, 1987, w.e.f. ..... it in clause (10d) of section 10; (vii) any sum, whether received or receivable, in cash or kind, on account of any capital asset (other than land or goodwill or financial instrument) being demolished, destroyed, discarded or transferred, if the whole of the expenditure on such capital asset has been allowed as a deduction under section 35ad. ..... is therefore clear that there should be no attempt to deduct any expenditure from the receipts, howsoever, related such expenditure may be to the receipts. ..... by the assessee to the bank was, no doubt, an item of expenditure in the computation of its business income. ..... no expenditure or any other deduction is permissible from the receipt .....

Cit Vs. Ambalal Sarabhai Charity Trust

Court : Gujarat

Reported in : (2002)174CTR(Guj)313

..... and in the circumstances of the case, the tribunal has been right in law in holding that since exemption under section 11 of the income tax act, 1961, was available to the assessee the assessee was entitled to the deduction of expenditure worth rs. ..... provisions of section 13(2)(h) would not apply and, therefore, the, said amount of dividend would be exempted from tax.so far as shares which were purchased by the assessee are concerned, the dividend which the assessee had received thereon would be subject to tax as the said shares would be subject to the provisions of section 13(2)(h) of the act.from the question which has been referred to this court, it is not clear as to how much dividend ..... ' the paper book of the present reference does not contain any annexures except the statement of the case drawn on 5-2-1987, wherein it is observed in para 5 that, 'both the parties agreed and stated that they would request the registry of the hon'ble high court to tag this reference along with ..... hence we proceed to dispose of the present reference on the basis of the paper book which only contains the statement of case dated 5-2-1987, drawn by the tribunal and also on the basis of copy of judgment delivered by this court on 21-9-2000, in it ref. no ..... 'accordingly, the tribunal had drawn up a statement of the case on 5-2-1987, wherein it is observed by the tribunal that, 'both the parties agreed and stated that since the tribunal has already drawn up a statement of the case and has referred the .....

R.R. Ingale and Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1992)41ITD495(Pune.)

..... for the assessee also raised certain contentions, namely, that there was no column in the return of income for furnishing deemed income in terms of section 41(1) of the income-tax act, 1961 and in this connection, he has cited the decision of the supreme court in the case of cit v. ..... [1977] 107 itr 587 wherein, in similar circumstances, the question whether for non-disclosure of income which is deemed to be income under section 41(1) penalty could be levied under section 271(1)(c) of the income-tax act, 1961 was answered by the high court in the affirmative and against the assessee. ..... held that under section 41(1) refund of excise duly allowed as a deduction as a revenue expenditure in the earlier assessment year 1986-87 should be deemed to be profits and gains of business of the assessment year 1987-88 and instead of offering the income, the assessee has shown it as liability in the balance ..... for excise duty made in the assessment year 1986-87 was allowed, the ito concluded that the excise refund constituted income in terms of section 41 (1) of the income-tax act, 1961 and included it in the total income determined for the assessment year 1987-88. ..... has accrued as a result of the deeming provisions of the income tax act can form the basis for levy of penalty. ..... decision of the punjab & haryana high court in the case of behari lal pyare lal (supra) the assessee has concealed the income or particulars of income so as to warrant penalty under section 271 (1 )(c) of the income-tax act, 1961. .....

Hira Lal Hari Lal Bhagwati Vs. C.B.i., New Delhi

Court : Supreme Court of India

Reported in : AIR2003SC2545; 2003(2)ALD(Cri)292; 2003(2)ALT(Cri)142; 2003(51)BLJR1697; 2003CriLJ3041; 2003(3)CTC356; (2003)182CTR(SC)1; 104(2003)DLT699(SC); 2003(87)ECC473; 2003(155)ELT4

..... ' which reads thus:''direct tax enactment' means the wealth-tax act, 1957 (27 of 1957)or the gift-tax act, 1958 (18 of 1958) or the income-tax act, 1961(43 of 1961) or the interest-tax act, 1974 (45 of 1974) or theexpenditure-tax act, 1987 (35 of 1987).'16. ..... prosecution for any offencepunishable under chapter ix or chapter xvii of the indian penal code(45 of 1860), the foreign exchange regulation act, 1973 (46 of 1973),the narcotic drugs and psychotropic substances act, 1985 (61 of 1985),the terrorists and disruptive activities (prevention) act, 1987 (28 of1987), the prevention of corruption act, 1988 (49 of 1988), or for thepurpose of enforcement of any civil liability has been instituted on orbefore the filing ..... section 88, inrespect of any tax arrear in respect of such caseunder such indirect tax enactment: (b) xx xx xx (c) xx xx xx (iii) to any person in respect of whom prosecution for anyoffence punishable under chapter ix or chapter xvii ofthe indian penal code (45 of 1860), the foreignexchange regulation act, 1973 (46 of 1973), thenarcotic drugs and psychotropic substances act, 1985(61 of 1985), the terrorists and disruptive activities(prevention) act, 1987 (28 of 1987), the prevention ofcorruption act, 1988 (49 of 1988 ..... according to him, thejudgment in the case of sushila rani (supra( dealt with proceedings under theincome tax act and held that once the matter is settled under the kar vivadsamadhan scheme, 1998, such settlement cannot be reopened except underspecified .....

Commissioner of Income-tax Vs. Chackola Spinning and Weaving Mills Ltd ...

Court : Kerala

Reported in : [1991]188ITR532(Ker)

..... to what extent the bonus paid to the employees is deductible as revenue expenditure in the light of section 36(1)(ii) of the income-tax act has been exhaustively dealt with by a bench of this court in p ..... the quantum, it is a matter which should be evaluated and determined with reference to section 36(1)(ii) of the income-tax act in the light of the guiding principles stated by this court in p. ..... amounts paid over and above the amount payable under the payment of bonus act can be claimed as deduction under section 36(1)(ii) of the act, provided the following conditions are fulfilled : the amount should be reasonable with reference to (a) the pay of the employee and the conditions of his service ; (b) the profits of the business or profession for the previous year ..... but, the question still is, what is the amount that is deductible under the provisions of the act on the said account the appellate tribunal took the view that, by and large, the payment made is customary ..... on the facts and in the circumstances of the case, the tribunal is right in law in holding that the limit under the proviso to clause (ii) of section 36(1) of the act does not apply to the deduction in respect of customary bonus paid to the employees ? 4. ..... 's case : [1987]166itr611(ker) and the subsequent decisions up to income-tax reference no. ..... 's case : [1987]166itr611(ker) . ..... 's case : [1987]166itr611(ker) . ..... , cashew industries : [1987]166itr611(ker) . ..... 13 of 1987--since reported in cit ..... 13 of 1987--since reported in cit .....

Commissioner of Income Tax Vs. Madan Lal and Bros.

Court : Punjab and Haryana

Reported in : (2005)195CTR(P& H)92; [2005]276ITR571(P& H)

..... sales-tax, the scope of proviso to section 43b inserted by finance act, 1987, ..... the first proviso to section 43b of the act inserted by the finance act, 1987, was enacted in order to suppress the mischief and for the purpose of giving relief to an assessee who is not ..... kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987. ..... impossible for an assessee to comply with section 43b as it stood in the year 1984, and to make it workable, amendments in section 43b were introduced by the finance act, 1987. ..... assessee does not discharge his statutory liability, where the assessee disputes his liability under the provisions of sales-tax act, etc. ..... period of time, section 43b(a) read as under :'(a) any sum payable by the assessee by way of tax or duty under any law for the time being is force,' the amendment brought in by the finance act, 1988, including the expressions 'cess' was w.e.f. ..... : [1991]189itr70(patna) as under :the object of the section 43b of the it act, 1961, was to refuse deduction to an assessee in respect of provident fund, etc. ..... therefore, directed to find out whether the payment has been made within the period as allowed which would govern the allowability of the expenditure. ..... at the instance of the revenue, the income-tax appellate tribunal, delhi bench 'd', new delhi (for short, 'the tribunal'), has referred the following question of law for the opinion of this court :'whether, on the facts and in the circumstances of .....

Gkw Limited Vs. Commissioner of Income Tax,

Court : Kolkata

..... set aside to provisions made for meeting liabilities, other than ascertained liabilities; or (d) the amount by way of provision for losses of subsidiary companies; or (e) the amount or amounts of dividends paid or proposed; or (f) the amount or amounts of expenditure relatable to any income to which any of the provisions of chapter iii applies; if any amount referred to in clauses (a) to (f) is debited to the profit and loss account, and as reduced by, (i) the amount withdrawn from any reserves or ..... profit on the transfer of the duty free replenishment certificate, being the duty remission scheme under the export and import policy formulated and announced under section 5 of the foreign trade (development and regulation) act, 1992 (22 of 1992); (iv) the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession; (v) any interest, salary, bonus, commission or remuneration, by whatever name called, ..... direct tax laws (amendment) act, 1987 (4 ..... (10-d) of section 10; (vii) any sum, whether received or receivable, in cash or kind, on account of any capital asset (other than land or goodwill or financial instrument) being demolished, destroyed, discarded or transferred, if the whole of the expenditure on such capital asset has been allowed as a deduction under section 35-ad;] explanation 1. ..... as a result, the amount of expenditure debited to the profit and loss account on account of cost of rawmaterials was a lower figure .....

The State of Maharashtra Vs. Deepak Son of Bharatsingh Dixit

Court : Mumbai

Reported in : 1996(2)BomCR468

..... out by the plaintiff in the plaint for the relief sought for in the suit is that under section 20 of the bombay motor vehicle tax act, 1958, it is not open to the defendant to recover toll exceeding capital out-lay and expenditure incurred by it on the construction of the bridge. ..... the case set out by the plaintiff is that under section 20 of the bombay motor vehicles tax act, 1958, as amended by the amending act of 1987, defendant is entitled to recover by way of toll, the amount which is sufficient to reimburse the construction ..... the suit and relief sought for by the plaintiff is based on the fact that the defendant has already recovered the amount of expenses incurred by it on construction of bridge by collection of toll between 1987 to 1992 and it is not permissible to the defendant to collect toll exceeding capital out-lay and expenses.12. ..... the defendant set up defence that the plaintiff was appointed as agent for collection of toll tax under agreement dated 31-12-1992 for the year 1993 (from 1-1-1993 to 31-12-1993) from the public and under the terms of the agreement, he was required to deposit amount stipulated in the agreement ..... it is not disputed that though bridge was constructed in the year 1987 and on invitation of tender by the defendant for collection of toll, the defendant on his own submitted tender ..... 1,67,47,921/- for period 19-8-1987 and 31-12-1992 and the same amount being in excess of capital out-lay and expenses of collection of toll, defendant is not entitled .....