Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1997)58TTJIndore300
..... individually.6. ground no. 1(a) relates to the cash payments exceeding rs. 10,000 made to various parties which were disallowed by the cit(a) under s.40a(3) of the it act. briefly, the assessee-company derives income from manufacture of soyabean oil in two divisions, one as prestige foods ltd. and another (sic - as) prestige soya industries. during the ..... court in the case of attar singh gurmukh singh vs. ito (1991) 191 itr 667 (sc), in which their lordships have held that s. 40a(3) of the it act, 1961 which provides that expenditure in excess of a specified limit would be allowed to be deducted only if made by a crossed cheque or crossed bank draft, is not arbitrary ..... the assessee has drawn our attention to the commentary of s. 80hhc at p. 3945 of the 9th edn. of sampath iyengars law of income-tax. he relied on the following judgments : (iii) maharajadhiraj sir kameshwar singh vs. cit (1957) 32 itr 587 (sc); (iv) goodyear india vs. state of haryana & anr. (1991) 188 itr 402 (sc) and it was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1997)61ITD390Indore
..... individually.6. ground no. 1(a) relates to the cash payments exceeding rs. 10,000 made to various parties which were disallowed by the cit(a) under s.40a(3) of the it act. briefly, the assessee-company derives income from manufacture of soyabean oil in two divisions, one as prestige foods ltd. and another (sic - as) prestige soya industries. during the ..... court in the case of attar singh gurmukh singh vs. ito (1991) 191 itr 667 (sc), in which their lordships have held that s. 40a(3) of the it act, 1961 which provides that expenditure in excess of a specified limit would be allowed to be deducted only if made by a crossed cheque or crossed bank draft, is not arbitrary ..... for the assessee has drawn our attention to the commentary of s. 80hhc at p. 3945 of the 9th edn. of sampath iyengar's law of income-tax. he relied on the following judgments : (iii) maharajadhiraj sir kameshwar singh vs. cit (1957) 32 itr 587 (sc); (iv) goodyear india vs. state of haryana & anr. (1991) 188 itr 402 (sc) and (v .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1997)60ITD27Indore
..... the current year's depreciation and carried forward unabsorbed depreciation of the earlier years in view of the specific provisions of section 32(2) of the income-tax act, 1961. giving effect to section 32(2) which deems unabsorbed depreciation of the earlier year as part of the current year's depreciation, the deduction under ..... the profits or gains of the new industrial undertaking must be computed in accordance with the provisions of the act in the same manner as they would be in determining the total income chargeable to tax and it must follow a fortiori that if the losses, depreciation allowance and development rebate in respect of ..... out after deducting unabsorbed depreciation and unabsorbed development rebate and the income eligible for deduction under section 80j will be the net income as computed in accordance with the provisions of the act. in support of his contentions, he placed reliance on the following decisions :- (ii) cit v. north arcot district co-operative spg. mills ltd. .....
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