Judgment Search Results Home > Cases Phrase: manipur hill areas district councils act 1971 section 26 allowances of members Court: income tax appellate tribunal itat ahmedabad Page 1 of about 3 results (0.100 seconds)

Core Health Care Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... 1,56,76,000 in relation to the money invested in the expansion of the manufacturing units of the assessee for lvp and svp by installing three additional machines was allowable as a deduction under section 36(1)(iii), is correct or the view of the learned judicial member that the interest has to be capitalised as was initially done by the assessee in its books of account, but was subsequently claimed as a revenue expenditure in the revised return filed before the ..... of account and subsequently claim of the assessee to treat a part of that expenditure on revenue account on pro rata basis is not tenable in law as there is no specific provision in the income-tax act for allowance of such expenditure treating same to be of revenue expenditure corresponding to section 36(1)(iii) under which interest paid on borrowings is permissible as a deduction irrespective of the fact that the money borrowed is utilised for acquiring a capital asset or not.accordingly we will adjudicate ground no. ..... allowed in view of the majority view of the members as per section 255(4) of the act.2 ..... carried out at its factory at village-rajpur of kadi taluka in mehsana district which is a centrally notified backward area. ..... advocate, based on the arguments of the standing council referred to at page 33 of the order of learned a.m.has to be read in the context ..... cit [1971] 79 itr 589, judgment of the hon'ble gujarat high court in alembic glass industries ltd (supra), the judgment of hon'ble gujarat high court in the .....

Core Health Care Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)70TTJ(Ahd.)490

..... . (supra) has drawn a very subtle and significant difference and has explained that in the case of a running business interest paid for expansion of business and for acquiring capital assets for such expansion will be allowable under section 36(1)(iii) in view of judgment of hon'ble supreme court in the case of india cements and interest paid for setting up of an altogether new business will form part of actual cost in view of the judgment of ..... . the supreme court has therein observed that if the assessee carries on several distinct and independent businesses, and one of such businesses is closed before the previous year, he cannot claim allowance under section 10 of the indian income tax act of 1922 of an outgoing attributable to the business which is closed against the income of his other business in that year.it was further observed that there is no general principle that where an assessee carried on business ventures ..... . (2) in ita no.444/ahd/1997 is allowed in view of the majority view of the members as per section 255(4) of the act.in the result, the appeal filed by the assessee is partly allowed whereas the appeal filed by the revenue ..... operations are carried out at its factory at village rajpur of kadi taluka in mehsana district which is a centrally notified backward area. ..... . cit (1971) 79 itr 589 (sc), judgment of the hon'ble gujarat high court in cit v.alembic glass industries (supra), the judgment of hon'ble gujarat high court in the case of bansidhar (p) .....

Core Health Care Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... . the tribunal held that since retrenchment compensation was paid and all debts were incurred in business, totally distinct from the business carried on by the assessee, the deduction could not be allowed in the assessment of the assessee because : (i) the other businesses were widely different in nature and they covered both, manufacturing and trading activities; (ii) each business had its own staff including different managements and ..... . it is clear from the principles of law enunciated in the above referred judgments that the question whether a particular deduction is allowable or not under the provisions of the act will not depend on the existence or absence of entries in the books of account ..... . the learned counsel submitted that after consideration of the entire relevant material and evidence, both the learned members had agreed that the new unit where the three additional machineries were installed was part of the same business.the learned counsel also placed reliance on judgments in bansidhar (p) ltd. vs ..... . 10(2)(iii) it does not matter whether the capital is borrowed in order to acquire a revenue asset or a capital asset, because all that the section requires is that the assessee must borrow the capital for the purpose of his business ..... the manufacturing operations are carried out at its factory at village rajpur of kadi taluka in mehsana district which is a centrally notified backward area. ..... . cit (1971) 79 itr 589 (sc), judgment of the hon'ble gujarat high court in cit vs .....