Profitable - Judgment Search Results

Wall Street Construction Ltd. Vs. Deputy Commissioner of Income Tax

Court: Income Tax Appellate Tribunal ITAT Mumbai

Reported in: (2003)87ITD43(Mum.)

..... expenses even of illegal business is to be deducted while taxing profit from illegal activity it was also submitted in view of ..... been of illegal business is to be deducted while taxing a profit from illegal activities the learned counsel relied upon the decision ..... of the assessee company are not convinced about reasonability of the profits disclosed by the assessee company since the auditors of the .....

Assistant Commissioner of Income Vs. Sharda Gums and Chemicals. (Shard ...

Court: Income Tax Appellate Tribunal ITAT Jodhpur

..... it was held that sale consideration of import entitlements cannot be held to constitute profits and gains derived from assessee s industrial undertaking for the purpose of computing deduction ..... hon ble supreme court that sale consideration of import entitlements cannot be held to constitute profits and gains derived from assessee s industrial undertaking for the purpose of computing deduction .....

Assistant Commissioner of Vs. Sharda Gums and Chemicals

Court: Income Tax Appellate Tribunal ITAT Jodhpur

Reported in: (2001)76ITD282(Jodh.)

..... it was held that sale consideration of import entitlements cannot be held to constitute profits and gains derived from asscssee s industrial undertaking for the purpose of computing deduction ..... hon ble supreme court that sale consideration of import entitlements cannot be held to constitute profits and gains derived from assessee s industrial undertaking for the purpose of computing deduction .....

Vijay Spinning Mills Ltd. Vs. Deputy Commissioner of

Court: Income Tax Appellate Tribunal ITAT Hyderabad

Reported in: (2000)73ITD344(Hyd.)

..... contention raised in this appeal with regard to deductibility of unabsorbed depreciation from the profits the learned counsel for the assessee submitted that the issue is now covered in ..... assessee is an extraordinary item this extraordinary item of the additional depreciation distorts the normal profit of the assessee company for the relevant previous year this distortion violates the principles .....

Pink Star Vs. Deputy Commissioner of

Court: Income Tax Appellate Tribunal ITAT Mumbai

Reported in: (2000)72ITD137(Mum.)

..... the exporter this incentive could not be put to intended use profitably on account of change in governmental policy itself and hence ..... 80hhc did not deal with export incentives at all while determining profits of business he did not follow the mandate of clause ..... other receipt of a similar nature included in such profits and 2 the profits of any branch office warehouse or any other establishment .....

Deputy Commissioner of Income Tax Vs. Eicher Goodearth. (Eicher

Court: Income Tax Appellate Tribunal ITAT Delhi

..... on the changed basis is a necessary charge while computing book profits of the year of change there is no provision in s ..... which was subsequently rectified to rs 110 87 lakhs for calculating book profit under s 115j of it act 1961 6 16 the learned senior ..... certain concessions in computing the income from business it is the book profit which is the starting point for the computation of the income .....

Gkw Ltd. Vs. Joint Commissioner of Income-tax

Court: Income Tax Appellate Tribunal ITAT Kolkata

Reported in: (2000)74ITD161(Kol.)

..... of calcutta and delhi tribunals the reason being that profit as per profit amp loss account prepared in accordance with provisions of ..... allowance was allowed in past and further in computing the profits and gains of business the depreciation allowance was claimed ..... as losses shall not include depreciation and book profit shall mean the net profit after allowing for depreciation for the relevant .....

Shradha Construction Vs. Assistant Commissioner of

Court: Income Tax Appellate Tribunal ITAT Pune

Reported in: (2001)76ITD85(Pune.)

..... and other primary record on the net profit receipts the profit was arrived at this profit was as per the working given on ..... the department was claiming that the assessee had overstated the profits rather than claiming that they were understated the learned counsel ..... the department is claiming that the assessee had overstated the profits rather than claiming that they were understated accordingly the .....

Widia (India) Ltd. and ors. Vs. Commissioner of Income-tax

Court: Karnataka

Reported in: (1999)151CTR(Kar)142; [2000]242ITR678(KAR); [2000]242ITR678(Karn)

..... computed be less than thirty per cent of the book profit then the profit and loss account of the company for the relevant previous ..... 115j is a mere computation machinery provision and nothing more the profit and loss account of a company may include items of ..... the depreciation which is reckoned for the purpose of determining the profit to that extent is actually allowed and therefore such amount should .....

Surana Steels (P.) Ltd. Vs. Deputy Commissioner of Income Tax

Court: Supreme Court of India

Reported in: (1999)153CTR(SC)193

..... computed be less than thirty per cent of the book profit then the profit and loss account of the company for the relevant ..... companies of new projects which have just begun to make profits and companies which having fallen sick were just turning around ..... be demonstrated by two examples as given hereunder exampleamount of profit lossamount of depreciation providedloss for the year after taking into .....