Cit V New - Law Dictionary Search Results
Processing
not sufficient for holding that the stored articles have undergone a process, Delhi Cold Storage Pvt. Ltd. v. Commissioner of Income Tax, New Delhi, AIR 1991 SC 2125. Processing, include the preservation of such products as canning,
Rebate
is an apt word to use in respect of a remission, Commissioner of Income Tax, Delhi and Rajasthan, New Delhi v. Anant Rao Kamat, AIR 1966 SC 279. … be granted by other statutory orders--The word 'rebate' is an apt word to use in respect of remission, Commissioner of Income Tax v. Anant Rao B.Kamat, AIR 1966 SC 279: (1964) 8 SCR 263. [Income Tax Act,
Depreciation
deterioration, or obsolescence, the allowance made for this in book-keeping, accounting, etc.' (Webster's New World Dictionary), Income Tax Commissioner v. Alps Theatre, AIR 1967 SC 1437 (1439). [Income Tax Act, 1922, s. 10(2)(vi)] It represents the diminution
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Produce
that is brought forth either naturally or as a result of effort and work; a result produced, Webster's New International Dictionary; C.I.T. v. Venkateshwara Hatcheries (P) Ltd., (1999) 3 SCC 632. Means to bring forward beget etc., … Dictionary; C.I.T. v. Venkateshwara Hatcheries (P) Ltd., (1999) 3 SCC 632. Means to bring forward beget etc., Deputy Commissioner Ag IT, Central Zone Ernakulum v. Palampadam Plantation Ltd., Kottayam, 1969 Ker LT 313: 1969 UJ SC 109:
Annual charge
the words 'annual charge' mean charge to secure an annual liability, New Piece Goods Bazaar Co Ltd. v. CIT, AIR 1950 SC 165 (167). [Income-tax Act (11 of 1922) s. 9(1)(iv)]
Assembly
a new article. This expression cannot be equated with the expression 'manufacture', Shriram Vinyl and Chemical Industries v. Commissioner of Customs, AIR 2001 SC 1283 (1284): (2001) 4 SCC 286. [Customs Act, 1962 s. 25(1)] Means a
In the opinion of Income Tax Officer
employed and to determine whether the income, profits and gains of the assessee could properly be deduced therefrom, CIT v. A. Krishnaswamy Mudaliar, AIR 1964 SC 1843: (1964) 7 SCR 776. (Income-tax Act, 1922, s. 13
Income
629. Prize money received by the participant in a Motor Rally is 'income' and is liable to tax, CIT v. G.R. Karthikeyan, AIR 1993 SC 1671 (1675). [Income-tax Act, 1961, s. 2(24)] The terms 'income' is elastic and
Earned surplus
the account 'earned surplus' cannot be regarded as mere unallocated profits at the end of the accounting year, CIT v. Standard Vacuum Oil Company, AIR 1966 SC 1393: (1966) 2 SCR 367. [Business Profits Tax Act, 1947, Sch.
Charitable purpose
carrying on of any activity for profit' which qualify or govern the last head of charitable purpose. In CIT v. Andhra Chamber of Commerce, (1965) 55 ITR 722, a case decided by the Supreme Court under the 1922
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