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Income Tax Case Laws - Section: 2(11)

 

Income Tax


Cases for Section: 2(11)
 
Showing 1 to 15 of 20 Records
 

2014 (4) TMI 81 - KARNATAKA HIGH COURT

Vodafone South Ltd. Versus Deputy Director of Income-tax, International Taxation, Circle -I(1)

Stay of recovery of demand - Tribunal has granted partial relief staying 50% of tax liabilaity as determined by AO - Total demand is Rs. 2,57,57,53,136/ - Taxability of payments made - DTAAs with the NTOs for interconnectivity capacity transfer agree ......

2014 (2) TMI 792 - MADRAS HIGH COURT

Commissioner of Income Tax Versus M/s. TTG Industries Ltd.

Power of the Tribunal u/s 254(2) of the Act Held that:- The decision in Honda Siel Power Products Ltd Versus Commissioner of Income Tax, Delhi [2007 (11) TMI 8 - Supreme Court of India] followed - the purpose behind the enactment of Section 254 (2) ......

2013 (9) TMI 371 - ITAT AHMEDABAD

The ACIT, GNR Circle Versus Sardar Sarovar Narmda Nigam Ltd.

Disallowance of revenue expenditure - Non commencement of business - the appellant company was of preoperative nature and the commencement of the business would start only when the appellant company starts exploitation of the project - Held that:- Th ......

2013 (1) TMI 425 - ITAT NEW DELHI

VALENTINUS GARMENTS Versus ASSTT COMMISSIONER OF INCOME TAX. CIRCLE-27(1). NEW DELHI

Claim of loss on sale of car rejected - assessee submitted that car is a business asset and used for the purpose of business - Held that:- It is not in dispute that the claimed loss on sale of cars was related to the sale of an imported car used as b ......

2012 (9) TMI 300 - ITAT AHMEDABAD

Sardar Sarovar Narmada Nigam Ltd. Versus Assistant Commissioner of Income-tax, Gandhinagar Circle

Disallowance of revenue expenditure - Non commencement of business - the appellant company was of preoperative nature and the commencement of the business would start only when the appellant company starts exploitation of the project - Held that:- Th ......

2012 (4) TMI 469 - DELHI HIGH COURT

CIT Versus ANSAL PROPERTIES & INFRASTRUCTURE LTD.

Treating the sale proceeds of depreciable assets as short term capital gains ITAT held the Order to be contrary to Section 50 - Held that:- Given the fact that block of assets is identified by the percentage of depreciation granted, on going throug ......

2012 (4) TMI 374 - PUNJAB AND HARYANA HIGH COURT

Commissioner of Income-tax, Patiala Versus Santosh Structural & Alloys Ltd.

Plant and machinery (not in use) acquired - Tribunal treated it as long term capital assets for the assessment year 2006-07 as it was sold in the financial year 2005-06 revenue appeal that plant and machinery (not in use) would be covered by the e ......

2012 (4) TMI 347 - DELHI HIGH COURT

COMMISSIONER OF INCOME TAX-IV Versus M/s. IK. INTERNATIONAL PVT. LTD.

Claim of exemption under Section 54EC - ITAT hold that AO was not justified in invoking Section 50(2) - assessee computed LTCG on the sale of land and having invested the gains in REC Bonds claimed gains as exempt under Section 54 EC of the Act Hel ......

2011 (4) TMI 512 - CALCUTTA HIGH COURT

Modern Malleables Ltd. Versus Commissioner of Income tax, (Central-II), Kol.

Search and seizure - Revised return - Bogus purchase - fictitious entry - the nature of the original entry in the accounts which on the face of it was not in conformity with the law of accountancy. - Held that:- even if we assume for the sake of argu ......

2009 (7) TMI 177 - ITAT DELHI-A

Anand And Anand. Versus Assistant Commissioner Of Income-Tax.

Written Down Value ......

........... . 43(6)(c), and no loss on account of any shortfall between the individual WDV of Gurgaon office structure and any amount realized by the assessee in respect thereof shall be allowed either as a capital loss under s. 50(2) of the Act or as business deduction under s. 32(1)(ii1) of the Act. In other words, the action of the AO in disallowing the assessee s claim of deduction on account of difference between the individual WDV of the Gurgaon office structure and recovery made in respect thereof is justified. The AO was further justified in computing the depreciation on the opening WDV of block of assets described as Block A comprising both building owned by assessee as well as Gurgaon office structure, which is deemed building owned by assessee, as adjusted by the additions and reductions provided in s. 43(6)(c). In this view of the matter, the order of the learned CIT(A) confirming the order of the AO is upheld. 29. In the result, the appeal filed by the assessee is dismissed.

2008 (9) TMI 17 - HIGH COURT DELHI

COMMISSIONER OF INCOME TAX Versus EASTMAN INDUSTRIES LIMITED

AO disallowed 50% of the depreciation allowance on the ground that the assets had been entered in accounts after 30.09.1997 as per challan & confirmation certificates, assets were transferred to the assessee on 1.4.1997 - fact of the entry of the t ......

2008 (5) TMI 308 - ITAT DELHI-G

Yamaha Motor India (P) Limited. Versus Assistant Commissioner Of Income-Tax.

Depreciation ......

........... e, therefore, submitted that the same cannot be construed as interest-free advances to the related parties without any commercial considerations. 23. We have heard both the parties and have gone through the orders of the authorities below. The AO has not been able to point out that the advances given by the assessee to these entities were not for the purpose of business or for commercial expediency. The assessee s explanation has been rejected without examining and verifying the facts of the case. Various documents placed by the assessee before us indicate that the assessee did not advance the money without any commercial consideration. The payments made to the related parties were for business considerations and expediency, and as such no proportionate interest paid on the borrowed capital can be disallowed. We, therefore, delete the same. 24. In the result, the appeals filed by the assessee for asst. yrs. 2000-01 and 2001-02 are partly allowed in the manner indicated above.

2008 (2) TMI 321 - PUNJAB AND HARYANA HIGH COURT

Commissioner of Income Tax, Ludhiana Versus Rhodoen Silk Mills Pvt. Ltd. Ludhiana

Block of assets - additions made by treating the difference between the S.P. of entire machinery installed at unit no.1 of the factory of the respondent company & the W.D.V. of the said machinery by invoking Sec. 41(2) - there was addition as well a ......

2007 (7) TMI 348 - ITAT DELHI-H

Gaurav Khullar. Versus Assistant Commissioner Of Income-Tax.

Allowability ......

........... which old car was sold through financier. Thus, the case law referred by the learned Authorised Representative is of no help to the assessee for coming to the conclusion that sale price of car sold/taken away by financier and which did not form (part) of the block of assets as at the end of the year, was eligible for claim of depreciation. 9. In the instant case, while disallowing the claim of depreciation on first car, the AO has not arrived at the WDV of the block of assets as per provisions of s. 43(6)(c) and outrightly declined the claim on the cost of first car, which is not correct. In the interest of justice and fair play, we restore the matter back to the file of the AO for arriving at WDV of block of assets keeping in view the provisions of s. 43(6)(c) of the Act and recompute the claim of depreciation as per amended provisions of s. 32(1) of the Act, as discussed hereinabove. 10. In the result, the appeal of the assessee is allowed in part for statistical purposes.

2007 (6) TMI 171 - MADRAS HIGH COURT

COMMISSIONER OF INCOME-TAX Versus RAJARAM MILLS P. LTD.

Amounts spent on replacement of machinery - capital or revenue expenditure claim had to be determined only by the provisions of the Act, not by the accounting practice of assessee - Department did not raise any objection before the Tribunal regardi ......

 
   
 
 
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