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Income Tax Case Laws - Section: 2(11)

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Cases for Section: 2(11)
Showing 1 to 15 of 24 Records
 

2016 (4) TMI 640 - CALCUTTA HIGH COURT

DPIL Limited Versus Commissioner of Income Tax, Kolkata-II

Computation of capital gain - CIT(A) has opined that the capital gains have to be computed under section 2(42C) r.w.s. 50B whereas as per assessee capital gains have to be computed on the basis of section 2(11) read with section 50 - Held that - It is unable to conclude as to why and how can the sale be treated as a slump sale. It is unable to dispute that in the assessment year 2002-03, the plant and machinery of all the gardens had a written down value of ₹ 2,77,34,222/-. For the year under consideration, a separate standard could not have been insisted upon. That would not also be in ....... - .......


2015 (6) TMI 768 - BOMBAY HIGH COURT

The Commissioner of Income Tax -14 Versus M/s Kewal Silk Mills

Compensation for surrender the tenancy right - Whether the assessee has not termed as tenant as per the Maharashtra rent control act? - whether amount received by assessee on account of transfer of capital assets occupied by assessee within the meaning of capital gain even otherwise the deed of surrender of tenancy stated that it is a compensation in connection with loss of business, profit and convenience and hardship due to shifting elsewhere? - Held that - It is an undisputed position that the Respondent Assessee is in occupation of the subject premises consequent to Agreement dated 13th Ju ....... - .......


2015 (6) TMI 923 - ITAT BANGALORE

M/s. Sartorious Mechatronics India (P) Ltd. Versus The Assistant Commissioner of Income Tax

Depreciation on goodwill - Held that - The assessee acquired the business of weighing division of Phillips India Ltd. and that a sum of ₹ 64,93,706 was paid as goodwill of the business is not in dispute. The assessee is in the business of sales and servicing of electronic weighing solutions. It is therefore clear that the assessee owned goodwill and had used the goodwill for the purpose of its business. I ....... - .......


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 agreements - Failure to deduct income u/s 5(2) of the Act Held that - The source of payment is in India - for services rendered by the NTOs abroad, and towards such services utilized, petitioner has made payments - Section 5(2) of the Act referred to deals with the source from which income is derived - The word Source means the place from which something ....... - .......


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) is based on the fundamental principle that no party appearing before the Tribunal, be it the assessee or the department, should suffer on account of any mistake committed by the Tribunal the fundamental principle has nothing to do with the inherent power of the Tribunal - if prejudice had resulted to the party, which prejudice is attributable to the T ....... - .......


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 - The main object of the Assessee as per Clause 3(A)(10) of the Memorandum of Association is to To promote Schemes for irrigation and water supply in the State for utilization of water from the Sardar Sarovar . Thus in the light of the facts prevailing in Assessee s case, it can be said that the Assessee by supplying water through its main canal had in ....... - .......


2013 (7) TMI 873 - ITAT MUMBAI

Avin Pumps Private Ltd. Versus JCIT (OSD) Range-8(1) Mumbai

Depreciable assets - adjustment of the cost of new flat against the sale consideration of factory premises under section 50(1)(iii) - scope of block of assets under section 2(11) - Held that - Assessee would be entitled to claim set off of cost of new asset acquired in the previous year, even if the assessee was not carrying on the same business or the other business. - assessee has not stopped business, therefore, as rightly held by the co-ordinate Bench the assessee is entitled for deduction under section 50(1)(iii) if the new asset is falling under same block of assets. - Even though the pr ....... - .......


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 business asset for the business purpose by the assessee. It is also not in dispute that the assessee did not claim any depreciation on this imported car and he was not allowed any depreciation on it in view of prime condition attached to section 2(11). Thus CIT(A) rightly held that the loss incurred on sale of imported car was of capital loss. Hence ....... - .......


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 - The main object of the Assessee as per Clause 3(A)(10) of the Memorandum of Association is to To promote Schemes for irrigation and water supply in the State for utilization of water from the Sardar Sarovar . Thus in the light of the facts prevailing in Assessee s case, it can be said that the Assessee by supplying water through its main canal had in ....... - .......


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 through the various heads under the Schedule, we find that the depreciation percentage fixed is more of machinery specific rather than industry specific. Thus, on going through the various clauses in the Schedule, we find, if the asset transferred and the asset purchased fall for consideration under the self-same percentage of depreciation, then the asset ....... - .......


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 Held that - A combined reading of Section 2(11), Section 32(1) and Section 50(2) of the Act shows no depreciation is allowable in respect of land as it is not specifically mentioned as an asset eligible for depreciation - if land is not a depreciable asset and cannot form part of the block of assets in the absence of a rate of depreciation the provision ....... - .......


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 expression block of assets - Held that - the assessee has shown two block of assets separately i.e. one on which depreciation was claimed 25 and the other on which no depreciation was claimed in any of the previous years, the two assets are different from each other - the assessee having not claimed any depreciation on the same cannot be burdened with ....... - .......


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 argument that it was a case of deliberate and fictitious entry, it is the duty of the Income-tax authority to find out the real nature of the transaction behind the said entry and to pass appropriate order of assessment in accordance with law. Merely because an assessee has made a wrong or even fictitious entry in the accounts, such fact cannot be a gr ....... - .......


2009 (7) TMI 177 - ITAT DELHI-A

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

....... - ...... 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 transaction in accounts is not relevant hence 100 depreciation is allowable if assets were available in the block of ....... - .......


 
   
 
 
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