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Showing 241 to 243 of 243 Records
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1986 (2) TMI 4
Actual Cost, Depreciation, Perquisite, Plant, Repairs ... ... ... ... ..... the fact situation afresh. Question No. 3 On the claim of expenditure on repairs, the Tribu nal had not correctly applied the legal principle and must, therefore, redetermine the claim applying the principles set out at para. 16 of this order. But, the determination made by the Tribunal on depreciation of buildings and pay ment of property taxes is correct. Hence, our answer on these claims is in the affirmative, against the Revenue and in favour of the assessee. Question No. 4 In the affirmative, against the Revenue and in favour of the assessee. Question No. 5 In the affirmative, against the Revenue and in favour of the assessee. Question No. 6 In the affirmative, against the Revenue and in favour of the assessee. Question No. 7 In the negative, in favour of the Revenue and against the assessee. In view of the divided success and failure of the parties, we consider it proper to direct them to bear their own costs. We, therefore, direct the parties to bear their own costs.
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1986 (2) TMI 3
Business Loss, Loss ... ... ... ... ..... anteed amount and the actual purchase of country liquor was allowable as a trading loss in the computation of the assessee s total income for the assessment year 1968-69 ? There also the assessee was a dealer in country liquor and a sum of Rs. 20,967 had been allowed as a trading loss on account of the deficiency between the minimum guarantee amount and the actual purchase. This court held that the liability to pay the deficiency was there in terms of the licence and arose directly from the carrying on of the assessee s business and that the difference between the guarantee amount and the actual purchase of country liquor was allowable as a trading loss in the computation of the assessee s total income. In view of the aforesaid decision of this court, the question referred by the Tribunal must be answered in the affirmative, i.e., in favour of the assessee and against the Revenue, and it is answered accordingly. The parties are left to bear their own costs of this reference.
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1986 (2) TMI 2
Question Of Law, Special Deduction ... ... ... ... ..... ht in law in holding that the percentage of deduction specified therein would be applied to the total income before making any deduction under Chapter VI-A as well as under section 36(1)(viii) of the Income-tax Act, 1961 ? Having heard learned counsel for the parties, we have come to the conclusion that this application deserves to be rejected. In dismissing the appeal preferred by the Department, the Tribunal has not proceeded to construe the provisions of section 36(1)(viii) of the Act. The Tribunal has merely relied on the circular issued by the Central Board of Direct Taxes. The Department has not sought reference of the question as to whether the circular issued by the Central Board of Direct Taxes was or was not attracted in the circumstances of the case. The question which is sought to be referred does not arise out of the order passed by the Tribunal. The application, therefore, deserves to be rejected. The application is, accordingly, rejected. No order as to costs.
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