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Commissioner of Income Tax Versus Sutlaj Cotton Mills Ltd.

2015 (5) TMI 481 - DELHI HIGH COURT

Deduction under Section 80I - Tribunal holding that deduction under Section 80I is allowable without taking note of the deduction under Section 80HH - Held that:- In respect of the issue of allowability of deduction under Section 80HH and 80I, the IT .....

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preme Court in Joint Commissioner of Income Tax v. Madideep Engineering and Packaging India (P) Ltd. ( 2006 (4) TMI 75 - SUPREME Court). The said decision was confirmed by a previous judgment of this Court in Commissioner of Income Tax v. SKG Enginee .....

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seven years - Held that:- The issue has been decided for the previous year i.e. 1990-91 by the Division Bench of this Court in [2013 (9) TMI 988 - DELHI HIGH COURT] whereby the appeal of the Revenue has been dismissed. We further notice that for oth .....

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res after seven years for that particular year. - Decided in favour of the assessee. - ITA No. 138/2001 - Dated:- 23-4-2015 - S. Ravindra Bhat And R. K. Gauba,JJ. For the Petitioner : Mr N P Sahni, Sr. Standing Counsel & Mr Nitin Gulati, Adv. For .....

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Section 80I is allowable without taking note of the deduction under Section 80HH of the Act? (ii) Whether the Tribunal was justified in allowing 1/7th of the premium amount that was payable on redemption of debentures after seven years? 2. The respo .....

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claim of ₹ 2,85,715/- sought as expenditure (essentially a premium payable on redemption of debentures) on the ground that the assessee had a right to buy the debentures at any time before maturity in seven years. The AO inter alia was of the o .....

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80I. He rejected the assessee's contention that under Section 80I, losses for earlier years could be brought forward and set off in view of the specific provision in Section 80HH (9). 4. The CIT(Appeals) affirmed the Revenue's contention. Th .....

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9 ITR 123 (MP). 5. The ITAT also noted that the said decision of the Madhya Pradesh High Court was affirmed by the Supreme Court in Joint Commissioner of Income Tax v. Madideep Engineering and Packaging India (P) Ltd. (2007) 163 Taxman 337 (SC). 6. T .....

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