Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Forum Articles Highlights TMI Notes SMS News What's New Calendar Imp. Links Database More...
Extracts
Home List
← Previous Next →

COMMISSIONER OF INCOME TAX Versus SYNERGY MULTIBASE LTD

Eligibility of depreciation claim - whether the Tribunal right in holding that no depreciation can be thrust upon in this case, though the assessee has not forgone its right to claim depreciation in case of positive income and ought to have upheld that depreciation need to be worked out even in the cases where deduction under Chapter VI A is not claimed/allowed because of paucity of profits? - Held that:- No substance in this appeal and the questions framed for our consideration are answered in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

PER : HONOURABLE MR.JUSTICE A.J.DESAI) 1. By way of filing this appeal under Section 260A of the Incometax Act, 1961 the Commissioner of Incometax, Valsad had challenged the judgment/order dated 16th June 2006 passed by the Incometax Appellate Tribunal, Ahmedabad Bench in ITA No.580/Ahd/2002. 2. The brief facts, shorn of unnecessary details for the purpose of disposal of this appeals, are that the assessee in Tax Appeal No. 821 of 2007 filed return of income on 29th November 1996 declaring loss .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

A) Whether on the facts and in the circumstances of the case and in law was the Tribunal right in holding that no depreciation can be thrust upon in this case, though the assessee has not forgone its right to claim depreciation in case of positive income? (B) Whether on the facts and circumstances of the case and in law was the Tribunal ought to have upheld that depreciation need to be worked out even in the cases where deduction under Chapter VI A is not claimed/allowed because of paucity of pr .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

le learned advocate Mr Bandish S. Soparkar for the respondent has also relied upon the decision in the case of Sakun Polymers Limited (supra) and has further relied upon the unreported decision of the Division Bench of this Court in the case of Dy. CIT (Asst.) v. Sun Pharmaceuticals India Limited, Tax Appeal No.93 of 2000 decided on 17.12.2014. 7. Having heard learned advocates on either side and upon perusing the judgment of Division Bench of this Court in the case of Sakun Polymers Limited (su .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e issue involved in the present case, requires reconsideration, and therefore, Civil Application being OJ CA No. 546 of 2010 was filed after Tax Appeal No. 2/2002 was decided, and pursuant to the order passed in OJCA No. 546 of 2010, vide order dated 26.11.2014, the following substantial question of law has been framed by this Court, which reads as under: Whether, the Appellate Tribunal is right in law and on facts in holding that depreciation not claimed for by the assessee, cannot be allowed a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

case was never decided in those matters, and therefore, he requested that the question of law be decided afresh. As both the questions of law are inter connected are decided together. 9. We have heard the learned counsel appearing for the parties at length. According to the learned counsel Mr. Parikh, the decision of the Full Bench of the Bombay High Court in the case of Plastiblends India Limited v. Additional Commissioner of Incometax & Ors., reported in [2009] 318 ITR (Bom)[FB] will have .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ut no elaborate reasons are to be given in view of the finding of fact and the question also having been answered in the case of Manehdra Mills (supra), and therefore, the decision of the Honble Supreme Court will enure for the benefit of the present assessee as the amendment is after 2000 and not prior thereto. 11. The decision cited by the learned counsel for the Revenue of the Bombay High Court (supra) cannot be applied in the facts of this case and as far as this question of law is concerned .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he reasons given by the Assessing Officer in allowing full depreciation are considered. The decision of CIT v. Mother India Refrigeration (P) Ltd. (supra) relied on by the assessing Officer is not applicable in the instant case as the issue as to whether depreciation is optional or not was never before the Supreme Court. The second decision of Madras High Court in the case of Dasa Prakash Bottling Co. v. CIT (supra) will also not be applicable as the Gujarat High Court,which is jurisdictional Hi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f depreciation on the value of the assets and it is only by way on an exception that section 32(1) grants an allowance in respect of depreciation on the value of the capital assets enumerated therein. There is intrinsic evidence under section 43(6)(b) of the Act in the expression less all depreciation actually allowed to show that it is not as if all allowable deductions are to be granted by the Incometax Officer even when the assessee does not want the same. Subsection (2)(a) of Section 143(3) .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

  ↓     Latest Happening     ↓  

TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

TMI Note: Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

Forum: Input credit of gst paid on urd

Forum: Wrong quote of GSTIN no of buyer in GSTR-1

Forum: Getting upload error message.Cannot upload json file for GSTR1 even after using offline tool V 1.2..

Forum: Issue of Payment Voucher

Forum: filing of unaudited financial accounts

Forum: GST on Notional rent

Forum: need of extention of agm in case of non filing

News: RBI Reference Rate for US $

Highlight: GST - Detention of goods under transport - discrepancy in documents - the statutory provisions provide a mechanism for adjudication following detention of goods including for the provisional release thereof pending adjudication - HC

Highlight: Reassessment - first few paragraphs of the assessment order dealt with objections and disposed of accordingly - Unfortunately, the manner in which the AO has decided the issue is wholly unsustainable in law - HC

Highlight: Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by law - cannot be disallowed - HC

Highlight: Valuation - inclusion of reimbursement of expenses - managing participation of clients in certain mela, fairs, promotional activities etc. - They are liable to service tax on the gross amount received - They cannot restrict their tax liability to only agency commission

Highlight: TDS liability - ITAT confirmed the liability - We do not see how it is possible for us to uphold the order of the Tribunal and when it purports to decide two Appeals of the Revenue by single paragraph conclusion - HC

Highlight: Reopening of assessment - sufficiency of material available with the AO to form a belief that income chargeable to tax had escaped assessment - bogus purchases - seller refused to respond - notice would not be interfered with - HC

Highlight: Exemption u/s 11 - education activities - transport and hostel facilities surplus cannot be considered as business income of the assessee society

News: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962 – comments and suggestions-reg.

Highlight: Genuineness of labour wages expenses, embroidery charges, fabrication expenses etc. - getting work done through small workmen who do not have any permanent place of residence - disallowance of ad hoc expenditure deleted.

Highlight: Project import - Since the goods were never used for the purpose for which it was imported, the actual user condition has been violated - Redemption fine and penalty imposed.

Highlight: Penalty u/s 112 (a) - CHA - Lack of due diligence and failure to take more precautions can not, by itself, bring in penal consequences

Highlight: Import of services - GST - The fact that those services were received outside India will not change the fact that the services have been paid for by the beneficiary appellant, who is located in India. - Demand confirmed.

Notification: SEZ for IT/ITES at Madhurwada Village, Visakhapatnam District in the State of Andhra Pradesh - denotified.

Highlight: Merely because payment is received in Indian rupee, it cannot be said that payment against export has not been received in convertible foreign exchange.

Highlight: Merely vehicle numbers was not mentioned on the invoices cannot be the reason to deny Cenvat Credit

Highlight: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017 - Circular

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017

News: Auction for Sale (Re-issue) of Government Stocks

Article: TDS APPLICABILITY ON GOVERNMENT CONTRACTS UNDER GST (Under Section 51 of the CGST Act, 2017)

News: Manmohan takes potshots at note ban, 'hasty' rollout of GST

News: GST on petrol, diesel requires wider discussion: Nitish

Article: WHEN CAN ONE TAKE ITC FOR RCM CASES?

Notification: TDS liability under Section 51 of CGST, 2017 come into force w.e.f. 18-9-2017 - Persons liable to deduct TDS from payment made or credited to the supplier of taxable goods or services specified

Notification: Central Goods and Services Tax (Seventh Amendment) Rules, 2017

Notification: Seeks to extend the last date for filing the return in FORM GSTR-3B for the months of August to December, 2017

Circular: Filing of Special Leave Petition against Orders of Hon'ble High Courts staying Collection of Tax under GST- reg.

Highlight: Exemption u/s 54F - LTCCG - once entire net consideration is invested, the absence of completion certificate cannot be a ground to deny the benefit of deduction.

Highlight: Deduction u/s 10B - initial AY - Mere authorization to enable the Assessee to import material or export produce in the earlier date would not ipso facto tantamount to commencement of substantial activity of ‘manufacture’/’production’.

Circular: Sub:- Procedure to be followed for Import under DEEC/EPCG Scheme- reg.



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version