Search Results for "depreciation actually allowed"

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Search Results for "depreciation actually allowed"

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Supreme Court

Supreme Court Upholds Regulatory Commission's Order Restricting Depreciation to Actual Supply Period in Electricity Tariff Dispute. Depreciation under Regulation 6.32 of DERC (Terms and Conditions for Determination of Generation Tariff) Regulations, 2011 cannot be allowed beyond the period of actual supply of electricity to consumers, as consumer interest is paramount under Section 61(d) of the Electricity Act, 2003.

7 May 2026

The Supreme Court allowed the appeal filed by the Delhi Electricity Regulatory Commission (Commission) against the judgment of the Appellate Tribunal ...

High Court

Madras High Court Allows Assessee's Appeal in MAT Computation Case — Capital Gain on Sale of Fixed Assets Cannot Be Added to Book Profit Under Section 115JB When Not Credited to Profit and Loss Account. The Court held that the Assessing Officer cannot rework book profit under Section 115JB by including capital gains directly absorbed in the balance sheet, as the computation under Section 115JB must be based on the profit as shown in the profit and loss account prepared in accordance with the Companies Act.

20 Mar 2026

The appellant, M/s PVP Corporate Parks Pvt. Ltd., a private limited company engaged in leasing and renting of amenities and buildings, filed its incom...

High Court

Madras High Court Allows Revenue's Appeal in Part on Replacement of Machinery and Depreciation Issues Under Income Tax Act, 1961. Expenditure on Replacement of Entire Machinery is Capital Expenditure; IFCI Adjustment Not Actual Payment Under Section 43AB; Full Depreciation on Dumpers Requires Evidence of Use.

22 Jan 2025

The appeal was filed by the Commissioner of Income Tax, Madurai, against the order of the Income Tax Appellate Tribunal, Madras 'C' Bench, dated 26.12...

Supreme Court

Supreme Court Allows Revenue's Appeals and Dismisses Assessees' Writ Petitions in GST Input Tax Credit Case — Upholds Constitutional Validity of Section 17(5)(c) and (d) of CGST Act. Court holds that denial of ITC on construction of immovable property used for renting is valid and does not violate Articles 14, 19(1)(g), or 300A.

3 Oct 2024

The case involves a challenge to the constitutional validity of clauses (c) and (d) of sub-section (5) of Section 17 of the Central Goods and Services...

High Court

Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Reopening Based on Same Material Considered in Original Scrutiny Assessment is Invalid.

9 Jan 2023

The petitioner, Clear Media (India) Private Limited, a company engaged in FM Radio Broadcasting, filed its return of income for the assessment year 20...

High Court

High Court of Karnataka Allows Revenue Appeal in Income Tax Case on Amalgamation Loss Set-off — Unabsorbed Depreciation of Amalgamating Company Cannot Be Set Off Against Amalgamated Company's Business Income Under Section 72A of Income Tax Act, 1961. The court held that the condition of three years business under Section 72A(1)(a) was not satisfied as the power generation business commenced less than three years before amalgamation.

16 Oct 2015

The Revenue appealed against the order of the Income Tax Appellate Tribunal (ITAT) dated 10.07.2009, which had allowed the assessee-company to set off...

High Court

Bombay High Court Allows Assessee's Reference on Depreciation Rates but Upholds Revenue's Disallowances on Travel Expenses, Medical Reimbursement, Motor Car Perquisite, and Rent as Capital Expenditure. The Court held that depreciation under Section 32 must be allowed at rates as amended from 2.4.1983, while affirming that employee travel expenses after destination are disallowable under Section 39 read with Rule 60, medical reimbursement is part of salary under Section 40(c), actual expenditure on motor cars for directors is to be considered, and rent of Rs.16,91,250/- is capital expenditure.

18 Sep 2012

This is a reference under Section 256(1) of the Income Tax Act, 1961, arising from the order of the Income Tax Appellate Tribunal in ITA No.5873/Bom/8...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Reason to Believe — Mere Change of Opinion Not Sufficient for Reassessment. The court held that the Assessing Officer had already applied his mind to the depreciation claim during original assessment and the subsequent reopening on the same issue without fresh tangible material was impermissible.

20 Oct 2011

The petitioner, Indo European Breweries Ltd., challenged a notice dated 17 March 2011 issued under Section 148(1) of the Income Tax Act, 1961 seeking ...

High Court

Bombay High Court Allows Assessee in Income Tax Reference Under Section 256(1) of Income Tax Act, 1961 — Profits on Sale of Machinery Not Taxable Under Section 41(2) as Depreciation Was Claimed by Dissolved Firm, Not by Assessee.

21 Jul 2005

The case involves a reference under Section 256(1) of the Income Tax Act, 1961 by the Income Tax Appellate Tribunal, Mumbai, for the opinion of the Bo...

Supreme Court

Supreme Court Allows Revenue's Appeal and Holds Transfer of Theatres to Partners on Dissolution Attracts Second Proviso to Section 10(2)(vii), Income-tax Act, 1922. The Return of Cinema Theatres by the Partnership to the Original Owners Amounted to a Transfer Resulting in Recoupment of Depreciation, Attracting Taxation of Excess Depreciation Under the Second Proviso.

8 Nov 1967

The dispute arose from the dissolution of a partnership consisting of two individuals, each of whom owned a cinematograph theatre. With effect from Ma...

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