Search Results for "depreciation allowance"

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Search Results for "depreciation allowance"

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High Court

Madras High Court Allows Assessee's Appeal in Income Tax Case — Unabsorbed Depreciation Set-off Against Section 69 Addition Upheld. Addition of Unaccounted Stock Treated as Business Income Under Section 32(2) of Income-Tax Act, 1961.

23 Jan 2026

The case involves an appeal by M/s.Sivasakthi Threads (assessee) against the order of the Income-Tax Appellate Tribunal which upheld the rejection of ...

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...

Supreme Court

Supreme Court Upholds Additional Tax on Reduction of Loss Under Section 143(1-A) of Income Tax Act, 1961 — Even Where Assessee Remains in Loss After Adjustment, Additional Tax Is Payable on the Amount of Reduction in Loss. The court held that the plain language of Section 143(1-A) applies when loss is reduced, and the additional tax is calculated on the adjustment amount as if it were total income, rejecting the argument that the provision is penal.

19 Mar 2020

The appellant, Rajasthan State Electricity Board, a government company, filed its income tax return for assessment year 1991-92 declaring a loss of Rs...

High Court

Bombay High Court Allows Employer's Petition Challenging Industrial Tribunal Award on Wage Parity for Mumbai Workers. Court holds that Tribunal erred in granting wage parity between Mumbai and Taloja units without considering financial capacity and other relevant factors under Section 10 of Industrial Disputes Act, 1947.

25 Jul 2019

The case involves two writ petitions arising from an award of the Industrial Tribunal in a wage dispute between VVF Limited Employees' Union (the Unio...

High Court

High Court of Karnataka Allows Revenue Appeal in Depreciation Case — Full Benefit of Additional Depreciation Under Section 32(1)(iia) Denied for Assets Used Less Than 180 Days. Second Proviso to Section 32(1)(ii) Applies to Additional Depreciation, Restricting It to 50% in First Year.

24 Nov 2015

The appeal was filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging the order of the Income Tax Appellate Tribunal (ITAT) ...

High Court

Bombay High Court Dismisses Assessee's Claim for Depreciation on Share Issue Expenses Capitalised to Plant and Machinery. Expenditure on Raising Share Capital Not Part of Actual Cost Under Section 32 of Income Tax Act, 1961, and Falls Under Section 35D as Preliminary Expenses.

12 Mar 2015

The case involves an Income Tax Reference under Section 256(1) of the Income Tax Act, 1961, by the Income Tax Appellate Tribunal for the assessment ye...

High Court

Bombay High Court Sets Aside Arbitral Award in Lease Finance Dispute Due to Limitation Bar. Claim for Enhanced Rent Based on Depreciation Disallowance Held Time-Barred Under Article 137 of Limitation Act, 1963.

9 Oct 2012

The petitioner, Aditya Birla Chemicals (India) Ltd., challenged an arbitral award dated 9th August, 2011 under Section 34 of the Arbitration and Conci...

High Court

Bombay High Court Allows Writ Petition Challenging Reopening of Assessment Under Section 148 of Income Tax Act, 1961 — Depreciation on Goodwill Not a Valid Reason for Reassessment. The court held that reopening based on change of opinion is impermissible and that depreciation on goodwill is allowable under Section 32(1)(ii) of the Income Tax Act, 1961.

25 Jun 2012

The petitioner, Bedmutha Industries Ltd., challenged a notice dated 29 November 2010 issued under Section 148 of the Income Tax Act, 1961, seeking to ...

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...

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