Search Results for "depreciation actually allowed"

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Search Results for "depreciation actually allowed"

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High Court

Madras High Court Dismisses Revenue's Appeals in Insurance Company Tax Case — Upholds ITAT Order on Disallowance of Claims and Deductions. The court held that the assessee's method of accounting for outstanding claims and the deduction under Section 80M were correctly allowed by the Tribunal.

9 Jan 2025

The case involves a batch of appeals filed by the Principal Commissioner of Income Tax, Chennai, under Section 260A of the Income Tax Act, 1961, again...

Supreme Court

Supreme Court Allows Deduction Under Section 80HH on Gross Profits Without Deducting Depreciation and Investment Allowance. The Court Overruled Motilal Pesticides and Held That Section 80HH Deduction Is Computed on 'Profits and Gains' Not 'Income'.

1 Mar 2019

The Supreme Court considered a batch of civil appeals concerning the interpretation of Section 80HH of the Income Tax Act, 1961, for the Assessment Ye...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Disallowance of Interest on Funds Advanced to Sister Concern Not Justified When Own Funds Exceed Advances. The court upheld the Tribunal's finding that no disallowance under Section 36(1)(iii) of the Income Tax Act, 1961 is warranted when the assessee's own funds are sufficient to cover advances to sister concerns.

7 Oct 2015

The case involves appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, against the common order of the Income Tax Appellate Tr...

High Court

Bombay High Court Allows Appeal in Part on Additional Barge Freight Liability and Depreciation on Leased Trucks in Income Tax Case. The Court held that liability for additional barge freight accrued in subsequent year despite mercantile accounting, and remanded issues of depreciation on leased trucks and Section 80HHC deduction for fresh consideration.

18 Oct 2013

The appeal arises from a decision of the Income Tax Appellate Tribunal (ITAT) dated 02.01.2006 for Assessment Year 1997-98. The assessee, Damodar Mang...

High Court

High Court Dismisses Revenue's Appeal in Educational Society Exemption Case — Surplus from Tuition Fees Does Not Disqualify Exemption Under Section 10(23C)(iiiad) of Income Tax Act, 1961. The court held that the mere generation of surplus from tuition fees does not indicate a profit motive, and the surplus applied for educational purposes does not disentitle the institution to exemption.

18 Mar 2013

The case involved appeals by the Revenue against the order of the Income Tax Appellate Tribunal (ITAT) granting exemption under Section 10(23C)(iiiad)...

High Court

High Court of Karnataka Upholds Exemption for Educational Society under Section 10(23C)(iiiad) of Income Tax Act, 1961 — Society Not Required to Be Solely an Educational Institution. Income from letting out auditorium and other properties used for educational purposes qualifies for exemption.

18 Mar 2013

The case involves appeals by the Revenue against the order of the Income Tax Appellate Tribunal (ITAT) granting exemption under Section 10(23C)(iiiad)...

High Court

High Court of Bombay at Goa Dismisses Revenue's Appeal in Income Tax Case — Depreciation Must Be Computed Before Section 80-IA Deduction. Loan from Shareholder to Company Held Deemed Dividend Under Section 2(22)(e) of Income Tax Act, 1961.

20 Sep 2010

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) regarding the assessment y...

High Court

Bombay High Court Allows Revenue Appeal in Income Tax Case — Padma Vilas Palace Held to Be a Building Used as a Hotel. The Court ruled that the structure was a hotel building under Section 2(11) of the Income Tax Act, 1961, and thus the assessee was not entitled to set off under Section 50(2) for reinvestment in office premises.

31 Mar 2010

The appeal by the Revenue challenged the Income Tax Appellate Tribunal's order dated 6th March 2009, which held that Padma Vilas Palace was not a buil...

High Court

Bombay High Court Upholds Assessee in Income Tax Reference on Subsidy and Section 35CC Deduction. Central Government Subsidy Not to Reduce Actual Cost for Depreciation Under Section 43(1) of Income-tax Act, 1961; Deduction Under Section 35CC(1) Not Denied for Non-Filing of Statement of Expenditure.

13 Jul 2005

This is a reference under section 256(1) of the Income-tax Act, 1961, by the Income Tax Appellate Tribunal to the Bombay High Court. The reference ari...

Supreme Court

Supreme Court Upholds Tenant's Interpretation of 'Cost of Construction' Under Madras Rent Control Act — Original Construction Cost Prevails Over Market Value. The expression 'cost of construction' in Section 4(3)(b)(i) of the Madras Buildings (Lease & Rent Control) Act, 1960, denotes the original cost of construction, not the market value at the time of enactment, rendering the prescribed rules inconsistent.

18 Aug 1969

The case involved the interpretation of the Madras Buildings (Lease & Rent Control) Act, 1960, specifically the determination of fair rent for a non-r...

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