Search Results for "depreciation allowance"

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Search Results for "depreciation allowance"

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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...

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 — Regional Rural Bank Entitled to Deduction Under Section 36(1)(viia) on Provision for Bad and Doubtful Debts. The court held that the provision for bad and doubtful debts made by the assessee-bank in accordance with RBI guidelines is allowable as a deduction under Section 36(1)(viia) of the Income Tax Act, 1961, and that the Assessing Officer cannot recompute the provision based on a different percentage.

14 Dec 2015

The case involves two appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging a common order dated 28.11.2013 passed ...

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 Petition Challenging Reassessment Notice Under Section 148 of Income Tax Act — Reassessment Based on Mere Change of Opinion Invalid as Full Disclosure Was Made During Original Assessment.

25 Mar 2015

The petitioner, Plus Paper Food Pac Ltd., filed a writ petition challenging a notice dated 18.11.2013 issued under Section 148 of the Income Tax Act, ...

High Court

Bombay High Court Quashes Reopening Notice in Income Tax Case Due to Lack of Fresh Material Beyond Four Years. Unabsorbed Depreciation Set-Off and Book Profit Adjustments Under Section 115JB of Income Tax Act, 1961 Not Justified for Reopening.

15 Feb 2012

The petitioner, Voltas Limited, filed a writ petition challenging a notice dated 30 March 2011 issued under Section 148 of the Income Tax Act, 1961, s...

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

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 Deduction Under Section 54E for Deemed Short-Term Capital Gains Under Section 50 of Income Tax Act, 1961. The Court held that Section 54E does not restrict deduction only to long-term capital gains and the deeming provision under Section 50 does not alter the character of the asset as a capital asset.

7 Mar 2005

The Commissioner of Income Tax, Mumbai City-II, appealed against the order of the Income Tax Appellate Tribunal which allowed deduction under Section ...

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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