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Kalooram Govindram vs Commissioner Of Incometax, Madhya ... on 5 April, 1965 cites

The Commissioner Of Income Tax vs The Buckingham And Carnatic Company ... on 25 October, 1935

In the case of purchase, as we have already observed, in the absence of fraudulent over- valuation with a view to obtain an unfair advantage, the price paid by the purchaser would be regarded for the purpose of depreciation allowance as the actual cost to him, and not the original cost to the vendor: Commissioner of Income-tax v. The Buckingham Carnatic Company Ltd. C): Jogta Coal Company Ltd. v. Commissioner of Income-tax, West Bengal C). Cases in which full title to an asset, in respect of which depreciation is claimed, is obtained in consequence of partition of a Hindu undivided family introduce a complication, which is a peculiar product of the rules of Hindu law. Under the Mitakshara system the essence of a coparcenary is unity of ownership, and so long as the family remains joint no individual member can claim that he has a definite share in the joint property. Until partition takes place, there is community of interest and unity of possession between all the members: it is only on partition that the interest of each member becomes definite.
Bombay High Court Cites 11 - Cited by 23 - Full Document

Jogta Coal Co. Ltd. vs Commissioner Of Income-Tax, West ... on 2 March, 1959

In the case of purchase, as we have already observed, in the absence of fraudulent over- valuation with a view to obtain an unfair advantage, the price paid by the purchaser would be regarded for the purpose of depreciation allowance as the actual cost to him, and not the original cost to the vendor: Commissioner of Income-tax v. The Buckingham Carnatic Company Ltd. C): Jogta Coal Company Ltd. v. Commissioner of Income-tax, West Bengal C). Cases in which full title to an asset, in respect of which depreciation is claimed, is obtained in consequence of partition of a Hindu undivided family introduce a complication, which is a peculiar product of the rules of Hindu law. Under the Mitakshara system the essence of a coparcenary is unity of ownership, and so long as the family remains joint no individual member can claim that he has a definite share in the joint property. Until partition takes place, there is community of interest and unity of possession between all the members: it is only on partition that the interest of each member becomes definite.
Supreme Court of India Cites 6 - Cited by 40 - Full Document

Francis Vallabarayar vs Commissioner Of Income-Tax Madras. on 14 April, 1960

In Francis Vallabarayar v. Commissioner of Income-tax, Madras(1) a Division Bench of the Madras High Court held that an assessee is entitled in assessment of tax under s. 10 of the Income-tax Act, to depreciation allowance in respect of machinery or plant, which he acquires by inheritance, on the market value of such property at the date of inheritance. The same principle would apply to cases of gift and succession. The Legislature has by adding cl. (c) in sub-s. (5) of s. 10 by s. 8 of the Indian Income- tax (Amendment) Act 25 of 1953, defined 'written-down value' in the case of assets acquired by the assessee by way of gift or inheritance as being the written-down value as in the case of previous owner or the market value thereof whichever is less.
Madras High Court Cites 5 - Cited by 10 - Full Document

The Indian Iron And Steel Company ... vs The Commissioner Of Income-Tax on 25 March, 1943

In the case of an assessee acquiring a property by purchase, gift, bequest or succession, courts have held that the cost of the property to the assessee was not the original cost of it to his predecessor but its actual cost to him at the time of the purchase, gift, bequest or succession, as the case may be: see Commissioner of Income-tax, Madras v. The Buckingham & Carnatic Company, Ltd., Madras (1), and Jagta Coal Co. Ltd. v Commissioner of Income-tax, West Bengal(2)--purchase; Indian Iron & Steel Co. Ltd. v. Commissioner of Income-tax, Bengal("), and Francis Vallabarayar v. Commissioner of Income-tax, Madras(4)--succession; and Commissioner of Income-tax, Burma v. Solomon & Sons(5)--bequest. A Division Bench of the Nagpur High Court in Commissioner of Income-tax, U.P. & C.P.v. Seth Mathuradas Mohta(6) dealt with a case of partition. Therein, it held that the cost to the assessee, who was a divided member, of a property was the cost of it to the original joint Hindu family at the time it was acquired. The learned Judges gave various illustrations in support of their conclusion. It is true that, if the valuation of the properties was given nationally as a mode of choosing properties, there will be some plausibility in the contention that there is no change in the valuation between the date the property was purchased and the date when it was allotted to one of the members of the family. But, if the valuation of a property was not notional but was real and that was the basis for allocating properties to different shares, we do not see how the cost of a property allocated to a member would be that at which it was purchased in the remote past. We cannot agree with the view expressed by the Nagpur High Court. (1) (1935) 3 I.T.R. 384 (P.C.) (2) (1960) 40 I.T.R. 426.
Bombay High Court Cites 10 - Cited by 21 - Full Document

Sir Kikabhai Premchand vs Commissioner Of Income Tax ... on 9 October, 1953

The Court in that case distinguished the earlier case decided by this Court Sir Kikabhai Premchand v. Commissioner of Income-tax(2) in which it was held that the assessee was entitled to value at cost price, certain business assets which were after withdrawal from the business settled upon trust. But neither of these cases has a bearing on the computation of depreciation allowance which is qua building, machinery, plant (not being ships) or furniture to be a percentage of the written-down value. A person who transfers his investments which are not part of his business into the stream of his business may value the investments at the prevailing market rate on the date on which they are brought into the business.
Supreme Court of India Cites 2 - Cited by 164 - V Bose - Full Document
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