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Taparia Tools Ltd. vs Joint Cit on 3 October, 2000 cites

National Engineering Industries Ltd. vs Commissioner Of Income-Tax on 3 September, 1998

We have pointed out to the observations of the Honble Calcutta High Court in National Engg. Industries Ltd. (supra) where the High Court has held that the Supreme Court was concerned with any payment in respect of debentures. The High Court has observed, "The Supreme Court has made observations which are quite clear to this effect that when a debenture carries a payment clause, say in the nature of a discount, that payment clause is to be spread over as a liability of the issuing assessee-company over the years ranging from issue to redemption."
Calcutta High Court Cites 7 - Cited by 8 - Full Document

Hindustan Aluminium Corporation Ltd. vs Commissioner Of Income-Tax (Central) ... on 9 March, 1988

28. As regards the argument of the learned counsel that discounted interest paid up-front in the first year by the assessee is not a contingent liability, inasmuch as, the liability has been liquidated in the first year itself by way of payment of one-time up-front payment, we do not find any merit in this contention, because as has been held by the Calcutta High Court in Hindustan Aluminium Corpn. Ltd. v. CIT (1983) 144 ITR 474 (Cal), the decision which has been approved by the Supreme Court in (1997) 225 ITR 802 (SC), even though the liability might have been liquidated in the first year itself, yet the liability has to be allowed and spread over a number of years.
Calcutta High Court Cites 41 - Cited by 86 - S C Sen - Full Document

Bangalore Tool Works (P.) Ltd. vs Income-Tax Officer on 19 July, 1993

10. Shri Dastur further submitted that there is no concept of deferred revenue expenditure in income-tax law and in support of this contention, he relied upon Hindustan Commercial Bank, In re (1952) 21 ITR 353 (All); CIT v. Bongaigaon Refinery and Petro Chemical Ltd. (1996) 222 ITR 208 (210) (Gau) and Bangalore Tool Works (P) Ltd. v. ITO (supra). He, therefore, submitted that revenue expenditure is to be allowed in its entirety in the year of its incurrence/accrual.
Income Tax Appellate Tribunal - Bangalore Cites 2 - Cited by 5 - Full Document

Commissioner Of Income-Tax vs Bongaigaon Refinery And ... on 21 June, 1996

10. Shri Dastur further submitted that there is no concept of deferred revenue expenditure in income-tax law and in support of this contention, he relied upon Hindustan Commercial Bank, In re (1952) 21 ITR 353 (All); CIT v. Bongaigaon Refinery and Petro Chemical Ltd. (1996) 222 ITR 208 (210) (Gau) and Bangalore Tool Works (P) Ltd. v. ITO (supra). He, therefore, submitted that revenue expenditure is to be allowed in its entirety in the year of its incurrence/accrual.
Gauhati High Court Cites 3 - Cited by 11 - Full Document

Commissioner Of Income-Tax Bombay ... vs Bombay Samachar Ltd., Bombay on 30 June, 1969

11. Shri Dastur also submitted that the rate of interest agreed is at 18 per cent per annum and this fact has also been accepted by the assessing officer, inasmuch as, the assessing officer himself in his orders for assessment years 1996-97, 1997-98 and 1998-99 calculated interest on debenture at the rate of 18 per cent per annum and consequently, that position is undisputed and unchallenged. As regards the period of debentures being five years and other terms and conditions, the learned counsel submitted that nothing turns on these facts and these are businessmans decisions not liable to interfered with by the department relying on CIT v. Bombay Samachar Ltd. (1969) 74 ITR 723 (Bom).
Bombay High Court Cites 7 - Cited by 105 - Full Document
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