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1 - 10 of 11 (0.22 seconds)Section 260A in The Income Tax Act, 1961 [Entire Act]
The Finance Act, 2018
Reliance Jute & Industries Ltd vs C.I.T., West Bengal, Calcutta on 10 October, 1979
27. In the aforesaid case, the expression "income" in the
statute appearing in Section 2 (24) of the Act has been
clarified to mean that it is an inclusive definition and
includes losses, that is, negative profit. This has been
held so on the strength of earlier judgments of this Court
C.As. @ SLP (C) No. 5241 of 2007 etc.... (contd.)
11
in CIT Vs. Harprasad and Co. P. Ltd (1975) 99 ITR 118 and
followed in Reliance Jute and Industries Ltd. Vs. CIT (1979)
120 ITR 921. After elaborate and detailed discussion, this
Court held with reference to the charging provisions of
statute that the expression "income" should be understood to
include losses. The expression "profits and gains" refers
to positive income whereas "losses" represent negative
profit or in other words minus income.
Commissioner Of Income-Tax vs Elphinstone Spinning And Weaving Mills ... on 19 July, 1974
In the light of the aforesaid discussion, we have no
doubt in our mind that the ratio of Elphinstone (supra) has
C.As. @ SLP (C) No. 5241 of 2007 etc.... (contd.)
Commr.Of Income Tax-I,Ahmedabad vs Gold Coin Health Food Pvt.Ltd on 18 August, 2008
no application to the facts of the case and the question of
law projected stands squarely answered in favour of the
Revenue and against the Assessee in Gold Coin (supra) as a
result thereof, appeal by Revenue stands hereby allowed.
Impugned order passed by Income Tax Appellate Tribunal and
confirmed by Division Bench are hereby set aside and
quashed. The Revenue, therefore, would be at liberty to
proceed further against the Assessee on merits in accordance
with law.
Section 260 in The Income Tax Act, 1961 [Entire Act]
Income Tax Rules, 1962
Section 72 in The Income Tax Act, 1961 [Entire Act]
M/S Virtual Soft Systems Ltd vs Commissioner Of Income Tax, Delhi-I on 6 February, 2007
28. Considering this aspect of the matter in greater
details, Gold Coin (supra) over-ruled the view expressed by
two learned judges in Virtual Soft Systems (supra).