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Jcit(Osd) Central Circle 1, ... vs Sahara India Real Estate Corporation ... on 7 October, 2025
cites
Section 2 in The Income Tax Act, 1961 [Entire Act]
Section 5 in The Income Tax Act, 1961 [Entire Act]
Section 12 in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
Engineering Analysis Centre Of ... vs The Commissioner Of Income Tax on 2 March, 2021
47. The nomenclature of a n item of e xpenditure or loss
would not decide the actual nature of transaction. What
the appellant is calling loss is actually in the nature of
provisio n, for diminution in the value of stock/invento ry.
Taxa tion is dependent upon the actual nature of
transac tio n. What is the nomenclature given in the boo ks
of accounts or how the entry has been passed cannot
determine the taxability of the receipts or allow ability of
the expe nditure . Taxa bility o f a receipt o r allowance o f a
deduc tio n is dependent upon the actual nature of
transac tio n. This position of law has bee n affirmed by
Hon'ble S upreme Court In the case of Kedarnath lute
Manufacturing Co . Ltd. vs CIT re por ted in [1971] 82 ITR
363 (SC).