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1 - 10 of 36 (0.46 seconds)Section 54EC in The Income Tax Act, 1961 [Entire Act]
The Essential Commodities Act, 1955
The Income Tax Act, 1961
Section 2 in The Companies Act, 1956 [Entire Act]
Section 80L in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax vs Rampur Timber & Turnery Co. Ltd. on 12 November, 1971
(ii) The Hon'ble High Court of Punjab & Haryana had, in the case of
Nakodar Bus Service (P) Ltd v. CIT (supra) in conformity with the
Allahabad High Court's ruling in the case of CIT v. Rampur Timber &
Turnery Co. Ltd (supra) held that 'the assessee was entitled to
deduction under section 57(iii) in respect of the salary paid to its
employees.'
Commissioner Of Income-Tax vs New Savan Sugar And Gur Refining Co. Ltd. on 18 April, 1989
Further, the Hon'ble Court, following its own decision in CIT v. Savan
Sugar & Gur Refining Co., Ltd (supra) and the ruling of the Allahabad
High Court in the case of CIT v. Rampur Timber & Turnery Co. Ltd
(supra), had decided that a limited company, even if it does not carry
ITA No.1252, 1243, 1244,1247,1250,1253 and 1254 (AY: 2002-03) 39
Shri Hirenbhai K. Patel and 6 others Vs ACIT, Cent. Cir-1 (1), Ahmedabad
on business and merely derives income from other sources has to
maintain its establishment for complying with other statutory
requirements so long as it is in operation and, therefore, the
expenses on establishment etc., incurred are wholly and exclusively
for the activities to earn income and, hence, are allowable deduction
in computing income from other sources.
Commissioner Of Income-Tax vs Ganga Properties Ltd. on 17 June, 1969
(i) In the case of CIT v. Ganga Properties Ltd (supra), the Hon'be
Calcutta High Court has ruled that "A limited company even if it does not
carry on business, even if it derives income from other sources, has to maintain its
establishment for complying with statutory obligation so long as it is in operation and
its name is not struck off the register or unless the company is dissolved. So long as
the company is in operation, it has to maintain the status as a company and it has to
discharge certain legal obligation and for that purpose it is necessary to appoint
clerical staff and secretary or accountant and incur incidental expenses. In this
background, the conclusion of the Tribunal that the expenses incurred were wholly
and exclusively for the activities to earn income was a reasonable conclusion."