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A-One Cycles Ltd. Vs. Asstt. Cit (1997) ... vs J.H. Gotla (1985) 156 Itr 323 (Sc) on 24 June, 1998
cites
Section 80HH in The Income Tax Act, 1961 [Entire Act]
Section 44AB in The Income Tax Act, 1961 [Entire Act]
Section 28 in The Income Tax Act, 1961 [Entire Act]
C.I.T. (Central), Madras vs Canara Workshops (P) Ltd., Kodialball, ... on 15 July, 1986
(a) CIT vs. Canara Workshop (P) Ltd. (supra). - This related to the claim of deduction under s. 80E in respect of repayment of loan taken for higher education. The Hon'ble apex Court held that in computing the profits for the purpose of deduction under s. 80E the loss incurred by the assessee in the manufacture of alloy steels (a priority industry) could not be set off against the profits of the manufacture of automobile ancillaries (another priority industry). The assessee was entitled to a deduction on the entire profit of the automobile parts industry included in the total income without deducting therefrom the losses in the alloy steel manufacture.
Section 80E in The Income Tax Act, 1961 [Entire Act]
Hero Cycles Ltd. vs Assistant Commissioner Of Income Tax. ... on 12 May, 1998
According to the learned counsel the next reason given for inadequate deduction is that the AO should have ignored the negative figure of Rs. 5,08,401 in view of the decision of the Tribunal Chandigarh Bench in the case of A-One Cycles Ltd. vs. Asstt. CIT (1997) 59 TTJ (Chd) 75.
The Commissioner Of Income Tax, ... vs Sri J.H. Gotla, Yadagiri on 29 August, 1985
(iii) CIT vs. J. H. Gotla (1985) 156 ITR 323 (SC) where it was held that though equity and taxation are often strangers, attempt should be made that these do not remain always so and if a construction results in equity rather than in injustice then such construction should be preferred to the literal construction.
The Income Tax Act, 1961
K.P. Varghese vs The Income Tax Officer,Ernakulam, And ... on 4 September, 1981
The Hon'ble Supreme Court in the case of K. P. Varghese (supra) observed as under :