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1 - 7 of 7 (0.20 seconds)Section 115JA in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax, Delhi ... vs Orissa Cement Ltd. on 14 February, 1980
In view of the ratio of
the judgments of the Supreme Court referred to above, i.e.,
Tata Iron & Steel Ltd (supra), Textile Machinery
Corporation Ltd (supra), as well as, that of the Division
Bench of this Court in Orissa Cement (supra) it is quite
evident that assessee's CPPs can as a matter of principle derive
Page 8 of 13
profits which is in point of fact embedded in the ultimate
profit earned on the sale of the final product."
The Tata Iron & Steel Co., Ltd vs The State Of Bihar on 19 February, 1958
22. Having considered the above submissions, the Court is of the
view that the reasoning of the Supreme Court in HCL Comnet
Systems & Services Ltd. (supra) should prevail. The Supreme
Court there was considering, for the purposes of Section 115JA
(common explanation (c)), whether the provisions for bad and
doubtful debts as claimed by the Assessee should be treated as
'ascertained' or 'unascertained' liability. In that context, it was
observed as under:
Section 145 in The Companies Act, 1956 [Entire Act]
Section 210 in The Companies Act, 1956 [Entire Act]
Textile Machinery Corporation ... vs The Commissioner Of Income-Tax, West ... on 25 January, 1977
In view of the ratio of
the judgments of the Supreme Court referred to above, i.e.,
Tata Iron & Steel Ltd (supra), Textile Machinery
Corporation Ltd (supra), as well as, that of the Division
Bench of this Court in Orissa Cement (supra) it is quite
evident that assessee's CPPs can as a matter of principle derive
Page 8 of 13
profits which is in point of fact embedded in the ultimate
profit earned on the sale of the final product."
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