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1 - 10 of 20 (0.31 seconds)Section 80E in The Income Tax Act, 1961 [Entire Act]
Sutlej Cotton Mills Ltd vs Commr. Of Income Tax, West Bengal, ... on 27 September, 1978
19. We must, however, refer to another decision of the Supreme Court in the case of Sutlej Cotton Mills Ltd. v. CIT , which was an appeal from the decision of the Division Bench of the Calcutta High Court in the case [1971] 81 ITR 641 in respect of the same assessee on which the Tribunal had relied. The said decision of the Calcutta High Court was reversed by the Supreme Court by the aforesaid decision. There, the Supreme Court noted that where profit or loss arose to an assessee on account of appreciation or depreciation in the value of the foreign currency held by him, on conversion into another currency, such profit or loss would ordinarily be considered a profit or loss if the foreign currency was held by the assessee on revenue account or as a trading asset or as part of the circulating capital in the business. But if, on the other hand, the foreign currency was held as a capital asset or as fixed capital, such profit or loss would be of capital nature. Reliance was placed on the observations of the Supreme Court at p. 6 of the report. In this case, in view of the specific finding of the Tribunal that the expenditure in respect of which additional liability of Rs. 52,17,340 had to be incurred was on revenue account, it is not necessary for us to examine in detail whether the said observations of the Supreme Court made in the context of that case would be equally applicable in the case of loss.
Section 28 in The Income Tax Act, 1961 [Entire Act]
Bestobell (India) Ltd. vs Commissioner Of Income-Tax on 18 September, 1978
13. We will first deal with question No. 1 of the assessee's application. It appears to us that the contentions on this point are covered by the ratio of the decision, viz., whether the amount of Rs. 52,17,340 could be deducted from the assessee's income in view of the principles, on this aspect, decided by this court in the case of Bestobell (India) Ltd. v. CIT [1979] 117 ITR 789. It has to be borne in mind that the Tribunal based its decision in disallowing this claim of the assessee on the Tribunal's own decision in the aforesaid case which ultimately came up before this court, as referred to hereinbefore.
Section 256 in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
Section 10 in Income Tax Rules, 1962 [Entire Act]
Cambay Electric Supply Industrial Co. ... vs The Commissioner Of Income Tax, ... on 11 April, 1978
Our attention was drawn to the observations of the Supreme Court in the case of Cambay Electric Supply Industrial Co. Ltd, v. CIT and reliance was placed on the observations made at p. 91 of the report. In view of the facts of the present case, we are of the opinion, that the said observations would not be of much assistance to us in resolving the present controversy.
The Commissioner Of Income-Tax, ... vs Swadeshi Cotton And Flour Mills on 17 April, 1964
Reliance was also placed for the same proposition in the case of CIT v. Swadeshi Cotton and Flour Mills P. Ltd. . The principles upon which the mercantile system of accounting is based are fairly well settled and it is not necessary, in our opinion, now to deal with these principles in detail. In that view of the matter, in our opinion, question No. 1 of the assessee's reference must be answered in the negative and in favour of the assessee.