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1 - 10 of 32 (1.02 seconds)Section 14A in The Income Tax Act, 1961 [Entire Act]
Section 32 in The Income Tax Act, 1961 [Entire Act]
Section 145 in The Income Tax Act, 1961 [Entire Act]
Section 36 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax -I vs Corrtech Energy Pvt ... on 24 March, 2014
CIT
(supra) we find that facts are quite similar, to this extent that car is
also owned in the case of appeal before us by the director with the
only variation observed about the interest on car loan. As discussed,
we have observed that ld. Assessing Officer has allowed the claim of
assessee for interest on car loan which itself proved that ld.
Assessing Officer has accepted to this extent that the interest on car
loan was a business expenditure. On one hand car loan interest on
the impugned car has been allowed by Revenue and on the other
hand depreciation and vehicle expenses have been disallowed. Both
cannot go together. In such a situation the needle of justice tilt in
favour of assessee.
The Motor Vehicles Act, 1988
Mysore Minerals Ltd., M.G. Road, ... vs Commissioner Of Income Tax, Karnataka, ... on 1 September, 1999
Firstly, we take up the authority of the Hon'ble Supreme Court in the case of 'Mysore
Minerals Ltd. (supra). The said case is relating to the ownership of a building. In the said
case the assessee company had purchased for the use of its staff seven low income group
houses from the Housing Board. The assessee had made part payment and was in turn
given allotment of the houses followed by delivery of possession by the Housing Board.
The actual deed of conveyance was not yet executed by the Housing Board in favour of
the assessee. The assessee made a claim u/s. 32 of the Act in respect of depreciation of
buildings used for the purpose of the business of the assessee. The claim was rejected by
the AO forming an opinion that the assessee had not become the owner for want of deed
of conveyance in its favour. It was under such circumstances, the Hon'ble Supreme Court
ITA No. 2546/Ahd/13 & CO 71/A/14 19
Asst. Year 2010-11
while interpreting the term "owned" as occurring in section 32(1 )of the I.T Act has held
as under:
Transfer of Property Act, 1977
Cit vs Mahavir Alluminium Ltd. on 28 November, 2007
accordingly in that case the Tribunal directed the AO to go through the
exercise and work out the addition or relief, as the case may, by making the
following adjustments in accordance with s. 145 A, read with the decision of
the Delhi High Court in the case of CIT vs. Mahavir Aluminium Ltd. (2008)
214 CTR (Del.) 45 after giving reasonable opportunity of being heard to the
assessee : (a) value the opening stock inclusive of element of taxes, even if
the MODVAT credit is available in respect of the same ; (c) credit sales as
per the bills and add the MODVAT credit that has accrued to the assessee in
respect of the imputes including in respect of the opening stock (d) value the
closing stock inclusive of element of taxes without deduction of MODVAT
credit available to the assessee in respect of the unutilized stocks" the
assessment year involved is 2004-05.