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1 - 10 of 12 (0.34 seconds)Section 37 in The Income Tax Act, 1961 [Entire Act]
The Karnataka Excise Act, 1965
Section 24 in The Income Tax Act, 1961 [Entire Act]
Section 23 in The Income Tax Act, 1961 [Entire Act]
Section 30 in The Income Tax Act, 1961 [Entire Act]
Section 36 in The Income Tax Act, 1961 [Entire Act]
S. A. Builders Ltd. .. Petitioner vs Commissioner Of Income Tax (Appeals) ... on 14 December, 2006
20. Learned ASG mainly relied upon the decision
of the Apex Court in case of S.A.Builders vs.
Commissioner of Income Tax (Appeals) reported in
2007(1)SCC 781 and more particularly the observations
made at paragraphs No.24 to 27 in the said Judgment
and contended that it was within the powers of an
assessing officer to decide that whether there was any
commercial expediency for incurring a particular
expenditure and therefore, the action could not be said
to be wholly without jurisdiction or ultravires to his
power if the assessing officer has disallowed the fee.
Section 40 in The Income Tax Act, 1961 [Entire Act]
Eastern Investments Ltd vs Commissioner Of Income-Tax,West ... on 4 May, 1951
25. Thus, in Atherton v.British
Insulated & Helsby Cables Ltd. it was held
by the House of Lords that in order to claim
a deduction, it is enough to show that the
money is expended, not of necessity and
with a view to direct and immediate benefit
but voluntarily and on grounds of
commercial expediency and in order to
indirectly facilitate the carrying on of the
business. The above test in Atherton case
has been approved by this Court in several
decisions eg. Eastern Investments Ltd., vs.
CIT, CIT vs. Chandulal Keshavalal & Co.,
etc...