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1 - 8 of 8 (0.29 seconds)Section 43B in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax vs Badridas Gauridu (P.) Ltd. on 22 January, 2003
In this regard, the
decision of Hon'ble Supreme Court rendered in the case of CIT Vs. Elecon
13
Engineering Company Ltd. (2010) 322 ITR 20(SC) and that of Bombay High
Court rendered in the case of CIT VS. Badridas Gauridu (P) Ltd. 261 ITR
256 (Bom) and that of Hon'ble Calcutta High Court rendered in the case of
CIT Vs. Soorajmull Nagarmull 129 ITR 169 (Cal) are relevant. In all these
cases, it has been held that where the foreign exchange contracts were
only incidental to the assessee's regular course of business, these cannot
be treated as disallowance in Foreign Exchange resulting in speculation
loss. Accordingly, we are also satisfied with the findings of Ld. CIT(A)
and do not find merit in the Revenue's appeal and as such ground No. (ii)
stands dismissed.
Commissioner Of Income-Tax vs Soorajmall Nagarmull on 28 January, 1997
In this regard, the
decision of Hon'ble Supreme Court rendered in the case of CIT Vs. Elecon
13
Engineering Company Ltd. (2010) 322 ITR 20(SC) and that of Bombay High
Court rendered in the case of CIT VS. Badridas Gauridu (P) Ltd. 261 ITR
256 (Bom) and that of Hon'ble Calcutta High Court rendered in the case of
CIT Vs. Soorajmull Nagarmull 129 ITR 169 (Cal) are relevant. In all these
cases, it has been held that where the foreign exchange contracts were
only incidental to the assessee's regular course of business, these cannot
be treated as disallowance in Foreign Exchange resulting in speculation
loss. Accordingly, we are also satisfied with the findings of Ld. CIT(A)
and do not find merit in the Revenue's appeal and as such ground No. (ii)
stands dismissed.
The Income Tax Act, 1961
Allied Motors (P) Ltd vs Commissioner Of Income-Tax, Delhi on 10 March, 1997
"Assessee submitted that it has given details of PF and ESI contribution of
employees deducted and paid. The due date of deposit of PF & ESI is 15
days from date of payment of wages etc. which in assessee's case is 7th day
of the month following immediate previous month i.e. wages of March are
paid by 7th April and so on. As such the due date of payment of PF & ESI
was due on 21st of the month i.e. March dues are payable by 21st April and
so on. On account of above annexure "B" of Tax Audit Report may be
perused and all deposits are in time. The assessee firm is diligent in
depositing the payments by 15th of each month however on account of
holiday/non-banking day the date sometimes exceeds 15th of the month.
The assessee firm has always paid the amount deducted before due date
i.e. 21st of the month. Since the amount has been paid before filing of
Return of Income and hence nothing should be disallowed. We rely on
Allied Motors Pvt. Ltd. Vs. CIT 224 ITR 677 (SC); 298 ITR 141 (Kar)."
The Employees' State Insurance Act, 1948
C.I.T. Gujarat vs Elecon Engineering Co. Ltd on 21 July, 1987
In this regard, the
decision of Hon'ble Supreme Court rendered in the case of CIT Vs. Elecon
13
Engineering Company Ltd. (2010) 322 ITR 20(SC) and that of Bombay High
Court rendered in the case of CIT VS. Badridas Gauridu (P) Ltd. 261 ITR
256 (Bom) and that of Hon'ble Calcutta High Court rendered in the case of
CIT Vs. Soorajmull Nagarmull 129 ITR 169 (Cal) are relevant. In all these
cases, it has been held that where the foreign exchange contracts were
only incidental to the assessee's regular course of business, these cannot
be treated as disallowance in Foreign Exchange resulting in speculation
loss. Accordingly, we are also satisfied with the findings of Ld. CIT(A)
and do not find merit in the Revenue's appeal and as such ground No. (ii)
stands dismissed.
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