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Vaman Prestressing Co. Pvt. Ltd vs The Additional Commissioner Of Income ... on 15 September, 2023
cites
Section 148 in The Income Tax Act, 1961 [Entire Act]
Section 37 in The Income Tax Act, 1961 [Entire Act]
The Companies Act, 1956
Madhav Prasad Jatia vs Commissioner Of Income Tax, U.P., ... on 17 April, 1979
28. Thus, the ratio of Madhav Prasad Jantia's case (supra) is that
the borrowed fund advanced to a third party should be for commer-
cial expediency if it is sought to be allowed under Section 36(1)(iii)
of the Act.
Phaltan Sugar Works Ltd. vs Commissioner Of Wealth-Tax. on 27 August, 1993
spect, we are of the opinion that the view taken by the Bombay High
Court was not correct. The correct view in our opinion was whether
the amount advanced to the subsidiary or associated company or any
other party was advanced as a measure of commercial expediency.
We are of the opinion that the view taken by the Tribunal in Phaltan
Sugar Works Ltd (supra) that the interest was deductible as the
amount was advanced to the subsidiary company as a measure of
commercial expediency is the correct view, and the view taken by the
Bombay High Court which set aside the aforesaid decision is not cor-
rect.
Section 133A in The Income Tax Act, 1961 [Entire Act]
Section 153 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax, Kerala vs Malayalam Plantation Ltd on 10 April, 1964
30. It has been repeatedly held by this Court that the expression "for
the purpose of business" is wider in scope than the expression " for
the purpose of earning profits" vide CIT vs. Malayalam Plantations
Ltd. (1964) 53 ITR 140, CIT vs. Birla Cotton Spinning & Weaving
Mills Ltd. (1971) 82 ITR 166 etc.
Commissioner Of Income Tax, West Bengal vs Birla Cotton Spinning & Weaving Mills ... on 17 August, 1971
30. It has been repeatedly held by this Court that the expression "for
the purpose of business" is wider in scope than the expression " for
the purpose of earning profits" vide CIT vs. Malayalam Plantations
Ltd. (1964) 53 ITR 140, CIT vs. Birla Cotton Spinning & Weaving
Mills Ltd. (1971) 82 ITR 166 etc.