Search Results Page

Search Results

1 - 10 of 30 (0.49 seconds)
Saharanpur Electric Supply Co. Ltd. ... vs Commissioner Of Income-Tax Etc.Etc on 15 January, 1992 cites

Commissioner Of Income-Tax vs Calcutta Electric Supply Corporation ... on 2 March, 1981

); C.I.T. v. Calcutta Electric Supply Corporation Ltd. [1989] 179 I.T.R. 580 (Cal); and Ahmedabad Electricity Co. Ltd. v. C.I.T., [1991] 190 I.T.R. 413 (Bom.). The appellants before us contest the correctness of this unanimous view of the High Courts. Indeed some of the decisions above referred to form the subject matter of some of these appeals.
Calcutta High Court Cites 32 - Cited by 18 - S Mukharji - Full Document

Karnani Industrial Bank Ltd. vs Commr. Of Income-Tax, West Bengal on 29 June, 1953

We are of the opinion that these contentions are unfounded. It is incorrect to view the position as if, when an assessee acquires an asset, he acquires a right to obtain depreciation thereon equal to the actual cost of the asset as originally determined for tax purposes. The effect of clause (c) to the proviso to Section 10(2) (vi) of the 1922 Act and Section 34(3) of the 1961 Act is only this that, while allowing depreciation in respect of any asset the officer should be careful to see that the aggregate of the depreciation allowed to the assessee in respect of that asset does not exceed the actual cost of the asset. In other words, as and when the provision is applied for each and every assessment year and the depreciation on any asset is calculated, it should be ensured that the depreciation allowed does not exceed the actual cost of the asset. In other words, the "actual cost" referred to is not the actual cost as originally determined at the time of acquisition. Thus, in the cases before us, while examining whether a particular asset is entitled to any depreciation for the assessment year 1962-63, the officer will find that it has already secured depreciation much more than the actual cost of the asset as determined by him and will grant no further depreciation in respect thereof. It is no doubt true that in past years the asset had become eligible to amounts of depreciation the aggregate of which exceeds the actual cost as presently determined and, if that depreciation is deducted from the actual cost subsequently arrived at, a negative figure may result. But such a situation will arise even in the category of the cases in which, according to counsel, the revision of actual cost is permissible. Thus, even in Karnani Industrial Bank (supra) cited by him, the assessee had obtained for earlier years depreciation for exceeding the real cost of the asset. This is an "anomaly" which arises because the assessee was erroneously granted higher depreciation than he deserved. But, even here, there was no negative written down value in earlier years and, equally, there will be none in the year of revision as the effect of the proviso is not to produce a negative written down value but only to preclude further grant of depreciation on the asset in future. Read thus as a limitation on the maximum amount of depreciation that an assessee can claim in respect of a particular asset, there is no question of arriving at a negative written down value. We are, therefore, unable to accept the contention of counsel that the interpretation contended for by the depart- ment operates against the well 137 known principle that retrospective operation-assuming that the provision has a retrospective effect-should not be presumed where existing or past rights are interfered with.
Calcutta High Court Cites 4 - Cited by 20 - Full Document

Habib Hussein vs Commissioner Of Income-Tax, Bombay ... on 8 August, 1962

In fact this is what happened in Habib Hussein's case. It was not a case of the category suggested by Sri Dastur. It was a case where the figure of original cost underwent a change by reason of a subsequent agreement and the High Court directed that the sum of Rs. 3,30,000 or part thereof attributable to the acquisition of the assets "should be included in the actual cost of these assets to the assessee in the respec- tive year or years of account at the commencement of which the liability to pay it or part thereof had accrued or would accrue".
Bombay High Court Cites 9 - Cited by 38 - Full Document
1   2 3 Next