June 2004

Income Tax Case Laws

Madhya Pradesh H.C : Whether, on the facts and circumstances of the case, Tribunal was justified in holding that the export subsidy granted to the assessee by the RBI does not close the character of interest though it is not paid by the borrower and the same is, therefore, includible in chargeable interest under the Interest-tax Act, 1974 ?

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High Court Of Madhya Pradesh : Indore Bench State Bank Of Indore vs. CIT Section INT 2(7) Asst. Year 1985-86,

Section 45, Section 48

Madras H.C : Whether, on the facts and in the circumstances of the case, the Tribunal is right in law and had valid materials to hold that the consideration for the purpose of computing the capital gains should be taken at Rs. 3.00 crores and that the CIT should not have directed the AO to replace Rs. 3.00 crores by Rs. 5.97 crores ?

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High Court Of Madras CIT vs. Carburettors Ltd. Sections 45, 48 Asst. Year 1992-93 N.V. Balasubramanian & M. Thanikachalam, JJ.

Section 32, Section 32A

Madras H.C : Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee is entitled to investment allowance on the activities of the assessee, viz., mining granite from quarries and exporting them after cutting, polishing, etc., which tantamount to manufacture for the purpose of s. 32A of the IT Act, 1961 ?

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High Court Of Madras CIT vs. Tamil Nadu Minerals Ltd. Section 32A Asst. Year 1986-87 & 1987-88 N.V. Balasubramanian &

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