Category: Sec. 115JB

Gujarat H.C : The assessee has raised one additional ground contending that the profits u/s. 115JB ought to be computed after deducting the deduction u/s 54EC

High Court Of Gujarat Meteor Satellite Pvt. Ltd vs. ITO Section 54EC, 115JB, 254 Akil Kureshi & B.N. Karia R/Special Civil Application No. 3474 of 2002 16th April, 2018 Counsel appeared: Pramthesh D Dave for the Petitioner. AKIL KURESHI, J. Petitioner has challenged a notice dated 13.02.2018 issued by the respondent-Assessing Officer seeking to rectify an …

Punjab & Haryana H.C : Advance against depreciation cannot be added under the computation of the normal income , wh reas the Hon’ble Supreme Court in its decision dated 05-012010 has held that the ‘advance against depreciation’ is ‘income received in advance’, thus making the said income subject to ‘Charge unde Chapter-II, as business income under Chapter-IV-D read with sub-clause (i) of sub-section 24 of section 2

High Court Of Punjab & Haryana Pr. CIT vs. NHPC Ltd. Section 115JB Asst. Year 2006-07 S.J.Vazifdar, CJ & Avneesh Jhingan, J. Income Tax Appeal No.356 of 2015 (O&M) 21st March, 2018 Cases referred: Bharat Earth Movers vs. Commissioner of Income-Tax, 245 ITR 428 (SC) Counsel appeared: Tajender K. Joshi, Adv., for the Appellant. : Ved …

Delhi H.C : Even where there were scrutiny assessments, reassessment would be permissible if in succeeding year, Assessing Officer noticed that though there was merger/amalgamation, assessee had, in computing depreciation on goodwill, instead of adopting ‘pooling of assets’ method, adopted a wrong method of ‘purchase’

High Court Of Delhi SC Johnson Products (P.) Ltd. vs. ACIT, Circle-22(2), New Delhi Section 115JB, 147 Assessment years 2007-08 and 2008-09 S. Ravindra Bhat And Sanjeev Sachdeva, JJ. W.P.(C) Nos. 2697 Of 2015 & 10904 Of 2016 C.M. No. 42721 Of 2016 (Stay) December 8, 2017 ORDER S. Ravindra Bhat, J. – In both these …

Gujarat H.C : The Supreme Court in case of Vijaya Bank (supra), judgement in case of Deepak Nitrite Limited (supra) was not correctly decided and, therefore, later judgement in case of Indian Petrochemicals Corporation Ltd. (supra) lays down the correct law

High Court Of Gujarat CIT-IV vs. Vodafone Essar Gujarat Ltd. Section 115JB Assessment year 2003-04 Akil Kureshi And J.B. Pardiwala, JJ. Tax Appeal No. 749 Of 2012 August  4, 2017 JUDGMENT Akil Kureshi, J. – This reference to the larger Bench was made by the Division Bench by an order dated 23.8.2016. 2. Brief facts leading to the …

Calcutta H.C : Clause (i) of Explanation 1 to section 115JB(2) as inserted by Finance (No. 2) Act, 2009 with retrospective effect from 1-4-2001, is constitutionally valid

High Court Of Calcutta Peerless General Finance & Investment Company Ltd. vs. DCIT Circle-3, Kolkata Section 115JB Debangsu Basak, J. W.P. No. 1069 Of 2010 May  3, 2017 ORDER 1. The petitioners challenges the vires of clause (i) of explanation 1 to Section 115JB(2) of the Income Tax Act, 1961 in its prospective and retrospective operation. 2. Learner …

Gujarat H.C : Whether where question of adjustment of brought forward business loss and unabsorbed depreciation to determine book profit was considered by Commissioner (Appeals) as well as by Tribunal, Assistant Commissioner had no jurisdiction to reopen assessment as conditions precedent laid down under section 147 were not satisfied

High Court Of Gujarat Vodafone Essar Gujarat Ltd. vs. ACIT Assessment Year : 2004-05 Section : 115JB, 147 K.A. Puj And Rajesh H. Shukla, JJ. Special Civil Application No. 12670 Of 2009 February 8, 2010 JUDGMENT K.A. Puj, J. – Rule. Mrs. Mauna M. Bhatt, learned standing counsel waives service of rule on behalf of the …

Madras H.C : the assessee was right in claiming deduction of the amounts withdrawn from the revaluation reserve during the assessment year, from the book profit under section 115JA

High Court Of Madras CIT vs. W.S. Industries (India) Ltd. Assessment Year : 1989-90 Section : 115JA, 115JB Mrs. Chitra Venkataraman And M. Jaichandren, JJ. Tax Case (Appeal) No. 200 Of 2005 August 22, 2011 JUDGMENT Mrs. Chitra Venkataraman, J. – The tax case appeal is filed by the Revenue against the order of the Income-tax …

Karnataka H.C : The Tribunal was right in characterizing both capital receipts and revenue receipts in a like manner for the computation of book profits under Section 115-JB of the Income-tax Act, 1961

High Court Of Karnataka B & B Infratech Ltd. vs. ITO, Ward 12(1), Bangalore Section 115JB Assessment year 2005-06 Jayant Patel And Aravind Kumar, JJ. IT Appeal No. 172/2016 November  9, 2016 ORDER Jayant Patel, J. – Learned counsel appearing for appellant has tendered a memo dated 03.11.2016 for putting on record the corrigendum for change of …
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