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Commissioner of Income Tax-IV vs. M/S. I. K. International Pvt. Ltd.: Applicability of Section 50(2) on Non-Depreciable Assets and Eligibility for Capital Gains Exemption under Section 54EC
Facts of the Case
The
Respondent-Assessee, a private limited company engaged in publishing and
trading educational books, filed its return of income for the Assessment
Year (AY) 2006-07.
The
...
Areva T & D India Ltd. vs. Deputy Commissioner of Income-Tax (with CIT vs. Jai Parabolic Spring Ltd.) | Admissibility of Depreciation on Intangible Assets and Business Rights Acquired via Slump Sale under Section 32(1)(ii) of the Income Tax Act, 1961
Facts of the Case
ITA
No. 315/2010 (Areva T & D India Ltd.): *
The assessee company, engaged in the power transmission and distribution
sector, entered into a slump sale agreement dated June 30, 2...
Steel Authority of India Ltd. Vs. Commissioner of Income Tax: Depreciation on Actual Cost of Assets and Reduction of Written Down Value (WDV) upon Waiver of Capital Loan under Section 43(1) of the Income Tax Act, 1961
Facts of the Case
The
Appellant, Steel Authority of India Ltd. (SAIL), is a public sector
undertaking engaged in the manufacture, sale, and export of iron and
steel.
To
meet its operational an...
Steel Authority of India Ltd. vs. Commissioner of Income Tax: Reduction of "Actual Cost" under Section 43(1) upon Capital Loan Waiver
Facts of the Case
The
Assessee: Steel Authority of India Ltd. (SAIL) is a
public sector undertaking engaged in the manufacture, sale, and export of
iron and steel.
Financial
Assistance: Over ...
Reduction of Asset Cost via Government Loan Waivers Under Section 43(1) and Section 32: Steel Authority of India Ltd. v. Commissioner of Income Tax
Facts of the Case
The
appellant, Steel Authority of India Ltd. (SAIL), is a public sector
undertaking engaged in the manufacture, sale, and export of iron and
steel. It operates several steel plants a...
Steel Authority of India Ltd. vs. Commissioner of Income Tax: Impact of Government Loan Waiver on Computation of "Actual Cost" and Depreciation under Section 43(1) of Income Tax Act
Facts of the Case
The
Appellant, Steel Authority of India Ltd. (SAIL), is a public sector
undertaking engaged in the manufacturing and sale of iron and steel.
To
meet its requirements, the Governme...
Steel Authority of India Ltd. vs. Commissioner of Income Tax: Impact of Government Loan Waiver on Computation of "Actual Cost" and Depreciation under Section 43(1) of Income Tax Act
Facts of the Case
The
Appellant, Steel Authority of India Ltd. (SAIL), is a public sector
undertaking engaged in the manufacturing and sale of iron and steel.
To
meet its requirements, the Governme...
The Commissioner of Income Tax-II vs. Jai Parabolic Spring Ltd. (In light of Areva T&D India Ltd. vs. DCIT): Whether Depreciation Under Section 32(1)(ii) of the Income Tax Act, 1961 is Allowable on Intangible Assets, Goodwill, and Commercial Business Rights Acquired via Slump Sale Agreement
Facts of the Case
The
Assessee (Jai Parabolic Spring Ltd.) engaged in a business transition,
claiming expenditures and dealing with rights arising from business
transfers.
In
...
Commissioner of Income Tax vs. M/s Auto Pins India Ltd. Delhi High Court Clarifies the Law on Write-Off of Accumulated Bad Debts Under Section 36(1)(vii) vs. Revenue's Argument of Single-Year Income Distortion
Facts of the Case
Nature
of Business: The respondent-assessee, M/s Auto Pins
India Ltd., was actively engaged in the manufacture and sale of automobile
parts.
Income
Return Filed: F...
National Cooperative Development Corporation vs. Assistant Commissioner of Income Tax: Scope of Income "Derived From" Long-Term Finance Business under Section 36(1)(viii) of the Income Tax Act, 1961
Facts of the Case
The
Appellant-Assessee, National Cooperative Development Corporation (NCDC),
is a statutory corporation established under the National Cooperative
Development Corporation Act, 1962, ...