Case Name : Hindustan Construction Co. Ltd. Vs. V.S. Gaitonde, ITO Citation :[1965] 56 ITR 241 (SC) Court : Supreme Court Section : 237 TO 245 Meaning : The words ‘is found’ do not necessarily lead to the conclusion that there must be a prior adjudication. But this is not enough to sustain the claim […]
Read MoreAuthor: Prashant Thakur
The author has spent more than 30 years in the field of taxation. Wrote four books -3 on on Indian Tax Law and 1 on US tax law for cryptocurrency. Apart from https:taxworry.com , he also writes on https://irstaxapp.com which is for US tax laws. He is a tech enthusiast and manages a cloud computing company that publishes innovative software.
Meaning of “Inorganic heavy chemicals”
Case Name : Rani Gunwant Kaur Vs. Wto Citation :[1985] 13 ITD 384 (CHD. – TRIB.) Court : ITAT-Chandigarh Section : NINTH SCHEDULE Meaning : The word ‘inorganic’ has not been defined either in the income-tax act or the wealth-tax act, but it can be seen from the books on chemistry that nitrogen and oxygen […]
Read MoreMeaning of “Investment income”
Case Name : Sunderdas Haridas Vs. Asstt. CIT Citation :[1998] 67 ITD 89 (MUM. – TRIB.) Court : Itat-Mumbai Section : 115E Meaning : The expression ‘investment income’ used in section 115e does not include within its scope short-term capital gains. 409
Read MoreMeaning of “Industrial machinery”
Case Name : CIT Vs. Indian Textile Paper Tube Co. Ltd. Citation :[1997] 138 CTR (MAD.) 342 Court : Madras High Court Section : NINTH SCHEDULE Meaning : In considering the meaning of the words ‘industrial machinery’ used in item 8 of the ninth schedule, the description of industrial machinery spoken of in item 4 […]
Read MoreMeaning of “Irrecoverable”
Case Name : Kerala State Industrial Development Corpn. Ltd. Vs. CIT Citation :[2006] 151 TAXMAN 127/281 ITR 413/201 CTR 144 (KER.) Court : Kerala High Court Section : 36 Meaning : Whatever be the attendant circumstances, unless and until a debt has been written off as ‘irrecoverable’ as provided under section 36(2)(i)(b), the assessee cannot […]
Read MoreMeaning of “Interest”
Case Name : CIT Vs. Vijay Ship Breaking Corpn. Citation :[2003] 129 TAXMAN 120/261 ITR 113 (GUJ.) Court : Gujarat High Court Section : 2(28A) Meaning : The meaning of the word ‘interest’ is very wide and would include interest on unpaid purchase price, payable in any manner which would include interest payable by means of […]
Read MoreMeaning of “Irrespective of previous year”
Case Name : Dy. CIT Vs. Glaxo Smithkline Consumer Healthcare Ltd. Citation :[2007] 107 ITD 343/16 SOT 134 (CHD. – TRIB.)(SB) Court : ITAT-Chandigarh Section : 43B Meaning : The expression ‘irrespective of the previous year’ used in section 43b dispenses with the concept of previous year in the matter of the sums covered by […]
Read MoreMeaning of “Instrument”
Case Name : Cit Vs. Rajmohan Saha Citation :[1991] 190 ITR 236 (GAUHATI) Court : Gouhati High Court Section : 184 TO 187 Meaning : The word ‘instrument’ has been used in section 184(1) of the act in the sense of a writing a document or, as observed in rose v. Otis, 33 p. 77, […]
Read MoreMeaning of “Is”
Case Name : CIT Vs. Indian Oil Corpn.Ltd. Citation :[2012] 25 TAXMANN.COM 284/210 TAXMAN 466/254 CTR 113 (BOM.) Court : Bombay High Court Section : 234A Meaning : The word ‘is’ section 234d has a past signification. 409
Read More