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 “Incurred in any previous year”
Case Name : Belpahar Refractories Ltd. Vs. CIT Citation :[1994] 207 ITR 114 (ORI.) Court : Orissa High Court Section : 35 Meaning : The words ‘incurred in any previous year’ in clause (ia) of section 35(2) categorically lay down that the entire capital expenditure incurred in any previous year can be deducted for that […]
Read MoreMeaning of “Indexed cost of acquisition”
Case Name : CIT Vs. Rajesh Vitthalbhai Patel Citation :[2013] 37 TAXMANN.COM 439/218 TAXMAN 301 (GUJ.) Court : Gujarat High Court Section : 48 Meaning : Term ‘cost of acquisition of the asset’ is explained in explanation (iii) to section 48. In terms of such explanation, indexed cost of acquisition would be an amount which […]
Read MoreMeaning of “Indirectly”
Case Name : CIT Vs. S. Raghbir Singh Citation :[1965] 57 ITR 408 (SC) Court : Supreme Court Section : 60 TO 63 Meaning : The expression ‘indirectly’ in first proviso to section 16(1)(c) of the 1922 act [corresponding to section 63(a) of the 1961 act] does not seek cases where the settlor was under […]
Read MoreMeaning of “Individuals – entry 86 of list i of the seventh schedule to the constitution”
Case Name : Banarsi Dass Vs. Wto Citation :[1965] 56 ITR 224 (SC) Court : Supreme Court Section : 2(31) Meaning : The word ‘individuals’ in entry 86 of list i of the seventh schedule to the constitution takes within its sweep groups of individuals like hufs. 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 “Initial assessment year”
Case Name : Indian Rayon Corpn. Ltd. Vs. CIT Citation :[1998] 97 TAXMAN 501/231 ITR 26 (BOM.) Court : Bombay High Court Section : 80J Meaning : The expression ‘initial assessment year’ has been defined in sub-section (2) of section 80j to mean ‘the assessment year relevant to the previous year in which the industrial […]
Read MoreMeaning 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 “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
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