Income Tax Judgements

Section 246, read with section 143, of the Income-tax Act, 1961 - Commissioner (Appeals) - Appealable orders - Assessment year 1995-96 - Whether so long as Explanation to section 143(1) was on statute up to 1-6-1999 till its omission by Finance Act,

I. Section 48 of the Income-tax Act, 1961 - Capital gains - Computation of - Assessment year 1998-99 - Whether expression ‘full value of consideration’ used in section 48 does not have any reference to market value but only to consideration referred

Section 115J of the Income-tax Act, 1961 - Zero tax companies - Assessment year 1990-91 - Whether current year’s depreciation, which had not been charged to profit and loss account but had been disclosed in notes appended to accounts, would be deduct

Section 37(1) of the Income-tax Act, 1961 - Business expenditure - Allowability of - Assessment year 1987-88 - Whether commitment charges incurred in respect of debentures issued by assessee-company to acquire more working capital would be allowed as

Substantial question of law — Whether credit for MAT is to be allowed before charging of interest u/s.234B and u/s.234C of the Act is a question of law.

Section 246, read with section 143, of the Income-tax Act, 1961 - Commissioner (Appeals) - Appealable orders - Assessment year 1995-96 - Whether so long as Explanation to section 143(1) was on statute up to 1-6-1999 till its omission by Finance Act,

I. Section 48 of the Income-tax Act, 1961 - Capital gains - Computation of - Assessment year 1998-99 - Whether expression ‘full value of consideration’ used in section 48 does not have any reference to market value but only to consideration referred

Business expenditure — If income from an activity is assessed as an income, expenditure incurred in respect of that activity should be allowed.

The Tribunal has power to allow claim for deduction which was not made in the return of income : Assessee claimed 1/5th revenue expenditure on deferred basis: Tribunal can allow full revenue expenditure on accrual basis.