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Judgment Search Results Home > Cases Phrase: debentures companies act Court: andhra pradesh Year: 1969 Page 1 of about 2 results (0.040 seconds)

Jul 25 1969 (HC)

The Commissioner of Income-tax, Andhra Pradesh, Hyderabad Vs. H.E.H. O ...

Court : Andhra Pradesh

Decided on : Jul-25-1969

Reported in : [1970]76ITR383(AP)

..... of the interest receivable by him on any security of the central government or of state government, or on debentures or other securities for money issued by or on behalf of a local authority or a company: (3) provided further that the income-tax payable on the interest receivable on any security of a state ..... necessary power to recast the question so as to bring out the whole of the dispute between the parties into consideration section 66(5) of the act which is the relevant provision reads thus:'the high court upon the hearing of any such case shall decide the question of law raised thereby and ..... exemption under both the heads and gave its decision. even in the present assessment, it is stated, tat the third proviso to section 8 of the act, in addition to item 8 of the notification dated 21-3-1922, was sought to be pressed into service by the assessee. our attention has been ..... item 8.........................' or by adding to the question the following passage:'or by virtue of the third proviso to section 8 of the indian income-tax act, 1922.'the reason for the request is this should the question remain as it is, the assessee would be entitled to seek exemption only under item ..... assessee is that by virtue of the notification dated 21-3-1922 (item no. 8) issued under section 60 of the indian income-tax act, 1922 (hereinafter called the act) the interest received by him was totally exempt from tax. an identical question arose in the prior assessment years and a reference in respect .....

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Sep 05 1969 (HC)

Commissioner of Income-tax Vs. Challapalli Sugars Ltd.

Court : Andhra Pradesh

Decided on : Sep-05-1969

Reported in : [1970]77ITR392(AP)

..... on equity or preference capital at a notional rate. interest on capital during construction paid in accordance with the provisions of section 208 of the companies act, 1956, may, however, be capitalised as permitted by that section. interest on monies which are specifically borrowed for the purchase of a fixed ..... i.t.r 799, 802, 808 (cal.) we have, therefore, very closely and carefully examined this decision. in that case, the assessee-company borrowed moneys on debentures in june, 1953, interest to run from that date, and utilised the amount along with other moneys financed by it for setting up a refinery ..... a reference to the high court by the department, the calcutta high court held :'the interest paid on the debentures issued formed part of the actual cost incurred by the assessee-company in acquiring the capital asset and under sections 10(2)(vi), 10(2)(via), 10(2)(vib) read ..... expenses incurred during the period of construction including a sum of rs. 23,53,284 being the interest which had accrued on the aforesaid debentures from the date of the borrowings to the date of commencement of the business were capitalised and depreciation on the full amount was claimed. ..... existing business, the only interest which may be capitalised is interest paid for financing a completely new unit or a substantial expansion undertaken by the company. even here, only the interest on monies specifically borrowed for the new expansion may be capitalised and that only for the period before production .....

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