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Judgment Search Results Home > Cases Phrase: debentures companies act Court: mumbai Year: 1963 Page 1 of about 1 results (0.042 seconds)

Apr 08 1963 (HC)

Commissioner of Wealth-tax, Bombay City Vs. Indian Standard Metal Comp ...

Court : Mumbai

Decided on : Apr-08-1963

Reported in : [1963]49ITR832(Bom)

..... as plant, machinery, etc., and requires the description of the asset to be given together with its value. the second part cover investments, such as stock, debentures, etc., the third part is of current assets comprising of stores, spare-parts, loose tools, sundry debtors, works-in-progress, stock-in-trade and miscellaneous ..... that the figure of rs. 8,70,000 does not appear in the balancing figures of the assets and liabilities in the balance-sheet because the company had neither profits nor a fund against which the amount of depreciation could be balanced in the balance-sheet. the argument, therefore, that because the ..... of depreciation shown in the note to the balance-sheet. it was argued before the appellate assistant commissioner that in the accounts of the assessee company, the block of assets had not been fully depreciated to bring it on par with the written down value on account of the sustained loss ..... said amount of depreciation had been allowed by the income-tax department as the proper depreciation amount and in the balance-sheet of the assessee company the said amount was also duly shown by a note at the end of the balance-sheet as the arrears of depreciation. the appellate assistant ..... in the income-tax assessments for the purpose of computing the net wealth under section 7 of the wealth-tax act for the assessment year 1957-58 ?' 2. the assessee is a limited company and we are concerned in the present case with the assessment year 1957-58, for which the relevant valuation .....

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