Supreme Court · 2006 INSC 877 · Decided 22 November 2006
Commissioner of Income Tax, Kolkata v. M/S. Hoogl Y Mills CO. LTD.
- Court
- Supreme Court of India
- Citation
- 2006 INSC 877 · [2006] SUPP. 9 S.C.R. 265
- Case number
- CIVIL APPEAL No. 5149/2006
- Decided
- 22 November 2006
- Bench
- S.B. SINHA, MARKANDEY KATJU (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 32, 43(3)
Headnote
B Income Tax Act, 1961-Section 32-Depreciation-On capital expenditure-Purchase of an undertaking-Accrued and future gratuity liability of the vendor also taken over by the purchaser-Claim for C depreciation on the gratuity liability by the purchaser-assessee-Claim allowed by Courts below-Plea of expenditure, not entitled to depreciation-In appeal, held: The gratuity liability is a capital expenditure-Even it being capital expenditure, assessee not entitled to depreciation, because the liability does not fall under any of the categories mentioned in Section 32. D Words and
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