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TMI BlogSupreme Court Judgments in the matters of Mcdowell & Co. Ltd.X X X X Extracts X X X X X X X X Extracts X X X X ..... Supreme Court Judgments in the matters of Mcdowell & Co. Ltd. X X X X Extracts X X X X X X X X Extracts X X X X ..... - holding that the technical service charges (royalty) payment under consideration is allowable based on subsequent agreement dated 10.4.1992 at higher rate than that based on earlier agreement entered into in December, 1990 even though earlier agreement entered into in December, 1990 was to be effective upto 2000 and had neither been substituted nor rescinded? - Held yes - The Tribunal and the Hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh Court recorded a finding that the new agreement in April, 1992 was not a subterfuge or clandestine device to reduce the tax liability but was an expenditure incurred on business expediency and the decision of the parties to enter into an agreement was based on commercial consideration http://www.taxmanagementindia.com/visitor/Detail_Case_Laws.asp?ID=33590 2009 TMI - 33589 - SC Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Income Tax, Udaipur Rajasthan Versus Mcdowell & Co. Ltd. Whether on the facts and in the circumstances of the case, the ITAT was justified in allowing the depreciation on research and development assets which related to the closest business of fast food division/unit of the assessee company as such not used during the previous year? - Stand of the revenue is that machinery in respect of R & D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... centre related to the fast food unit which was closed and therefore the assessee was not entitled to any depreciation because there was no actual user of the machinery - Stand of the assessee on the other hand is that the machinery was used in respect of both the fast food and the liquor units. This aspect needs to be factually examined - matter remanded http://www.taxmanagementindia.com/visitor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /Detail_Case_Laws.asp?ID=33589 2009 TMI - 33588 - SC Commissioner of Income Tax, Udaipur Rajasthan Versus Mcdowell & Co. Ltd. Section 43B - Furnishing of bank guarantee cannot be equated with actual payment which requires that money must flow from the assessee to the public exchequer as required under Section 43B. By no stretch of imagination it can be said that furnishing of bank guarantee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... actual payment of tax or duty in cash - further - the expression now used in Section 43B (i)(a) is "Tax, Duty, Cess or fee or by whatever name called". It denotes that items enumerated constitute species of the same genus and the expression 'by whatever name called' which follows preceding words 'Tax', 'Duty', 'Cess' or 'fee' has been used ejusdem generis to confine the application of the provisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons not on the basis of mere nomenclatures, but notwithstanding name, they must fall within the genus 'taxation' to which expression 'Tax', 'Duty', 'Cess' or 'Fee' as a. group of its specie belong vis. - bottling fees chargeable from the assessee under the Rules framed under the Rajasthan Excise Act, 1950 and interest chargeable on late payment of bottling fees not covered by provisions of section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 43B. http://www.taxmanagementindia.com/visitor/Detail_Case_Laws.asp?ID=33588 2009 TMI - 33587 - SC Commissioner of Income Tax, Udaipur Rajasthan Versus Mcdowell & Co. Ltd. Whether on the facts and in the circumstances of the case, the I.T.A.T. was justified in deleting the addition of Rs.2,77,887/- being made treating the expenditure incurred in purchase of new transformer as capital expendi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ture even when the old transformer still exists in the blocks of asset and not sold, discarded or demolished or destroyed? - Since neither the Tribunal nor the High Court dealt with the factual aspect in detail, we remit the matter to the Assessing Officer to consider the respective stands in the background of what has been stated by this Court in Saravana [2007 TMI - 1775 ] and Ramaraju [2007 TMI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - 2064 ] cases
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