Styles,  2 T. Against the above order of the High Court, the assessee preferred an appeal to this Court, which was formally dis- posed of with a direction to the Tribunal to draw up a supplementary statement of the case and refer for the opin- ion of this Court, the further question of law as sought for by the assessee; and such a question to be considered in the present appeal.
The question of law respecting which the supplementary reference was sought was this: He is a fellow member of the Institute of Chartered Accountants of India. Patel for the Appellant.
It would, in our opinion, be unrealistic to ignore the rapid advances in Researches in antibiotic medical microbiology and to attribute a degree of endurability and permanance to the technical know-how Alembic chemical works ltd any particular stage in this fast changing area of medical science.
The process which the assessee took over from Meiji was not the same as it was working heretofore. Learned counsel invited our attention to the following passage in the order of the Tribunal where this postulate is found: But mere improvement in or updating of the fermentation-process would not necessarily be inconsistent with the relevance and continuing utility of the existing infra-structure, machinery and plant of the assessee.
Income Tax Act It is not every advantage of enduring nature acquired by an assessee that brings the case within the principles laid down in this test. What is capital expenditure and what is revenue are not eternal verities but must needs be flexible so as to respond to the changing economic realities of business.
The assessee has to put in a larger plant modelled on the pilotplant. As per the agreement, the assessee paid Rs. Judicial metaphors, it is truly said, are narrowly to be watched, for, starting as devices to liberate thought they end often by enslaving it.
It is true that the expenditure was manifestly laid out for the purpose of obtain- ing benefits and advantages such as sub-cul- tures of penicillin producing strains, design of a pilot and exchange of technical personnel with a view to acquiring know-how.
He is also a founder trustee at SEE Foundation which supports projects in educare and healthcare space with a focus on the girl child. He has worked with various well known Indian as well as Multinational Companies in pharmaceutical space. The Income-tax Officer, on the view that the expenditure was for the acquisition of an asset or advantage of an enduring benefit, held it to be a capital outlay and declined the deduction.
It is a common sense appreciation of all the guiding features which must provide the ultimate answer In addition, the expenditure should not be in the nature of a capital-expenditure. The improvisation in the process and technology in some areas of the enterprise was supplemental to the exist- ing business and there was no material to hold that it amounted to a new or fresh venture.
Try out our Premium Member services: He has worked in regulatory department at Ivax, UK. The rapid strides in science and technology in the field should make us a little slow and circumspect in too readily pigeon-holing an outlay, such as this as capital.
The improvisation in the process and technology in some areas of the enterprise was supplemental to the existing business and there was no material to hold that it amounted to a new or fresh venture.
He has vast experience of more than three decades in fields of Basic Research, Tech-transfer, Production and Manufacturing site administration, etc.
What is relevant is the purpose of the outlay and its intended object and effect, considered in a common- sense way having regard to the business realities. Referring to the common basis of commercial production of penicillin in the New Encyclopaedia Britannica, Micropaedia, Vol. Malika Amin is Master of Arts.
There is also no single definitive criterion which, by itself, is determinative whether a particular outlay is capital or revenue. It would, therefore, appear that the revenue authorities have rightly treated the payment as of capital nature.
Free for one month and pay only if you like Alembic chemical works ltd. The rapid strides in science and technology in the field should make this Court a little slow and circumspect in too readily pigeon-holing an outlay, such as this, as capital.
The High Court dismissed this application observing that the Tribunal had no where recorded a finding to the effect that a completely new plant was obtained by the assessee from Meiji and that the finding of the Tribunal that under the agreement the assessee had obtained a new process and a new technical know-now from Meiji was not without evidence.
Fermentation, isolation, chemical modifi- cation and finishing. His job role at Ivax included, help management choose filing strategy for multiple countries within Europe. There is a difference between the lasting and the everlasting.
In Commissioner of Income-tax, Bombay v. Buch has over 35 Years of Professional experience, including 27 years with Alembic and more than 8 years with Deloitte Haskins and Sells.
He is also active in social service and is presently heading a reputed educational institution involved in providing school education in Baroda. In the infinite variety of situational diversities in which the concept of what is capital expenditure and what is revenue arises it is well nigh impossible to formulate any general-rule, even in generality of cases sufficiently accurate and reasonably comprehensive, to draw any clear line of demarcation.Manufacture Name: ALEMBIC CHEMICAL WORKS mi-centre.com Compositions: Peptone 75mg, Calcium gluconate mg, Magnesium chloride 20mg, Magnesium sulphate 4mg, Yeast extract mg, Alcohol 95% ml per ml elixir.
Alembic Ltd Scrutinizer report E-Voting Notice of Candidature of Mr. Sameer Khera Notice of Candidature of Mr. Abhijit Joshi News, information and developments concerning the city and people of Baroda (Vadodara) in particular and Gujarat in general.
Includes Worldwide Directory of Barodians. This appeal by the assessee, The Alembic Chemicals Works Co. Ltd., arises out of and are directed against the judgment datedof the High Court of Gujarat in Income Tax Reference 78 ofanswer- ing in favour of the Revenue a question of law referred to it under Section (1) of the Income Tax Act,(Act) by the Income Tax.
The pharmaceutical companies have to do direct marketing by necessity as they cannot advertise ethical products in layman’s media for him, but are required to promote only to the medical profession.
Alembic Pharmaceuticals Ltd. initially began as Alembic Chemical Works where it started manufacturing tincture and alcohol at its unit at Vadodara in The company eventually entered into manufacturing cough syrups, vitamins, tonics and sulphur drugs. Further, Alembic entered into Industry: Pharmaceuticals.Download