Judgment Search Results Home > Cases Phrase: aircraft amendment act 2007 section 12 amendment of section 11 Court: income tax appellate tribunal itat delhi Page 1 of about 396 results (0.193 seconds)

Sahara Airlines Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)83ITD11(Delhi)

..... to the provisions of section 10(15a) of the act as originally inserted in the statute by the it (amendment) act, 1989, w.e.f. 24th jan., 1989, which provided that any payment made, by an indian company engaged in the business of operation of aircraft, to acquire an aircraft on lease from the government of a foreign state or ..... inserted and, therefore, it can be said that such rent was connected with the acquisition of aircraft on lease.13. so the question that arises is as to what was intended to be excluded by the legislature by amendment made by finance act, 1995, w.e.f. 1st april, 1996. from the perusal of the memorandum explaining ..... restrict the scope of the aforesaid income-tax exemption by excluding therefrom payments made for providing spares, facilities or services in connection with the operation of the leased aircraft. the proposed amendment will take effect from 1st april, 1996, and will, accordingly, apply in relation to asst. yr. 1996-97 and subsequent years." from the above, .....

Deputy Commissioner of Income Tax Vs. Sahara Airlines Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)96TTJ(Delhi)969

..... the scope of the aforesaid income-tax exemption by excluding therefrom payments made for providing spares, facilities or services in connection with the operation of the leased aircraft. the proposed amendment will take effect from 1st april, 1996, and will, accordingly, apply in relation to asst. yr. 1996-97 and subsequent years.' from the above, ..... inserted and, therefore, it can be said that such rent was connected with the acquisition of aircraft on lease. so, the question that arises is as to what was intended to be excluded by the legislature by amendment made by the finance act, 1995, w.e.f. 1st april, 1996. from the perusal of the memorandum explaining ..... facility or service by the lessor. at this stage, we may like to mention that section 10(15a) of the act, as originally inserted, exempted from taxation the payments made for acquiring the aircraft on lease from government of a foreign state or a foreign enterprise under an agreement approved by the central government. admittedly, .....

Jindal Steel and Power Ltd. Vs. Addl. Cit, Hissar Range

Court : Income Tax Appellate Tribunal ITAT Delhi

..... learned commissioner (appeals) of announcing findings and directions under section 150(1) in respect of the following additions made in the assessment order under section 147: (i) expenditure on aircraft rs. 2,00,000 (ii) amount refundable to jindal strips rs. 45,25,628 (iii) depreciation on hydraulic excavator rs. 14,92,626 (iv) interest on term ..... whether the assessment proceedings had become final on account of an assessment under section 143(3) of the act or on account of non-issue of a notice under section 143(2) of the act within the stipulated period. the amendments made in section 143 and section 147 with effect from 1-4-1989 did not in any manner ..... under rule 5(1a). as to the disallowance of rs. 2 lakhs from out of expenditure on aircraft the learned commissioner (appeals) noted that there was no evidence of entitlement of even managing director/chairman to use the aircraft for the purpose other than business. as the assessee failed to produce any evidence of the business purpose .....

Jyotsna Holding (P.) Ltd. Vs. Deputy Commissioner

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)37ITD430(Delhi)

..... aspect is concerned.7.8 section 263 enables the commissioner to call for and examine the record of any proceeding under the income-tax act, 1961. explanation (b) to section 263(1) as amended by the finance act, 1988 with effect from 1-6-1988 provides that "record" shall include and shall be deemed always to have included all records ..... 3-1988 were erroneous insofar as they were prejudicial to the interests of the revenue on the following grounds:- (i) the company had claimed and was allowed depreciation on aircraft at the rate of 40% of the written down value though the prescribed rate was only 30%. (ii) in terms of the agreements dated 30-8-1984 and ..... on 31-1-1985. for the subsequent years the accounting years ended on 31-1-1986 and 31-1-1987. it derives income from the business of aviation by acquiring aircraft and leasing the same to delhi flying club. it also derives income from consultancy from m/s. sumitomo (sumitomo shetikaisha ltd.) corporation, tokyo (sc), a marketing corporation. .....

Jindal Steel and Power Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)106TTJ(Delhi)943

..... learned cit(a) of announcing findings and directions under section 150(1) in respect of the following additions made in the assessment order under section 147:(i) expenditure on aircraft 2,00,000(ii) amount refundable to jindal strips 45,25,628(iii) depreciation on hydraulic excavator 14,92,626(iv) interest on term loan 3,68,219(v) ..... no difference whether the assessment proceedings had become final on account of an assessment under section 143(3) of the act or on account of non-issue of a notice under section 143(2) of the act within the stipulated period. the amendments made in section 143 and section 147 w.e.f. 1st april, 1989 did not in any manner negate ..... as required under r. 5(1a). as to the disallowance of rs. 2 lakhs from out of expenditure on aircraft, the learned cit(a) noted that there was no evidence of entitlement of even managing director/chairman to use the aircraft for the purpose other than business. as the assessee failed to produce any evidence of the business purpose of .....

Sedco Forex International Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)72ITD415(Delhi)

..... expenses. the question was whether the 5 per cent of the selling agency commission was wholly exempt from tax under s. 4(3)(vi) of it act, 1922 (prior to its amendment in 1965) as a special allowance, benefit or perquisite specifically granted to meet expenses wholly and necessarily incurred in the performance of the duties of an ..... such taxpayers at 10 per cent of the aggregate of certain amounts, which have been specified in the said section. the provisions of s. 44bb were amended by the finance act, 1988 with retrospective effect w.e.f. 1st april, 1983 which clarifies that applicability of s. 44b will be restricted to the cases of only ..... and machinery on hire used, or to be used, in the prospecting for, or extraction or production of, mineral oils outside india. (i) "plant" includes ships, aircraft, vehicles, drilling units, scientific apparatus and equipment, used for the purposes of the said business.20. the aforesaid s. 44bb making a special provision for computing profits and gains .....

Phoenix Overseas Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1996)56ITD274(Delhi)

..... syali was clear from section 32ab as applicable to the relevant assessment year as also from circular of cbdt no. 550 dated 1-1-1990 which explained the amendments made subsequently w. e. f. assessment year 1991-92. in this connection shri syali further drew our attention to decision of tribunal in the case of punjab ..... or before furnishing the return of his income, whichever is earlier; or (b) utilise any amount during the previous year for the purchase of any new ship, new aircraft, new machinery or plant, without depositing any amount in the deposit account under clause (a), in accordance with, and for the purposes specified in, a scheme (hereafter ..... employed, context and purpose of the provision. shri syali conceded that definition of "eligible business" did not serve the intended purpose and was deleted through the finance act, 1989 but this deletion was made effective from assessment year 1991-92 onwards. prior to 1991 -92 and when the definition was applicable, the definition was to .....

M/S. L.G. Electronics India Private Limited Vs. the Asstt. Commissione ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the hon'ble supreme court on the constitutional validity of insertion of the third and fourth provisos to sec. 80hhc(3) of the act by amendment of the tax laws (amendment) act, 2005 with retrospective effect. the hon'ble supreme court transferred these matters pending before various high courts to the hon'ble gujarat high ..... and volume rebate) to the sales ratio for comparability analysis. for the purpose of comparability, i had proposed to use the current year's data (march, 2007) of the comparables.sl. no.company nameampsalesamp/salesremarks1applicomp (india) ltd. relevant data for carrying out amp analysis not available relevant data for2penguln electronics ltd. 3videocon appliances1 ..... so called brand building. firstly he relied on the decision of the delhi bench of the tribunal in the case of nestle india ltd. vs. dcit [(2007) 111 ttj (del.) 498]. the assessee in that case incurred certain advertisement expenses. as the assessee was using the license of its foreign collaborator, the .....

Acit and Another Vs. M/S. True Zone Buildwell Pvt. Ltd. and Another

Court : Income Tax Appellate Tribunal ITAT Delhi

..... is made while in construction activities building is made by the buyer by making part payments on construction basis. 2. the respondent craves leave for addition, modification, alteration, amendment of any of the cross objection. ita no.2094/del/2012 "1. whether on the facts and circumstances of the case, the ld. cit(a)-xxxi is correct ..... it the right and appropriate method but also were convinced as not having deferred the tax liability and were pleased to follow the same for the a.y 2006-2007. the ar also submitted the copy of assessment orders and submitted that if same has been accepted by the department earlier also, then how the same can be ..... basis which is varying from 45 days to 6 months. the ar has also stated that department cannot compel the appellant to follow any particular method. income tax act does not force anyone to follow any particular accounting standard. the appellant was following project completion method which is in accordance of the existing law and the same has .....

Acit and Another Vs. M/S. True Zone Buildwell Pvt. Ltd. and Another

Court : Income Tax Appellate Tribunal ITAT Delhi

..... and without raising any query in his mind after analysis was made by him. 3. the respondent craves leave for addition, modification, alteration, amendment of any of the cross objection. "1. whether on the facts and circumstances of the case, the ld. cit(a)-xxxi is correct ..... and an amount of rs.22,65,146 has been booked and paid by the appellant in his books of account of f.y 2007-2008 relevant to a.y 2008- 2009 and rs.2,92,500 was outstanding as per the same seized document supra, therefore, on ..... s 144 is thus a nullity in the light of provisions of section 153a of the income tax act. this view has been endorsed in the case of abhay kumar shroff vs. cit (2007) 290 itr 114, 123 jharkhand. further, the same addition affirmed and retained by the a.o ..... nullity in view of the provisions of section 153 a of i.t. act, 1961. 6. the order of ld cit(a) is perverse in law and on facts. 7. the appellant craves leave to add, amend any/all the grounds of appeal before or during the course of hearing .....