Judgment Search Results Home > Cases Phrase: aircraft amendment act 2007 section 12 amendment of section 11 Court: income tax appellate tribunal itat mumbai Page 10 of about 352 results (0.191 seconds)

Cheminova India Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... 6. it is claimed by the assessee that the order passed by this tribunal on 31-8-2006 suffers from the aforesaid mistakes and therefore the order should be amended and the claim of the assessee allowed.7. in reply, the learned departmental representative submitted that the mistakes pointed out by the assessee were not at all apparent from ..... that the income referred to in section 28 shall be computed in accordance with the provisions contained in sections 30 to 43d.likewise section 37 of the income tax act provides that any expenditure, not being expenditure of the nature referred to in sections 30 to 36, shall be eligible for deduction upon the fulfilment of conditions laid ..... 37 or only trading loss not covered by specific provisions of sections 30 to 43 d which alone can be considered for deduction under section 28 of the income tax act. in this case, major portion of the expenditure was incurred on procurement of plant and machinery etc. for a new project being set up by the assessee. .....

Deputy Cit Vs. Haria Exports Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)112ITD203(Mum.)

..... and clear and hence the departmental authorities should have allowed the claim of the assessee.the assessee further contended that it was no longer necessary, after the amendments made in section80hhc, that the assessee itself should have made the exports directly to the foreign parties.11. as regards the charge of the assessing officer that ..... directions are contradictory. therefore, the order of the commissioner (appeals) cannot stand. besides, the hon'ble supreme court in s.a.builders ltd. v. cit(2007)288 itr 1 has held that the test for allowing interest on money borrowed from bank and lent to sister concern without charging interest was whether the interest bearing ..... but the amended provisions of section 80hhc(1) as in force in the assessment year under appeal extended the benefit where the assessee was engaged in the business of export of eligible goods and merchandise and therefore the mere fact that the assessee had exported some of its goods through its sister concerns acting as its .....

Maker Tower a and B Co-op. Hsg. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... tenement on the plots allotted to such members. however, the state government issued directions under section 79a of the maharashtra state co-operative societies act, 1960 under which the assessee was required to amend the bye-laws so as to enable the flat holders to construct multi-storeyed building with more than one residential tenement. this direction was ..... maharashtra appealed from that judgment before the hon'ble supreme court. it is in this context that the apex court held "registrar has powers to issue directions for amendment of the bye-laws of the society, so also the state government has the power to give the directions in the public interest, but the paramount consideration is ..... forced." in view of the above judgment, one can contend that the directions to amend the byelaws is bad in law if it is not in the interest of society. however, that does not mean that order issued under section 79a of the said act has no statutory force, in our humble opinion, so long as such order .....

Rohan Software Pvt. Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)304ITR314(Mum.)

..... of the hon'ble delhi high court in the case of rakesh aggarwal v. acit reported in 87 taxman 306 (del), it was submitted that under the amended provision the power of reopening is much wider and can be exercised even if an assesses has disclosed fully and truly all material facts necessary for the assessment.7 ..... the customers. the transfer of such specialized skill is made on condition that the user will not further transfer to anybody else. such transfer is governed by copyrights act. the supplier is not barred from transferring the same ip to other customer. in the instant case, the assessee company was engaged in providing software related services ..... ao, director shri manoj kunkalienkar avoided filing of the return in response to notice under section 148 or avoided completion of the statement under section 131 of the act. it was further submitted, if the belief entertained by the ao is based on reasons, which are relevant and sufficient, then the assessee cannot challenge sufficiency or .....

Asstt. Cit Vs. Ajanta Pharma Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... parliament which again reflected in similar terms of the relevant circulars and notes on clauses and the memorandum explaining the objects of amending the provisions. in the case of section 115jb, the finance act has made it clear that the deduction under section 80hhc would be available in its entirety to an assessee even if ..... from export as computed under clauses (a) to (c) of section 80hhc(3) is eligible for reduction under clause (iv) of explanation to section 115jb of the act. the relevant observation of the commissioner (appeals) is extracted hereunder: 6. i have carefully considered the facts of the case, findings of the assessing officer, arguments ..... assessee company is engaged in manufacturing and sale of pharmaceutical products. during the assessment proceedings the assessing officer recomputed the book profit under section 115jb of the act at rs. 1,33,66,209 as against rs. 81,021 disclosed by the assessee. the assessing officer has observed in the assessment order that section .....

Assistant Commissioner of Income Vs. Meghraj GolechA. (Meghraj

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)60ITD448(Mum.)

..... barred by time. he, however, pointed out that in the commentary of chaturvedi & pithisaria on which the learned departmental representative relied, it was mentioned that these amendments were retrospective and apply to earlier years unless those proceedings were already barred by time. he submitted that since in the instant cases the set aside proceedings had got ..... any evidence to support any of his contentions before any of the authorities. moreover, the exemption from tax of income from self-occupied property was given by the finance act, 1986, w.e.f. 1st april, 1987, and would not be available to the assessee in these assessment years. this objection is, therefore, also rejected.19. ..... placed by the learned counsel for the assessee on the cases cited by him was not justified because he had ignored the basic changes brought about in the it act in s. 147 w.e.f. 1st april, 1989. according to the learned departmental representative all the cases cited by the learned counsel for the assessee .....

Deputy Commissioner of Vs. AshwIn C. Shah

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD573(Mum.)

..... filed before the bombay high court with a prayer that these rules should be declared ultra vires the constitution of india. a prayer was also made for amending the said rules. the main ground of vinay bubna is challenging the vires of these rules was that the membership of the stock exchange was an asset ..... the transferor". the explanation to the clause says that membership of a stock exchange means the membership of a stock exchange recognised under the securities contracts (regulation) act, 1956.there was considerable debate as to the import of this clause. mr. dave contended for the department that the clause clearly implies that the stock exchange ..... appearing for the assessees, led by mr. v. h. patil, was that the judgment of the supreme court cited supra was fully applicable to the wealth-tax act, since the fundamental question decided therein was whether the stock exchange card was property the contention of mr. dave, the learned commissioner of income-tax (departmental representative) .....

Tolani Ltd. Vs. Dcit, Special Range 31

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)89ITD551(Mum.)

..... shipping business remains the same without any alteration. we are, therefore, unable to accept the contention of the ld. representative for the assessee that section 33ac, before the amendment, provided for a deduction against the total income of an assessee.10. secondly, even assuming that the ld. representative for the assessee is right in his contention, ..... exceed the gross total income of the assessee and section 80b(5) defines gross total income as the total income computed in accordance with the provisions of the act, before making any deduction under chapter via. in our humble opinion, there is nothing in the judgment of the high court which supports the assessee's case ..... from the ship, ignoring the deduction allowable u/s. 33ac. it is only after allowing all deductions available for computing the profits and gains of business under the act, that the profit from the dripping business can be computed. in this case deduction u/s. 33ac has been allowed to the extent of rs. 2,50,00 .....

Niranjan Thakur Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)94TTJ(Mum.)253

..... the hands of the appellant. 3. the appellant therefore prays that the addition of rs. 43,15,00,000 be deleted. the appellant craves leave to add, to amend, and or modify all or any of the above grounds of appeal." 2.1 the assessee is an individual and has been assessed to tax. a consequential search ..... itr 310 (bom). in this regard he also referred to the explanation to section 158ba(2) inserted by the finance (no. 2) act, 1988 with retrospective effect from 1st july, 1995 and submitted that this amendment clarifies the position as mentioned above, therefore, the learned counsel submitted that rs. 1,48,741 cannot be treated as undisclosed income in ..... those persons. in fact assessee admitted to have received cash initially, though he retracted his statement subsequently. assessee has also not accepted or evidenced that he was only acting as conduit for shifting money to dubai. in the absence of any submission or evidence to suggest that money received by the assessee has been passed on to .....

Ate Enterprise Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD110(Mum.)

..... is decided against the assessee subject to the rider that the assessee would be at liberty to move the application under section 254(2) in case any retrospective amendment is brought on the statute book by the legislature.21. the last issue arising from the appeal for asst. yr. 1997-98 relates to disallowance of ..... by the common order for the sake of convenience.2. the common issue arising in these appeals relates to the deduction under section 36(1)(iii) of it act, 1961 (act) on account of interest paid on borrowings for the purpose of acquisition of shares of trumac engineering co. ltd. (trumac).3. briefly stated, the facts ..... selling agency. if shares are purchased by outsiders then there is possibility that outsider may jeopardize the business interest of assessee-company.therefore, in our opinion, act of borrowing money for the acquisition of shares was closely connected with or incidental to the carrying on of the business.. consequently, the conditions of allowing deduction .....