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Glaxo Smithkline Pharmaceuticals Ltd. (Formerly Glaxo India Ltd.) and ...

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... after this order of the tribunal, the tribunal disposed of the appeals relating to the assessee for the assessment years 1996- 97 and 1997-98 by order dated 12th january 2009, in which the tribunal followed its own order for the assessment year 1995-96 passed on 7th march 2005, to hold that the advance licence benefit was not taxable unless the ..... it was fairly admitted that the issue is restored to the file of ao for fresh adjudication in view of the directions given in assessment year 1995-96 order dated 30.11.2011 wherein the tribunal vide para 3 and 4 restored the issue to the file of ao for de novo adjudication ..... by the co-ordinate bench of this tribunal in assessee's own case for earlier assessment years, we set aside the impugned order passed by the commissioner (appeals) and restore the issue to the file of assessing officer for adjudication afresh in accordance with law and after providing adequate opportunity of ..... before us, both the parties agree that this issue was earlier decided by the tribunal in assessee's own case for assessment years 1989-90 to 1991- 92, 1992-93 to 1993- 94, 1994-95, 1995-96 , 1996-97 1997-98 respectively, wherein the tribunal ..... referred to as the jcit) in not allowing the appellants claim for depreciation on rs.22,67,281 and rs.16,42,617 being part of the share dilution expenses incurred in the assessment year 1984-85 and 1986-87 submitted as relatable to programmes of capital expenditure in the ays 1984-85 and 1986-87 respectively but allowed". .....

The Morarjee Goculdas Spg. and Vs. Dy. Commissioner of Income Tax,

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the fact, however, is that the income disclosed by the assessee, representing lease income from the said transaction, for each of the assessment years, represented income not from any source other than lease income.therefore, it cannot be said that the depreciation claim was false because it remains undisputed that the ..... xiv b is that "undisclosed income" of a person shall be assessed as the income of a block period consisting of previous years relevant to 10 assessment years preceding the previous year in which the search was conducted or requisition was made and also period of current previous year up to the date of the search or the requisition. ..... block period for which the assessment is to be made under chapter xiv-b means the period comprising previous years relevant to ten assessment years preceding a previous year in which the search was conducted under section 132 or any requisition was made under section 132a, and also includes in the previous year in which such search was conducted or requisition made, the period upto the date of the commencement of such search or, as the case may ..... further submitted that the return of total income for and upto the assessment year 1995-96 were due and were duly filed prior to the date ..... lease income from the transactions in question has been duly accepted in the assessments of the assessee for various assessment years as would be seen from the following table :-_____________________________________________________________________sr. .....

Jcit, S.R. 26 Vs. Warner Bros (Fe) Inc.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)99ITD1(Mum.)

..... it is in these circumstances we have to see the fact that even after 31-3-1987 the revenue has been determining the income of the members of the mpa for the subsequent assessment years, on the basis of the principles of settlement reached into between the cbdt and mpa on 3rd march, 1987. ..... the board has made it clear later on that the settlement did apply only for those assessment years up to 31-3-1987 and more particularly to those assessments pending at that point of time when the relevant notification was issued on 3rd march, 1987. ..... these practical difficulties resulted in a number of anomalies and litigations for so many assessment years.assessee companies as well as assessing authorities opted for different standards and assessments varied violently from case to case even though all the companies did carry on the same line of business with exact parameters of operations in india. ..... dated 23rd october, 2003 may be approved by the special bench holding that the assessments for the impugned assessment years have to be completed under the regular provisions of the income-tax act, 1961.24. ..... at this point, it is, necessary to reproduce the 'office note' of the assessing authority appended in his assessment order dated 23-1-1998 for the assessment year 1995-96 : it is the department's contention that the settlement reached between the member companies of mpeaa & cbdt dt. .....

Surendra M. Khandhar Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the document is dated 22-1-1991 and so falls during the year of account relevant for the assessment year 1991-92 and hence we are of the view that the assessing officer was justified in holding that the amount of advance is assessable in the assessment year 1991-92 under the provisions of section 69 of the income-tax act. ..... it is contended that the additional evidence sought to be filed by the learned dr had been obtained, as admitted by himself, after the assessment for the assessment year 1991-92 in the case of the assessee had been completed and this material could not have been considered. ..... the learned counsel for the assessee has also furnished the income-tax position, such as upto what assessment year the returns have been filed and who is the relevant assessing officer in respect of the concerns to whom the accounts figuring in annexure a3 relate and the relevant details may be seen at pages 95 to 112 of the apb (volume iii). ..... the assessee has also raised subsequently the following additional grounds :- "(a) without prejudice to the grounds mentioned at 4(a) to 4(k) (only 4(j) reproduced above), the first appellate authority should have directed the assessing officer to deduct the "peak" worked out and included in the it assessment for the assessment year 1990-91, from the "peak" arrived at for the assessment year 1991-92 and include only the balance. .....

Ms. Aishwarya Rai Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)104ITD166(Mum.)

..... no tax or interest is due from him: provided also that an intimation under this clause shall not be sent after the expiry of two years from the end of the assessment year in which the income was first assessable....the third proviso to this section provided that after filing the return of income the assessing officer could make adjustments for any claim of expense, deduction or relief which was prima facie inadmissible.meaning thereby if any such ..... confirming the disallowance of depreciation claimed by the assessee and allowed in the regular assessments for the assessment years 1996-97, 1997-98,and 1998-99 amounting to rs. ..... due application of mind the then assessing officers decided the issue and did not tax this amount and passed the speaking assessment orders for these assessment years. ..... in assessment order on page 21 the assessing officer has listed out the amount of sundry creditors as on 31.3.93, 31.3.94, 31.3.95, 31.3.96, 31.3.97, 31.3.98 & 31.3.99 for the corresponding assessment years 1993 - 94 to 99 - ..... 14,61,131/- and for the assessment years 1999-2000 to 2001-02 (30-9-2000) amounting to ..... after examination of the regular assessment records he found that in both these assessment years i.e. a.y. 95 - 96 & ..... addition was made in the regular assessment made under section 143(3) of the act which was partly reduced by cit (a) in the appeal for that assessment year. ..... 214/-on account of the amount credited to the capital account of the assessee for the assessment year 1997-98. 13. .....

Joint Commissioner of Income-tax Vs. Montgomery Emerging Markets Fund

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD217(Mum.)

..... shri rai, the learned commissioner, in reply, submitted that while interpreting the provisions of law contained in section 70 which prevailed for the period from assessment year 1988-89 to assessment year 2002-03, one should not loose sight of the definitions brought in sub-sections (29a) and (42b) of section 2 in respect of long term capital gains and short term capital gains, respectively which clearly indicated that ..... the circular has stated that the existing provision contained in section 70 of the income-tax act provides that where the net result for any assessment year in respect of any source falling under any head of income is a loss, the assessee shall be entitled to have the amount of such loss set off against his income from another source under the same head. ..... the text of law contained in section 70 for the relevant period is extracted below: save as other provided in this act, where the net result for any assessment year in respect of any source falling under any head of income is a loss, the assessee shall be entitled to have the amount of such loss set off against his income from any other source under the same ..... the circular has explained that the existing provision contained in section 70 of the income-tax act provides that where the net result for any assessment year in respect of any source falling under any head of income is a loss, the assessee shall be entitled to have the amount of such loss set off against his income from any other source under the same .....

Mangalore Refinery and Vs. Dy. Director of Income-tax (it)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)113ITD85(Mum.)

..... the facts of that case are that the assessee-firm was engaged in the business of ship breaking at along port during the previous year relevant to the assessment year 1995-96.old and condemned ships were acquired by the assessees for demolishing purpose. ..... section 153 of the act deals with time-limit for completion of assessment within two years from the end of the assessment year in which the income is first assessable. ..... the ld.cit(a) has observed that when the tribunal has passed the order in the case of raymond woollen mills the limitation for passing an assessment in those assessment years was four years. ..... in that case, the hon'ble high court held that the surtax assessment completed within less than two years cannot be said to be an unreasonable period. ..... in the case of tax deducted at source, it is seen that the basic and main purpose of the section is to mop up taxes before the assessment and tax deducted at source is in the nature of pre-assessment tax which should come to the treasury before the end of the previous year itself. ..... section 149 of the act provides the period within which the order can be re-opened and such period is limited to 4 years at the first instance by the assessing officer. ..... however, under the present provisions of the act six years period is provided for re-opening of any assessment. .....

Avaya Global Connect Ltd. Vs. Acit Range 7(3)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... excess of liabilities over assets and the negative net worth while computing capital gain and doing so would amount to a double addition, learned cit(a) held as follows: i find that the assessing officer has applied section 50b which is by its very heading a special provision and has calculated the full value of consideration by concluding that the transferor company ttl (the assessee) had gained ..... it was therefore submitted that in respect of the assessment year prior to insertion of section 50b of the act, there can be no charge of capital gain, when there is transfer of an undertaking ..... decision relates to the assessment year prior to insertion of ..... during the previous year relevant to the assessment year 2002-03, the assessee transferred the tfd ..... the present assessment year and in the next assessment year i.e. ..... no material had been placed by the revenue to show that the method of valuing the obsolete stocks and writing them off in its accounts, followed by the assessee in the three relevant assessment years, was not bonafide and that that method had not been followed by the assessee in the subsequent years. ..... plea of the assessee is not accepted then a direction to revalue the opening stock of the succeeding assessment year should be given.64. ..... must be allowed as deduction in the current assessment year. ..... were applicable only where 'an allowance or deduction has been made for the assessment in any year in respect of loss, expenditure or trading liability incurred by the assessee'. .....

Acit - 1 (3) Vs. Weizmann Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... having heard the rival contentions, we do not find any infirmity in the order of the cit (a) to interfere as the cit (a) has followed the decision of the itat in assessee's own case for the assessment years 1998-99 and 1999-200 on similar facts, wherein, the tribunal has allowed the deduction of lease rental on this windmill, observing as follows:- "we have carefully considered the rival submissions. ..... and once the circular no.14 of 2001 clarified that the restriction of 8 years for carry forward and set off of unabsorbed depreciation had been dispensed with, the unabsorbed depreciation from a.y.1997-98 upto the a.y.2001-02 got carried forward to the assessment year 2002-03 and became part thereof, it came to be governed by the provisions of section 32(2) as amended by finance act, 2001 and were available for carry forward and set off against the profits and ..... m/s glenmark laboratories ltd in ita no.4155/m/2007 for the assessment year 2004-05, wherein the tribunal following the decision of the itat (sb) in the case of syncome formulations (i) ltd (supra) has affirmed the view of the cit (a) deleting the similar ..... issue is also stand covered by the decision of the itat in assessee's own case in assessment year 2004-05 wherein the issue was decided as under: "16. ..... assessee's unabsorbed depreciation for the assessment year 2001-02 and 2002-03 and current year's depreciation, as held by the cit (a) are more than the capital gains and dividend being brought to tax separately by .....

Johnson and Johnson Limited Vs. Commissioner of Income Tax-ltu

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... and randd cess paid on technical know-how royalty on traded finished goods and manufactured products, we observe that the said issue was also considered by tribunal in assessees own case for the assessment year 2002-03 and the tribunal (vide para 42 of the order) held that said payments have been made by assessee in the light of agreement with jandj us and as per approval/guidelines of rbi ..... on account of tax, service tax paid by assessee on the payment of royalty, we observe that the said issue has already been considered by tribunal in assessees own case for the assessment year 2002-03 (supra) and the tribunal has held after considering the agreements entered into between the assessee and jandj us and also the decision in the case of dresser rand india p. ..... the tpo has summarized the discussions on the issue of payment of royalty in para 6.1.1 and thereafter he has stated that on the basis of order for assessment year 2005-06, the payment of technical know how fee at the rate of 1% for all the manufactured product for the consumer segment, pharmaceutical segment and medical devices and brand royalty ..... of hearing, the ld.ar submitted that the tribunal in assessees own case for assessment years 1997-98, 1998-99 and 1999-2000 in ita nos.145/mum/2001, 2054/mum/2003 and 2055/mum/2003, respectively, by a common order dated 18.1.2013 by relying on its own decision in the case of assessee itself for assessment year 1991-92 in ita no.1146/mum/1997 has held that the said expenditure .....