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international Computers India Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)63ITD195(Mum.)

..... of manufacture or production of articles not specified in the eleventh schedule. further, even in section 32a(4), which provides for keeping a reserve, as a condition for securing the deduction, we do not find any phraseology to accept the contention of the revenue.the object of all interpretation is to discover the intention of parliament but the ..... go beyond the abovesaid factual finding that there was no extinguishment of any right of the assessees, when the plant or machinery in question was hired out. there is force in this argument also. no doubt, a copy of the "lease agreement" entered into by one of the assessees, viz., sundaram finance limited, was produced before us ..... as such cannot be a partner in another firm though its partners may be partners in the other firm in their individual capacity. either under the repealed act or the act a firm is liable to be separately assessed to tax as well as all its partners in their capacity as individuals if they have taxable income, the .....

Deputy Commissioner of Vs. Vira Construction Co.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)61ITD33(Mum.)

..... the assessee had paid interest on the borrowed funds at about the same rate on which the amount was received on the amount of security deposited by it. in the circumstances, there is force in the view adopted by the assessing officer that the real picture of the assessee's business activities is not available on the material ..... in their own way and therefore no attribution can be made nor there is anything on record supported by documentary evidence that the assessee acted as a conduit pipe. another fact is that the security deposit attributed interest @ 18 per cent. the assessee's sister concern was liable to pay the interest @ 18 per cent and accordingly ..... s. vira properties pvt.ltd. (for short company), sharing 10%, 10% and 80% respectively. the business is claimed to be agency in real estate, more particularly to act as one of the selling agents of the construction business carries on by the company, which is holding 80% interest in the partnership firm. in january 1984, the company .....

Tejinder Singh Makkar Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1998)229ITR82(Mum.)

..... making first credit sale may be reluctant to again sell the goods on credit to the same party without realising the amount of earlier bill or without obtaining proper securities or guarantee bonds or without satisfying himself about the reliability of the outstanding sale proceeds. the ao ought to have examined the appellant on all such points.(o) ..... heard the rival submissions and the material available on record. we have also gone through the various case laws cited at the bar. in our opinion, there is considerable force in the arguments advanced on behalf of the assessee, so far as the bad debts of rs. 28,77,420, interest-free loans of rs. 8,35,000 ..... by the intelligence wing of the it department that number of parties were storing their unaccounted imported crca sheets in certain warehouses, action under s. 132 of the act was taken in respect of few warehouses. the warehouses of western india steel traders was also covered under the said section on 12th january, 1990. stock of crca .....

Growmore Research and Assets Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1998)65ITD435(Mum.)

..... as the broker.30. if, there exists some similar governing force like the stock exchanges for shares for the trading of money market transactions, where members of that force make themselves personally liable to other members of that force which force acts as the controlling force of all transactions, of its members and permits speculation in ..... capacity, for which submission, the smallness of the balance sheet was referred to. it was also submitted that in all money market transactions the securities are mere issues for reference only and not really contemplated upon and all transactions are mere speculation in money. the objection of the departmental representative was ..... appreciation of the transactions.17. the assessing officer in grlil had noted that transactions in money markets includes sale/purchase of units, bonds and government securities. he noted that the contract notes for purchase and sale of money market instruments to be delivered on a particular date was issued by m/s .....

Jitendra R. Shroff Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1996)59ITD494(Mum.)

..... third round of assessments the ao had made additions in respect of bank loans because, according to him, satisfactory explanation regarding securities given to the banks for the loans had not been given by the assessee. the learned counsel argued that this could not ..... yr. 1985-86 which suddenly rose in asst. yr. 1986-87 to rs. 22,73,044, when amnesty scheme was in force, he exercised his discretion within the four corners of law. as pointed out by shri sonde there are no guidelines issued by ..... referring to paras 27.5 and 27.7(3) of board's circular clarifying the provisions of finance (no. 2) act, 1980, it act (sic) he repeated that the board had clarified that to issue or not to issue the defect memo was within the ..... ram pyari devi saraogi and emery stone mfg. co. (supra), the assessments had been framed under s. 143(3) of the it act which presupposed that the ao shall make enquiries, examine the evidence produced before him and then only shall pass the assessment order. obviously when .....

Visveswaraya Industrial Vs. Deputy Commissioner

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1996)59ITD156(Mum.)

..... periodical or otherwise. 10. to borrow or raise any moneys required for the purpose of the centre upon such terms and in such manner and on such securities as may be determined and in particular by accepting fixed deposits or by the issue of debentures or debentures stock charged upon all or any of the property ..... article of association defined the term 'members of the assessee' to mean 'firm, association or body corporate incorporated under any law or regulation for the time being in force interested directly or indirectly any specific research for the development of indian trade & industry' and placed them into three types, viz. an ordinary or a life or a ..... the surplus as shown by the assessee in various years were not invested in the specified securities though, the assessee had claimed that re-utilisation of the surplus in its buildings satisfied to requirement of section 11(1a)(b) of the act. he rejected the contention of the assessee that the capital gains are exempted under section .....

Overseas Chinese Cuisine (India) Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... contended that the technical opinion evidence in the letter dated february 7, 1990, referred to above, should be followed as against the two technical opinions mentioned above secured by the assessing officer. rejecting this argument, the learned commissioner of income-tax (appeals) stated that this contradiction between experts can best be an argument for ..... case as put by the learned departmental representative has been that the assessee did not show any anxiety to cross-examine the witnesses. we find some force in the submission of learned counsel that no specific opportunity was provided by the assessing officer to cross-examine the witnesses. secondly, these statements were not ..... of the case and the material on record ?" 93. again on april 8, 1994, under the same provision, namely, section 255(4) of the income-tax act, 1961, a revised point of difference was formulated and sent to the then president for appointment of a third member. the point of difference expressed was the following : .....

Overseas Chinese Cuisine Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1996)56ITD67(Mum.)

..... that the technical opinion evidence in the letter dated 7-2-1990, referred to above, should be followed as against the two technical opinions mentioned above secured by the assessing officer.rejecting this argument the learned cit (appeals) stated that this contradiction between experts can best be an argument for ignoring them and going ..... the case as put by the learned departmental representative has been that the assessee did not show any anxiety to cross-examine the witnesses. we find some force in the submission of the learned counsel that no specific opportunity was provided by the assessing officer to cross-examine the witnesses. secondly, these statements were ..... sales figures that were found recorded in the books, heavily relied upon by the department, it was contended that this paper was legally incapable of being acted upon firstly for the reason that during assessment years 1988-89 and 1989-90, no independent material whatsoever was found to justify the drawal of any similar .....

Cadell Weaving Mill Co. Pvt. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... lieu of the tenanted premises to mitigate the hardship. it is further stated that both the parties to the suit were trying to look for and secure suitable premises for the defendant-assessee a reasonable and alternative accommodation. however, the averments in the compromise continued that neither the landlord nor the assessee-tenant ..... . in clause (vi) of the said section, capital gains chargeable under section 45 is mentioned. therefore, argued the learned departmental representative, there is no force in the contention that section 10(3) does not apply to capital receipts.the learned departmental representative brought to our notice that a case which was considered ..... consideration before the full bench is to find out what is the nature of the interest held by the statutory tenant under the provisions of the bombay rent act.14. shri y.p. trivedi, learned advocate, appeared for the assessee, and shri k.l. tilakchand, senior departmental representative, appeared for the department. several .....

Atlas Corporation Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1996)57ITD139(Mum.)

..... debentures. he took us through the preamble and other terms of the memorandum of association to show that the object of the association was to acquire shares, debentures, securities and other movable items by way of investments or to deal in such assets. the object was for both the purposes and, therefore, it cannot be said ..... ) that there was no broker involved in making these transactions; (viii) that huge amount had been advanced by bindal agro chem ltd., and oswal agro mills without any securities; (ix) that object of these transactions was to generate losses in order to reduce the profits; and (x) that assessee-aop was constituted along with other three aops ..... assessable to income-tax. but it is equally well established that enhanced values obtained from realisation or conversion of securities may be so assessable where what is done is not merely a realisation or change of investment, but an act done in what is truly the carrying on, or carrying out, of a business... . what is the line .....