Court : Income Tax Appellate Tribunal ITAT
Reported in : (2006)5SOT805(Bang.)
..... earlier years from the eligible profits of industrial undertakings claiming deduction under sections 80hh and 80-i and has held as under in para 34.4, the relevant portion is extracted hereunder: "we have, therefore, no hesitation in holding that the miscellaneous income which is in the nature of trading receipt, like discount received from suppliers for earlier payment and the amount written back in respect of sundry credit balances would form ..... in response, the assesseecompany submitted that section 10a units are part of the wipro infotech group and as such recoveries of corporate expenditure are made from the infotech group and since wipro corporate has already recovered its expenses from the various divisions for the use of its services, no further allocation was necessary ..... "any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the employees' state insurance act, 1948 (34 of 1948), or any other fund for the welfare of such employees. ..... the learned cit(a) erred in confirming the addition and in giving a direction that the aggregate of miscellaneous income disputed by the assessing officer in determining the profits eligible for exemption under section 10a is ..... be construed as profits derived from industrial undertaking eligible under section 10a, since it is only a receipt of miscellaneous income assessing officer has rightly considered it as income not derived from 10a units. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (2005)96TTJ(Bang.)211
..... years from the eligible profits of industrial undertakings claiming deduction under sections 80hh and 80-i and has held as under in para 34.4, the relevant portion is extracted hereunder : "we have, therefore, no hesitation in holding that the miscellaneous income which is in the nature of trading receipt, like discount received from suppliers for early payment and the amount written back in respect of sundry credit balances would form ..... to credit an employee's contribution to the employee's account in the relevant fund under any act, rule, order or notification issued there under or under any standing order, award, contract of service or otherwise" "any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the employees' state insurance act, 1948 (34 of 1948), or any other fund for the welfare of such employees" 13.2 perusal of these two ..... in response, the assessee-company submitted that section 10a units are part of the wipro infotech group and as such recoveries of corporate expenditure are made from the infotech group and since wipro corporate has already recovered its expenses from the various divisions for the use of its services, no further allocation was necessary ..... the learned cit(a) erred in confirming the addition and in giving a direction that the aggregate of miscellaneous, income disputed by the ao in determining the profits eligible for exemption under section 10a is rs .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (2005)96TTJ(Bang.)221
..... from the eligible profits of industrial undertakings claiming deduction under sections 80hh and 80-i and has held as under in para 34.4, the relevant portion is extracted hereunder : "we have, therefore, no hesitation in holding that the miscellaneous income which is in the nature of trading receipt, like discount received from suppliers for early payment and the amount written back in respect of sundry credit balances would form ..... credit an employee's contribution to the employee's account in the relevant fund under any act, rule, order or notification issued there under or under any standing order, award, contract of service or otherwise" "any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the employees' state insurance act, 1948 (34 of 1948), or any other fund for the welfare of such employees" perusal of these two ..... in response, the assessee-company submitted that section 10a units are part of the wipro infotech group and as such recoveries of corporate expenditure are made from the infotech group and since wipro corporate has already recovered its expenses from the various divisions for the use of its services, no further allocation was ..... learned commissioner(appeal) erred in confirming the addition and in giving a direction that the aggregate of miscellaneous, income disputed by the assessing officer in determining the profits eligible for exemption under section 10a is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2003)260ITR1(Nag.)
..... power conferred under section 3e of the coal mines provident fund and miscellaneous provision act, 1948. ..... section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material ..... maxim of laws the lex non cogit ad impossiviha, if it appears that the performance of the formalities prescribed by a statute has been rendered impossible by circumstances over which the persons interested had no control, like the act of the god or the king's enemies, these circumstances will be taken as valid excuse." 10.14. keeping in view the above legal position as well as taking a circumspect view of the matter on hand, ..... it was also explained by the assessee that during the process of such rehabilitation, whole engine assembly and transmission equipments are offloaded and dismantled after which worn out parts are replaced and necessary boring of the engine is done so that the required power of the engine is obtained once again to work at its optimum level for the ..... bombay v. automobile and agricultural industries corporation (1961) 12 stc 122, the hon'ble supreme court has observed that courts in interpreting a taxing statute will not be justified in adding words thereto so ..... damodar ..... case of damodar h. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2002)77TTJ(Nag.)401
..... exercise of the power conferred under 3e of the coal mines provident fund and miscellaneous provision act, 1948. ..... that the issue of computation of the book profit within the meaning of section 115j(1) was under consideration before the tribunal in that case and keeping in view the provisions of part ii and part iii of schedule vi to the companies act, 1956, the tribunal held that the liability provided for the fringe benefits cannot be added back in computing the book profit within the meaning of section 115j(1) read with ..... if the block has positive balance (the moneys payable being less than the written down value), depreciation continues to be allowable even if the asset is no more in existence.similarly, if only some assets forming part of a block are sold and if the sale proceeds of these assets wipe out the entire value of the block, no depreciation would be available even though some assets of the block continue to be ..... this section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142(1) or section 148 or to disclose fully and truly all material facts ..... , he placed reliance on the decision of honble kerala high court in the case of plantation corporation of kerala v ..... the case of damodar h.shah v. ..... damodar .....
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