Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)98ITD165(Ahd.)
..... chapter vi-ai profits and gains as computed under the act is to be taken and not the commercial profit.in support of this contention, he relied upon the decisions in the cases of cambay electric supply industrial ..... nani daman-------------------------------------------------------------------------------------2 2520/a/2004 siddh " shri ketan h ay:-2001- international, shah-------------------------------------------------------------------------------------3 3064/a/2004 shree " none shri pk ay:-2001- fashion ..... submissions 2002 and plastics baroda-------------------------------------------------------------------------------------15 3265/a/2004 bahadurbhal " shri snl " ay:-1999- s bhanwadia agrawal, 2000 advocate-------------------------------------------------------------------------------------16 3266/a/2004 " " " " ay:-2000-2001-------------------------------------------------------------------------------------17 3267/a/2004 " " " " ay:-2001--------------------------------------------------------------------------------------18 3336/a/2004 pacific " " " ay:-1999- plastics-------------------------------------------------------------------------------------19 3338/a/2004 roshman pet " " " ay:-2001- plat-------------------------------------------------------------------------------------20 3393/a/2004 m/s deep " " " ay:-1999- jyoti textile-------------------------------------------------------------------------------------21 3394/a/2004 m/s deep " " " ay:-2000- jyoti textile .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2007)109ITD181(Ahd.)
..... the high court that the question in that case was whether the assessee was an industrial company within the meaning of section 2(8) of the finance act, 1975, and that, in answering that question, the high court had held that raw diamonds and cut and polished diamonds were different and distinct marketable commodities having different uses; therefore, a company engaged in cutting and polishing raw diamonds for the purpose of export was engaged in the "processing of ..... unless there is anything repugnant in the subject or context,- (i) incidental or ancillary to the completion of a manufactured product; and (ii) which is specified in relation to any goods in the section or chapter notes of schedule i to the central excise tariff act, 1985 as amounting to manufacture, and the word "manufacture" shall be construed accordingly and shall include not only a person who employs hired labour in the production or manufacture of excisable goods, but also any person who engages in their production or manufacture on ..... . considering the various processing stages of the of the assessee's activity including the design and drawing involved, the annealing process, the assembling process, the test certificate given and packing in wooden pallet he expressed no doubt that the activity of the assessee was a ..... . meeting international standards with respect to magnetic properties, coating, insulation resistivity, dimensional tolerances and lamination factor is the credo at the crno ..... is exhibited in exhibit e. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)81ITD553(Ahd.)
..... in which it was, inter alia, held that the profits and gains of an industrial undertaking to which section 84 of the it act (provisions similar to sections 80j, 80-i and 80-ia) applies have to be computed in accordance with the provisions contained in chapter iv-d of the act and development rebate has first to be deducted from the total income and it is only thereafter, if any profits and gains remain from to is business, that the benefit under section ..... the fact that depreciation under section 32 is eligible on the basis of the "block of assets" for the company as a whole and not in respect of individual assets of the concerned industrial undertakings and accordingly depreciation cannot be allocated to the different industrial undertakings as per the scheme of the income-tax act, 1961 in respect of allowance of depreciation on the concept of "block of assets".13.3 in view of the above grounds of appeal, the ..... the chart showing the income by way of advance licence booked by the appellant company in the books of account for assessment years 1992-93 to 2000-2001 and the corresponding figures of such advance licences benefit actually utilised in these nine years given in para-6 at page 28 shows that the quantum of income accounted ..... material or the duty paid imported raw material and the international price of raw material should be adjusted in the books by reducing the cost of raw materials already utilised for exports and debiting receivable account in case the licence ..... designation .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2008)113TTJ(Ahd.)918
..... with the provisions of this act without giving effect to set off of brought forward losses under chapter vi or unabsorbed depreciation under sub-section (2) of section 32: provided that in computing deductions under chapter vi-a for the purposes of the said aggregation, effect shall be given to set off of brought forward losses under chapter vi or unabsorbed depreciation under sub-section (2) of section 32; (b) of a firm, returned income and total income assessed for ..... in the existing system of taxation of income from deep discount bonds, and to formulate a system which is more in line with international practice, the board have decided that such income may hereafter be ..... change the system of accounting, but again subject to the fact that it is for him to establish that change was bona fide and changed system was being followed regularly.19.1 coming to the facts of the present case, there is no dispute that till 28th march, 2000, the assessee was following mercantile system of accounting, but at the same time there is no dispute that the assessee ..... issue relating to the taxability of income from ofcpn of nirma industries ltd, shown by the assessee in revised return on accrual basis is concerned, the same will automatically be decided in assessee's favour.11.1 with respect to departmental representative's arguments, that it was for the assessee to establish that change in system of accounting was bona fide and that the changed system was being followed regularly, the learned .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)73TTJ(Ahd.)404
..... itr 768 (sc) in which it was, inter alia, held that the profits and gains of an industrial undertaking to which section 84 of the income tax act (provisions similar to sections 80j, 80-i and 80-ia) applies have to be computed in accordance with the provisions contained in chapter iv-d of the act and development rebate has first to be deducted from the total income and it is only thereafter, if any profits and gains remain from this business, that the benefit under section 84(1) would be ..... " after perusing the aforesaid chart, the bench required the learned representative of both the sides to consider as to whether such a litigation from assessment year 1992-93 to 2000-2001 in relation to the aforesaid point is going to give any real gain or loss to either side.the taxability of the benefit by way of advance licences for importing ..... reasonable certainty as to the receipt of import licence and the measurability of its benefit, the difference between the price of locally purchased raw material and the duty-free raw material at prevailing international price should be measured at the end of the year and it should be adjusted in the books by reducing the cost of locally purchased raw materials already utilised for exports and debiting receivable account. ..... same considerations, it is not proper to defer a portion of the cost of locally purchased raw materials by accounting the difference between consumption of raw material at the local price and the international duty-free price.shri s.n. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)97TTJ(Ahd.)818
..... 2000 64, 002 20-5-2000 24-6-2000 may, 2000 64, 204 20-6-2000 24-6-2000 total 1, 28, 206 july, 2000 2, 400 20-8-2000 9-3-2001 august, 2000 2, 400 20-9-2000 9-3-2001 september, 2000 2, 400 20-10-2000 9-3-2001 october, 2000 3, 840 20-11-2000 7-12-2000 november, 2000 3, 840 20-12-2000 9-3-2001 december, 2000 3, 840 20-1-2001 9-3-2001 january, 2001 3, 840 20-2-2001 9-3-2001 total 22, 560 details of disallowance under section 43b of the act ..... of the market share (which includes both quantitative and financial dimensions) its product(s) enjoys; its product cost being governed by the product quality on one hand, and the technology employed (for production) and/or the effectiveness of its management, on the other; all essentially internal variables, which may be deemed as quasi ..... cit (i) the brief facts in this case were that the assessee, which was carrying on business of arranging exhibition of advertisement and film shorts in licensed public cinema theatres in the four southern states of madras, andhra, kerala and mysore, entered into an agreement with one s, who was also carrying on similar business on behalf of ..... and sale of the products manufactured by the assessee, was to obtain manufacturing licence and technical know-how including drawings, design, specifications and other technical information, to enable the assessee make ..... industry/plant so purchased was to include entire business undertaking situated at ponada including movable and immovable properties and all other tangible and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)87ITD475(Ahd.)
..... focus of this industrial legislation and the social perspective of part iv of the paramount law drive us to hold that the dual goals of the act are contentment of workers and peace in the industry and judicial interpretation should ..... made by the assessee with the bank for obtaining letter of credit, there was a direct nexus between the earning of interest on the fixed deposit with the banks and manufacturing activity of the industrial undertaking because the fixed deposits were made in order to open the letter of credit to facilitate the smooth running of business of manufacturing.the pune bench has also noted ..... if for the words "seven assessment years", the words "nine assessment years" had been substituted: prqvided also that in the case of an assessee, being a co-operative society, deriving profits and gains from an industrial undertaking or a ship or a hotel referred to in the third proviso, the provisions of that proviso shall have effect as if for the words "nine assessment years", the words "eleven assessment ..... objects and reasons, international thoughtways, popular understanding, contextual connotation and suggestive ..... and 232 of 2001] wherein also a similar question was raised and the high court noting the statement of the central government standing counsel and the learned counsel for the respondent that the controversy sought to be raised therein had already been concluded by the decision of the court dated 18-10-2000 ..... where the credit is designed to facilitate trade. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2007)108ITD1(Ahd.)
..... assessee had earned any income by way of consultancy fees; that the receipts were for project of mundra port, which the assessee had planned out to establish as a port and for this purpose, the assessee was studying various factors through international agencies and incurred huge expenditure and thus had detailed analysis and report on the subject; that fee was for technical know-how which was obtained by the assessee by incurring huge expenses ..... counsel for the assessee tried to make out his case by way of an example relating to working textile industry and by submitting that if the assessee starts a project of establishing a textile industry and for that purpose it establishes utility facilities such as providing steam, etc. ..... in response to show-cause notice for assessment year 1997-98, the assessee filed two replies dated 14-3-2000 & 24-3-2000 respectively.9.1 in reply letter dated 14-3-2000, the assessee claimed that its case was covered by the decision of hon'ble supreme court in the case of cit v. ..... (iv) that the drawings, designs, charts, plans, processing data and other literature comprised in the "documentation service" as specified in clause 3 constituted a "book" and fell within the definition of "plant" in section 43(3) of the income-tax act, 1961. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2007)111TTJ(Ahd.)593
..... had earned any income by way of consultancy fees1; that the receipts were for project of mundra port, which the assessee had planned out to establish as a port and for this purpose, the assessee was studying various factors through international agencies and incurred huge expenditure and thus had detailed analysis and report on the subject; that fee was for technical know-how which was obtained by the assessee by incurring huge expenses ..... addition to above, the id.counsel for the assessee tried to make out his case by way of an example relating to working textile industry and by submitting that if the assessee starts a project of establishing a textile industry and for that purpose it establishes utility facilities such as providing steam, etc. ..... the answer was in the affirmative, it would be a "plant" (iv) that the drawings, designs, charts, plans, processing data and other literature comprised in the "documentation service" as specified in clause 3 constituted a "book" and fell within the definition of "plant" in section 43(3) of the income-tax act, 1961. ..... as per reply letter dated 24/03/2000, the assessee submitted that the receipt of technical fees from gujarat maritime board is only because of the fact that the technical know-how was supplied to them by the ..... in reply letter dated 14/03/2000, the assessee claimed that its case was covered by the decision of hon'ble supreme court in the case of ..... -98, the assessee filed two replies dated 14/03/2000 & 24/03/2000 respectively.9.1. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2007)111TTJ(Ahd.)556
..... only conclusion possible is that the assessment orders, insofar as they disallowed the claim of the petitioner for deduction in respect of the amount of provision for taxation, proceeded on a wrong view of the law and the said orders were bad at their very inception, on the date on which they were made.in view of above observations, the arguments of the assessee that it was not liable to deduct tax at ..... to non-resident in connection with purchase of ships was not a part of the purchase price of the ships but was interest and the assessee being responsible for paying to the non-resident usance interest which was chargeable under the provisions of the income tax act, 1961, was liable to deduct income-tax thereon under section 195(1); disallowance under section 40(a) (i) for failure on the part of ..... did not have before him the decision of this court in raipur manufacturing company's case (supra) or that of the supreme court in kesoram industries & cotton mills' case (supra) when he passed the assessment orders in the petitioner's cases and that both the decisions were given after the assessment orders were made. ..... oman international bank saog (2006) 102 ttj (mumbai)(sb) 207 : (2006) 100 ttd 285 (mumbaixsb) has held that the decision of third member will have the same ..... opportunity cannot be sustained and as such should be determined afresh after giving opportunity to the assessee by the officer presently having jurisdiction in relation to chapter xvii-b. ..... cit (2000) 69 ttj (del)(tm) .....
Tag this Judgment!