Judgment Search Results Home > Cases Phrase: eligible transaction Sorted by: recent Court: delhi Page 1 of about 1,183 results (0.028 seconds)

Cit V Vs. Nasa Finelease P Ltd.

Court : Delhi

..... proviso (d) to section 43(5) inserted with effect from 1st april, 2006 stipulates that eligible transactions should have been conducted/carried out only in recognized stock exchange, to be notified. ..... assessing officer relying upon the explanatory memorandum observed that the transactions undertaken between july, 2005 to september, 2005 were before 25th january, 2006 and, therefore, the derivative loss was not eligible under proviso (d) to section 43 (5) of the act ..... the derivative transactions between july, 2005 to september, 2005 were not eligible. ..... income tax appellate tribunal (tribunal, for short), the respondent has succeeded on the first issue and it has been observed that they were entitled to benefit under section 43(5) proviso (d), even in respect of transactions carried out with effect from 1st april, 2006. ..... with the tribunal that the delay occasioned, as procedure and formalities have to be complied with, should not disentitle and deprive an assessee, specially, when the transactions were carried through a notified stock exchange. ..... secondly, the derivative transactions were during the period july, 2005 to september, 2005 and proviso (d) to sub-section 5 to section 43 ..... the memorandum stipulated that transactions in respect of trading in derivatives in the aforesaid two stock exchanges with effect from 25th january, 2006 shall not be deemed to be speculative transactions. ..... the transactions in question it is accepted and an admitted position were conducted in the national stock .....

The Commissioner of Income Tax Delhi-iv Vs. Dlf Commercial Developers ...

Court : Delhi

..... stock exchange;] shall not be deemed to be a speculative transaction, [explanation four the purpose of this clause, the expressions ita 94/2013 page 7 (i) eligible transaction means any transaction - (a) carried out electronically on screen-based systems through a stock broker or sub-broker or such other intermediary registered under section 12 of the securities and exchange board of india ..... holdings of stocks and shares through price fluctuations; or (c) a contract entered into by a member of a forward market or a stock exchange in the course of any transaction in the nature of jobbing or arbitrage to guard against loss which may arise in the ordinary course of his business as such member (or) (d) an eligible transaction in respect of trading in derivatives referred to in clause {(ac)} of section 2 of the securities contracts (regulation) act, 1956 (42 of 1956) carried out in a recognized ..... that since the expression derivatives is defined only in section 43 (5) and since it excludes such transactions from the odium of speculative transactions, and further that since that has not been excluded from section 73, yet, the court would ..... whereby its contention about inapplicability of explanation to section 73 of the income tax act, 1961 in respect of its transactions, and the resulting relief in carry forward of its losses for the previous year, in respect of its ita .....

M/S. Aravali International Vs. Jammu and Kashmir Bank Ltd. and Others

Court : Delhi

..... (a) payment for all eligible current transactions in indian rupees or asian monetary unit (amu) or in the currency of the participating country in which the other party to the transaction is resident. ..... as regards the first, the plaintiff has conclusively proved that in export transactions pertaining to member countries of the asian clearing union including bangladesh, the foreign exchange regulations mandate that payment can only be made in indian rupees or the currency of the participating country and, therefore, not in us dollars. ..... has adduced evidence to show that as per the reserve bank of india restrictions as contained in the guidelines and foreign exchange manual placed on record and marked as a for the sake of identification, it is provided that in export transactions with member countries of the asian clearing union which includes bangladesh, payment could only be made in indian rupees or in the currency of the participating country in which the other party to the transaction is resident and, therefore, not in us dollars. ..... that similarly in transactions pertaining to foreign exchange, all banks are required to inform the reserve bank of india by submitting gr-i forms with regard to documents sent under collection or otherwise and also the fate of the documents i.e. .....

Commissioner of Income-tax Vs. Surjan Singh,

Court : Delhi

Reported in : (2002)178CTR(Del)547; 101(2002)DLT21; [2003]260ITR351(Delhi)

d.k. jain, j. 1. in these ten references, at the instance of the revenue, the income-tax appellate tribunal, new delhi (for short the tribunal) has referred under section 256(1) of the income-tax act, 1961 (for short the act) the following question for our opinion:'whether on the facts and in the circumstances of the case, capital gains arising on transfer of agricultural lands in village nangal dewat, delhi is chargeable to tax?2. since in all the references an identical question has been referred, these are being disposed of by this common order.3. as the format of the question itself suggests, the issue arising for consideration is whether the agricultural land in village nangal dewat constitutes a capital asset within the meaning of section 2(14)(iii)(a) of the act and exigible to capital gain taxed on its transfer.4. the question posed being purely legal, it is unnecessary to state the facts of each of the cases, except to note that all the references pertain to the assessment year 1974-75.5. we have heard mr. r.c. pandey and mr. r.d. jolly, senior standing counsel for the revenue and mr. r.p. bansal, learned senior counsel for the assessed.6. in our view, the question referred for our opinion is no longer rest integra in view of the decision of the madras high court in s. hidhayathullah sahib v. commissioner of income-tax, : [1986]158itr20(mad) , approved by the apex court in g.m. omer khan v. commissioner of income-tax (addl.), : [1992]196itr269(sc) ; the decision of .....

Mrs. Padma JaIn Vs. Gift-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

..... persons in whose favour the appointment may be made) of property vested in any person, not the owner of the property, to determine its disposition in favour of any person other than the donee of the power; and (d) any transaction entered into by any person with intent thereby to diminish directly or indirectly the value of his own properly and to increase the value of the property of any other person;" section 4 of the act deals with deemed ..... " thus, the word gift means the transfer of existing property both movable and immovable by one person to another made voluntarily without consideration and it also takes care of certain other transactions which may not be directly covered by the operative part of the definition in section 2(xii) and seeks to exclude transfer within the meaning of section 4 which contemplates deemed gift for the purpose of the act. ..... apart from this, the revenue has not been able to show by arriving at any positive finding that the transaction was not a bona fide one and hence was a deemed gift within the meaning of section 4(l)(c) of the act. ..... in such circumstances there was no transaction eligible to lax within the meaning of the gift-tax act." 9. ..... nor was the revenue able to show by arriving at any positive finding that the transaction was not a bona fide one and hence was a deemed gift within the meaning of section 4(l)(c) of the act. ..... in such circumstances, we are of the view that there is no transaction exigible to tax within the meaning of the gift-tax. .....

Pr. Commissioner of Income Tax -2 vs.cincom Systems India Pvt. Ltd.

Court : Delhi

..... the ao is directed to allow the expenditure as per the books of account maintained by the assessee & to recompute the deduction u/s 10a of the act subject to its eligibility as commented upon in the subsequent para, in the appellate order, keeping also in view the principles of consistency & the method of accounting followed by the assessee, wherein no deviation noted vis-a-vis method accounting employed ..... expenditure claimed under the head unallocated segment in the ratio of 90:10 between software development activities & unallocated segment, thereby treating the same, as attributable in that ratio in 'eligible unit' & 'ineligible unit', on purely surmises, in a suspicious & conjecture manner, without any evidence with him to suspect the books of account. ..... first aspect, there is not much dispute, the second requirement, viz, it is a course of business so arranged as to result in an inflated profit for the eligible business by way of shifting huge expenses to unallocated unit, is not forthcoming from the order of the ao. ..... 4.1.3 while it is true that there did exist a close connection between the assessee company carrying on eligible business to which section 80ia(10) applies and its ineligible business, the other requirements such as the nature of arrangement & the manner of rejection of the profit margin in effect, due to export sales as inflated profits ..... stated that the course of business appears to be so arranged regarding the business transaction between two units e.g. .....

Carlsberg India Private Limited and Others Vs. Union of India and Othe ...

Court : Delhi

..... , - (i) a transfer of title in goods or immovable property, by way of sale, gift or in any other manner; or (ii) such transfer, delivery or supply of any goods which is deemed to be a sale within the meaning of clause (29a) of article 366 of the constitution; or (iii) a transaction in money or actionable claim; (b) a provision of service by an employee to the employer in the course of or in relation to his employment; (c) fees taken in any court or tribunal established under any law for the time being in force. ..... explanation 2 for the purposes of this clause, transaction in money shall not include any include any activity relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate ..... in that process two distinct and different transactions take place, namely the financing transaction and the equipment leasing/hire purchase transaction. ..... the former was eligible to service tax whereas the latter would be eligible to local sales tax/vat. ..... for each transaction or contract, the chartered accountant/cost accountant renders profession-based services. ..... the same transaction may involve two or more taxable events in its different aspects. .....

Thomson Press (India) Ltd. Vs. Commissioner of Income Tax-II

Court : Delhi

..... cit: (1983) 140 itr 379 (mp) in support of his view that the transaction of crediting interest by the head office to the account of the eligible undertaking was between the two branches of the assessee and did not give rise to any ..... whilst the ao rejected certain expenses as deductible, there was no discussion in respect of the interest included as the profits and gains of the eligible undertaking; the ao did not object to the inclusion of interest in profits from the eligible undertaking, which were exempt under section 10a of the act and, consequently, reduced by the assessee from its total income for computing the income ..... aggarwal, this indicated that the eligible business and non eligible business were to be treated as separate sources and transactions inter se different units of an assessee were recognised for the purposes of calculating the income derived by an assessee from an eligible undertaking. 19 ..... . section 10a if read in the manner as suggested by the assessee, would imply that profits and gains of an assessee from its eligible undertaking would include fictional income which is otherwise not chargeable to tax and correspondingly, the assessee would show fictional expenditure in relation to its business, other than that falling within the ..... in that case was whether, for the purposes of computing the gross total income of the assessee, the loss of non-eligible undertaking could set off against the income derived from the undertaking to which section 10a of the act applied .....

Commissioner of Income Tax Vs. M/S Orient Abrassive Ltd

Court : Delhi

..... we have already noted the statutory provisions of section 80 ia of the act and observed that the statutory provisions in fact were to the contrary and stipulate computation of an eligible undertaking s profit or loss, even when the sales/transactions were made to a related party or to the same assessee, but in such cases, the profits have to be computed in the manner stipulated in sub-sections (10) and (8) to section 80-ia.13. ..... eligible business for the purposes of the deduction under this section, take the amount of profits as may be reasonably deemed to have ..... assessing officer that, owing to the close connection between the assessee carrying on the eligible business to which this section applies and any other person, or for any other reason, the course of business between them is so arranged that the business transacted between them produces to the assessee more than the ordinary profits which might be expected to arise in such eligible business, the assessing officer shall, in computing the profits and gains of such .....

Cce, Chandigarh Vs. Ramesh Gupta, Partner

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Principal Bench New Delhi

..... it is also observed that commissioner (appeals) has not appreciated finding of adjudicating authority where investigations conducted by department have clearly brought out that fake transaction had been undertaken with the sole motive of showing procurement of machines and subsequently to show 25% expansion of existing capacity which was requirement of for eligibility for availment of exemption under notification no..49-50/03 as amended. ..... i observe that learned advocate for the respondent has insisted that their transaction was proper and machines were received from the faridabad in their factory and they have undertaken expansion of the factory as referred in notification no.49-50/03. ..... when overwhelming incriminating evidence relating to bank transaction as well as filing of return with sales tax department showing actual value of dies clearly indicated committal of fraud. ..... above transaction could not be possible without shri ramesh gupta who organized paper transaction with sole motive to avail benefit of area based exemption. ..... it has also come on record that respondents have tried to manipulate bank account as they have taken bank loan showing purchase from m/s.r.s.engineers which was proved to be fake transaction. .....