Judgment Search Results Home > Cases Phrase: explosives act 1884 section 4 definitions Court: income tax appellate tribunal itat hyderabad Year: 2006 Page 1 of about 18 results (0.084 seconds)

Dy. Cit, 3(1) Vs. Sri K.S.N. Enterprises P. Ltd.,

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)105ITD375(Hyd.)

..... business was not given, no part of the compensation money was received by the assessee on condition not to carry on competitive business in explosives. consequently no part thereof was exempted from the income-tax act. in cit v. bombay burman trading corporation [1986] 161 itr 386 (sc), the issue before their lordship was what should be the ..... as per the ld. dept.representative is that the receipt in question is compensation in connection with termination of agency, for which reliance has been placed on section 28(ii). section 28(ii) as it stood for the impugned assessment year reads as follows: the following income shall be chargeable to income-tax under the head "profits and ..... of the first appellate authority at paragraph 8 on page 11 of his order that the receipt in question does not fall within the ken of section 28(ii) of the act. thus, the receipt in question was for restrictive covenant inasmuch as the assessee had carried on the business in soft drinks and had established a .....

Gulf Oil Corporation Ltd. Vs. Asstt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2008)111ITD124(Hyd.)

..... dated 21.9.2005 for assessment year 2002-03.2. the first issue relates to the computation of book profits under section 115jb of the income-tax act, 1961(the act). the assessee company is engaged in the manufacture of detonators, industrial explosives and its accessories. it returned total loss of rs. 34,27,39,176 for the year under consideration. since the ..... of rs. 3,62,005 on account of delayed payment of provident fund; (c) disallowance of rs. 9,34,455 on account of sales-tax payment under section 43b of the act.8. after hearing the parties, so far as the first item is concerned, it is not disputed that the entire payment was made before the end of the ..... also does not help the revenue as it merely says that sometimes, appropriation account is included as a separate section of the profit & loss account. but, as we have seen earlier, parts-ii and iii of schedule-vi to the companies act do not speak of appropriation account at all. in the light of this discussion, we are convinced that .....

Valueline Securities (i) Ltd. Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)108ITD639(Delhi)

..... of search and seizure operations. the appellant also produced evidence in the shape of panchnama that the premises of the appellant was covered under section 132 of the act by showing the warrant of authorization against the appellant. the assessing officer acknowledged that search and seizure operations were contemplated because of the ..... letters of confirmation directly addressed to the asstt. commissioner of income tax, it is clear that the assessing officer himself addressed letters under section 133(6) of the act requiring the shareholders to furnish the details of investment with the appellant company. they have responded and furnished the details as required by the ..... books of account and no adverse evidence is found during the course of search, no addition can be made while completing the assessment under section 158bc of the act.12. without prejudice to the above, the learned counsel submitted thatthe share capital introduced cannot be considered as not genuine.hesubmitted that the .....

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)288ITR226(Hyd.)

..... 167b, as the case may be, or the rate or rates of income-tax specified in this behalf in the finance act ..... act of the relevant year, and for the purposes of computation of the "advance tax" payable under chapter xvii-c in a case falling under section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section 167b, section 115b or section 164, the rate or rates specified in section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section ..... - 39. lastly, it was contended on behalf of the appellants that the amending act whereby new section 15 of the act has been substituted is declaratory and, therefore, has retroactive operation. ordinarily when an .....

Ashoka Enterprises Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... capital gains. though, no specific ground was raised by the appellant on the issue of assumption of jurisdiction by the learned commissioner of income tax under section 263 of the act, the larned counsel of the assessee argued that the assessment order was not erroneous or prejudicial to the interest of revenue in the facts of the ..... two views in the facts of the case that the impugned transaction amounted to a transfer as defined in the act. it was, therefore, submitted by her that the commissioner of income tax assumed jurisdiction under section 263 correctly and the direction given by the commissioner of income tax to assess capital gain on the impugned transactions ..... why above transaction should not be considered as a transfer within the meaning of section 2(47)(i) and (ii) of the income tax act read with section 2(47)(vi). it was contended by the assessee before the learned commissioner that no action under section 263 is called for the following reasons: (a) the company m/s. kakatiya .....

Parul Toys Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)105ITD81(Hyd.)

..... toys. it filed return of income for the assessment year 2001-02 on 19-11-2001, declaring its total income at rs. 22,170 under section 44af. the assessment was completed under section 143(3) of the act on a total income of rs. 61,696 after making an addition of rs. 39,526, by way of partial disallowance of the assessee's ..... cit(a) by the order impugned herein.5.2 the contention of the assessee is that when for determination of income for assessment recourse is made to the provisions of section 44af by the assessee, being a small trader having a turnover of less than rs. 40 lakhs, the books of account or the profit & loss account drawn up in accordance ..... contentions of the assessee, which the cit(a) has elaborately considered before rejecting, duly extracting the relevant provisions of the act, in para 4 of his order impugned herein, on pages 3 to 5 thereof.5.3 the proviso to section 44af makes it clear that 'where the assessee is a firm, the salary and interest paid to its partners shall be .....

Southern Electrodes Ltd. Vs. Asstt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2008)111ITD1(Hyd.)

..... of the impost as given by the statute, to find out whether it is compensatory or penal in nature. the authority has to allow deduction under section 37(1) of the act, wherever such examination reveals the concerned impost to be purely compensatory in nature. wherever such impost is found to be of a composite nature, i. ..... appeal before the cit(a), who, concurring with the reasoning given by the assessing officer upheld the disallowance made by the assessing officer in terms of section 43b of the act. hence, assessee is in second appeal before this tribunal.3. the learned counsel for the assessee submitted that: the appellate commissioner erred in sustaining the disallowance ..... high court in the case of mewar motors v. cit 260 itr 218. he further held that payment of interest is covered by the provisions of section 43b of the act and the amount claimed is therefore not allowable. he, therefore, concluded that the interest charged by the government of andhra pradesh is penal and not .....

Vijay Raj Sethia Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... perceptible difference between hexane products and petroleum ether, the same was being sold to petroleum bunks for adulteration ie. mixing it with petrol. taking advantage of the explosive licence and certification from industries department as regards storage capacity which the assessee had, the assessee used to purchase the solvent oil from oil companies, lift the ..... was seized. the transactions recorded in the bank account did not form part of' regular books of account maintained by the assessee. in a statement under section 132(4), the assessee agreed that the said bank account was operated exclusively for the purposes of the above mentioned activity and that he used to obtain ..... of 55 tankers of petroleum ether had been undertaken by shri koteswara rao. he pointed out that the assessing officer in that case, where shri koteswara rao acted as a businessman, had accepted the gross profit rate of 8.2596. he also pointed out that the commission received at rs. 1,80,000 was disclosed .....

M.P. Malliwal Vs. Joint Cit, (Assts.)

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... the question of levy of cost is concerned, the cost can be imposed by the appellate tribunal in the light of provisions of sub-section 2(b) of section 254 of the income tax act. normally, discretion to award cost is vested with the tribunal to check filing of frivolous and unjustified appeals. the present appeals filed by ..... charges etc. considering the facts and circumstances of the case, we are of the firm view that the addition made by the assessing officer presumably, under section 69c of the act has no legs to stand and we hereby delete the addition.6. learned accountant member did not agree with the above view. he noted that the assessee ..... facts and circumstances of the case, i am of the view that revenue authorities did not bring sufficient material on record to apply the provisions of section 69c of the income tax act and accordingly addition for low household withdrawals in the two years were not sustainable. the learned judicial member rightly deleted them in the proposed order. .....

A.P. Power Generation Vs. the Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)105ITD423(Hyd.)

..... , the question of they being brought to india in knocked down condition does not arise.the question of assembling or erection also does not arise. section 44bbb of the act applies only in so far as local service contract for installation of these cables is concerned. m/s. sumitomo corporation estimated the income from such ..... was liable to deduct tax as it had not approached the assessing officer. the commissioner (appeals) rejected the contention of the assessee that provisions of section 195 of the act did not apply on the ground that there was constructive payment in favour of sumitomo corporation. he then considered the provisions of double taxation avoidance agreement ..... neither a payment by the appellant nor a credit to sumitomo corporation in the books of accounts of the appellant as would attract the provisions of section 195 of the act. v) the acit ought to have appreciated that in substance, the payment made by the sumitomo corporation was as per the instructions of government of .....