Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Mar-31-2003
Reported in : (2003)79TTJ(Mum.)1002
..... not doubted by the ao. the nature of business is manufacture of phosphorous, which is highly explosive and it is claimed that the loader is a necessity in the line of trade. in accordance with the provisions of section 32ab of the it act, 1961, the deduction was allowed to the assessee on the purchase of jcb excavator loader but ..... section 32 of the act and as such the deduction be allowed under section 37 of the act as a matter of commercial expediency as a prudent businessman would do." 4. the learned counsel for the assessee argued ..... . 1 is not pressed by the learned counsel of the assessee, hence dismissed. "cit(a) erred in upholding the disallowance of rs. 8,66,989 under section 32ab of the it act in respect of unserviceable and unusable jcb excavator loader scrapped during the accounting year and the scrap value deducted from the block of assets under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : May-08-2003
Reported in : (2003)87ITD181(Mum.)
..... worked out on each asset separately. the concept of block of assets came into operation from asst. yr. 1988-89. the term "block of assets" is defined in section 2(11) of the it act. as per the definition as it existed at the relevant time, the "block of assets" means "a group of assets falling within a class of assets, being ..... gains. the ao was, however, of the view that since assessee had claimed depreciation on the said asset in the earlier years, the transaction was hit by section 50 of the act and the profit arising out of the sale of the premises was accordingly taxed as short-term capital gains. the learned cit(a) upheld the order of the ..... allowed from asst. yr. 1986-87 onwards. 4. he failed to appreciate the facts that the asset under review never entered the stock of assets as defined under section 2(11) of the it act 1961." 4. shri v.h. patil, the learned counsel for the assessee, neatly identified the following two issues emanating out of the aforesaid four grounds, to which .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Feb-24-2003
Reported in : (2004)84TTJ(Mum.)186
..... ld. cit(a) was crucial for deciding the issue. it is submitted that first appellate authority has inherent power to examine such relevant evidence under sub-section (4)(5) of section 250 of it act. reliance is placed on hon'ble bombay high court decision in the case of smt.prabhadevi s. shah v. cit - 231 itr 1. it is ..... of employees in the year in which the liability is actually discharged. we may, however, add that clause (va) has been inserted in sub-section (1) of section 36 by the finance act, 1987. the effect of the amendment is that no deduction will be allowed in the assessment of the employer unless such contribution is paid to the ..... pf. it is argued that in respect of employer's contributions, so long as the payments have been made during the previous year, deduction will be available under section 438 of the it act. reliance is placed upon the following itat decisions: i. dcit v. udaipur distillary co. ltd. (jodhpur bench) 119 taxmann 206 regarding the contributions to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Sep-09-2003
Reported in : (2004)88ITD188(Mum.)
..... gabriel india ltd. (supra), the hon'ble bombay high court has laid down the following principle: "the power of suo motu revision under sub-section (1) of section 263 of the it act, 1961, is in the nature of supervisory jurisdiction and can be exercised only if the circumstances specified therein exist. two circumstances must exist to enable the ..... by the various pronouncements of jurisdictional high court that a right to obtain conveyance of immovable property is a "capital asset" within the meaning of section 2(14) of the it act, 1961 (act). these pronouncements have been extracted in the following paragraphs by the hon'ble high court in the case of bafna charitable trust v. cit (1998 ..... title, interests or possession in respect of the said flat. (xi) the assessment framed by the ao has been cancelled by the order of cit under section 263 of it act, 1961 and after discussing the facts and various case laws the cit has come to a conclusion that an amount of rs. 21 lakhs received by the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jul-04-2003
Reported in : (2004)88ITD159(Mum.)
..... to be a member, etc. it is only after the committee is satisfied on these points that it has to admit one to membership. as per section 26 of the mcs act, 1960, no rights of membership to be exercised till due payments are made. it was submitted that a person cannot become a member, unless the application ..... participate in the activities of the society. all the contributors are not the participators. as such, the test of mutuality fails.50. further, with reference to section 110 of the mcs act, it was submitted that the surplus when liquidated, the participators are not the same. non-occupancy charges are levied on the members by the society. the ..... ors. v. state of madhya pradesh and ors. air 1974 mp 59 (fb).7. our attention was invited on the prescription of section 4 of the maharashtra cooperative societies act, 1960 (hereinafter called mcs act). it was stated that the registration was granted to the society consequent upon the compliance of all the conditions.8. shri patil submitted, that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Oct-17-2003
Reported in : (2004)91ITD9(Mum.)
..... , bonds, etc. it is alleged that the learned cit (a) has failed to appreciate that the definition of the term 'interest' under section 2(7) of the interest tax act, 1974 is an inclusive definition and includes interest received on any loans and advances made in india, excepting those loans which are specifically excluded from ..... securities, bonds and debentures, amounting to rs. 1.97,07,490/- had not been included. the assessee contended before the assessing officer that section 2(7) of the interest tax act defines 'interest' to mean interest on loans and advances made in india and that no mention is made of interest on securities in this inclusive ..... under which it was clarified that interest earned on government securities does not (sic) to interest within the meaning under section 2(7). the assessee filed a revision petition under section 20 of interest-tax act 1974, contending that the government dated securities held by it did not represent moneys lent to the government and, therefore, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Apr-23-2003
Reported in : (2004)85TTJ(Mum.)821
..... , they could have summoned the concerned bankers and other financial institutions with whom the shares have been pledged by resorting to the provisions of section 131 of the act for producing such documents. the approach of the department in this connection appears to be quite casual. under the circumstances, the department has ..... dealing in shares should be through any recognised broker of stock exchange. the learned counsel rightly invited our attention to the provisions of section 108 of the companies act which provide that the shares of listed company shall be freely transferable hence it was not necessary that the transactions under consideration should have ..... that the dealing in shares should be through any registered broker of the stock exchange. the learned counsel referred to the provisions of section 108 of the companies act which provides that the shares of, listed companies shall be freely transferable and hence it was not necessary that the transactions under consideration .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jul-04-2003
Reported in : (2004)267ITR86(Mum.)
..... person to be a member, etc. it is only after the committee is satisfied on these points that it has t admit one to membership. as per section 26 of the mcs act, 1960, no eights of membership to be exercised till due payments are made. it was submitted that a person cannot become a memebr, unless the application ..... participate in the activities of the society. al the contributors are not the participators. as such, the test of mutuality fails.50. further, with reference to section 110 of the mcs act, it was submitted that the surplus when liquidated, the participators are north same. non-occupancy charges are levied on the members by the society.the nominal member ..... referred to in order to explain that the membership in housing society is a necessary requirement for acquiring the flat.49. shri dave submitted that as per section 2(19) of the mcs act, members could be or four types, viz. member, associate member, nominal member and sympathizer member. in the present case, as per clause 16 of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Oct-14-2003
Reported in : (2005)95ITD83(Mum.)
..... , the legislature appears to have used the terminology 'received' in clause (b). at this juncture, it is worth mentioning that as per the charging section of the income-tax act capital gain shall be deemed to be the income of the previous year in which the transfer took place. earlier the taxpayers agitated the imposition of capital ..... upholding that all the case laws cited in the course of the proceedings are not applicable, as those cases are decided prior to introduction of section 45(5) of the income tax act with effect from 1-4-1988 without appreciating the law in its proper perspective. the learned cit (appeal) should have appreciated that additional compensation ..... by this common order.the grounds are inter-related and revolve around a single issue of charging of long term capital gain'by invoking section 45(5)(b) of income tax act (hereinafter referred the act). ground nos. 4 to 7 have not been contested being consequential in nature and ground nos. 1 to 3 are reproduced herein .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Oct-14-2003
Reported in : (2005)96TTJ(Mum.)880
..... mind this eventuality the legislature appears to have used the terminology "received" in clause (b). at this juncture it is worth mentioning that as per the charging section of it act capital gain shall be deemed to be the income of the previous year in which the transfer took place. earlier the tax payers agitated the imposition of capital ..... this common order.2. the grounds are inter related and revolve around a single issue of charging of "long term capital gain" by invoking section 45(5)(b) of it act (herein after referred the act). ground no. 4 to 7 have not been contested being consequential in nature and ground no. 1 to 3 are reproduced herein below to ..... in upholding that all the case laws cited in the course of the proceedings are not applicable, as those cases are decided prior to introduction of section 45(5) of the income tax act w.e.f. 01/04/1988 without appreciating the law in its proper perspective. the ld.cit (appeal) should have appreciated that additional compensation .....
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