Array ( [0] => ..... business activity of the assessee; that since the setting up of the t.a.f. is in pursuance of the general guidelines laid down in section 9 of the idbi act, which section authorizes the assessee to carry 0on various activities of promotional nature, it cannot be claimed that the setting up of the t.a.f. was ..... a part hereof. this statement reveals that thew t.f.a. has been set up and is being utilized for dischaging the statutory obligations sanctioned by section 9 of the idbi act, in the form of the business activities of the assessee. evidently these activities include the giving of assistance to various agencies. as per this statement, ..... incurred wholly and exclusively in furtherance of this business and for no other object; that hence, this expenditure is allowable under section 37(1) of the income-tax act: that under section 9(1) of the idbi act, the assessee is entitled to provide technical (legal, marketing) and administrative assistance to any industrial concern or any person for ..... [1] => ..... apollo tyres limited v. cit (255 itr 273) contended that the issue that units of uti have to be treated as shares within the meaning of provisions of section 32(3) of uti act stands covered against the assessee. but the ld.counsel pointed out that judgment of supreme court (supra) is dated 2^nd may, 2002 and the cit passed ..... have given a careful consideration to the rival submissions in the light of the material placed before us. we are of the opinion that even though section 32(3) of the unit trust of india act, 1963 creates a fiction to make the uti a deemed company and distribution of income received by the unitholder a deemed dividend for the purposes ..... that the income received by the unit-holder has been deemed as income by way of dividend. the provisions of the uti act has been properly incorporated in the provisions of the income-tax act under section 80l where the income received by the unit-holder is taken at par with income received by way of dividend from indian company. this ..... [2] => ..... the paintings that were sold by the assessee during the year were articles of personal effect and hence sale of those articles will not attract the provisions of section 45 of the act.20. on perusal of the facts and decision given in the cases on which both he sides have placed reliance, we find that the decisions on which id ..... . the relevant observation and decision of hon'ble supreme court in reproduced below: for a proper decision of the point in question, it is necessary to refer to section 2(4a) of the act, the relevant portion whereof runs thus : "2(4a) 'capital asset' means property of any kind held by an assessee, whether or not connected with his business, ..... of heirloom jewellery for rs. 13,80,000/-. it was claimed by the assessee that it constituted personal effect of the assessee within the meaning of section 2(14) of the i.t. act, 1961 and therefore the sale of these jewellery did not give rise to any taxable capital gains, the same was not accepted by the tribunal. however ..... [3] => ..... 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 ..... [4] => ..... or, alternatively, that it should be treated as liability under the sales-tax law and deemed to have been paid by the assessee within the meaning of section 43b of the act. the reasons given by the assessing officer for rejecting the assessee's claim were the same as the reasons given in the assessment order for the a. ..... to as notional sales-tax liability should have been reduced from the revenue receipts as it is embedded in such receipts, though having character of subsidy. section 41(1) of bombay sales tax act states that subject to such condition as it may impose, the state government may, if it is necessary in public interest, by notification exempt any ..... otherwise could be fastened on the assessee and recovered, in the absence of any exemption from the payment of tax. the tribunal also adverted to section 41 of the bombay sales tax act, which empowered the commissioner of sales tax to exempt any dealer from payment of sales tax either wholly or partially. the tribunal also referred to ..... [5] => ..... term "lease" is not apposite to movable property and that the word "bailment" is the more appropriate word as has been used in section 140 of the contract act, 1872. section 160 of the contract act obliges the bailee to return the goods to the bailor after the purpose of the bailment has been served. contrary thereto, there is no ..... was being provided till date for the purpose of arriving at the actual profit or loss for the year in terms of the provisions of section 59 read with section 63 of the electricity (supply) act, 1648 and that however while working out the taxable income of the board, a decision was taken to add back the realised value ..... tax returns of geb for the assessment years 1991-92 and 1992-93, mr. das has answered as follows : " in accordance with the provisions of section 68 of the electricity (supply) act, 1948 the depreciation is calculated from the beginning of the next financial year after the year of commission of a particular project. the rate of depreciation ..... [6] => ..... of technical services and not related to designs, therefore, he has mentioned that the said citation was not applicable. further according to him provisions of this section have been amended by the finance act, 1997 and accordingly the deduction now available only with respect of income received for patent, invention, design or registered trade mark and not for "professional ..... -o should be totally distinguishable and identifiable design.with these observations he has held that the claim of the assessee did not qualify for the deduction under section 80-c of it act.3. in first appeal ld.cit(a) has discussed the facts of the case of mentioned in above para by a.o. according to him the word ..... of the case and in law learned cit (appeals) erred in confirming the view taken by a.o. that appellant is not entitled to claim deduction under section 80-o of i.t. act 1961. 2. reasons given by cit (appeals) for confirming the view taken by a.o. that appellant is not entitled to claim deduction under ..... [7] => ..... also does not help the assessee. in this case, the hon'ble jurisdictional high court was considering whether the assessee was an investment company within the meaning of section 109 of the act. section 109 (it) defined "investment company" as under: - ""investment company" means a company whose gross total income consists mainly of income which is chargeable under ..... form the income from house property, other sources and capital gains.the assessing officer held the company to be an 'investment company' within the meaning of section 109 (ii) of the act. on the basis of that, the income from the aforesaid source was more than 50% of its gross total income. on appeal, the cit (a ..... said figure of loss arose on account of purchase and sale of shares, which will be treated as speculation loss in view of the explanation to section 73 of the act and will be carried forward to be adjusted against the future profits from speculation business. he further recorded the finding that speculation loss of rs. ..... [8] => ..... term "lease" is not apposite to movable property and that the word "bailment" is the more appropriate word as has been used in section 140 of the contract act, 1872. section 160 of the contract act obliges the bailee to return the goods to the bailor after the purpose of the bailment has been served. contrary thereto, there is no provision ..... in the return filed for asst. yr. 1992-93, no valuation was considered necessary. he also referred to the statement of rs. p.k. das under section 131 of the it act relating to the claim of depreciation.in answer to question no. 3 mr. das had stated that the factual position of the exact amount of depreciation claimed in ..... if it is a profit-making company. now the further question would arise as to how to shift the depreciation allowance from company b to company a.under section 32 of the it act, two conditions have to be satisfied before depreciation allowance can be claimed. first, the assessee should be the owner of the asset, and second, the asset ..... [9] => ..... of the income tax rules, 1962 prescribed a rate of 100% depreciation on gas cylinders and in terms of the definition of block of assets contained in section 2(11) of the income tax act, 1961, they formed a part of block of assets. it was further stated that provision relating to complete write off for an asset costing less than rs ..... action of the learned cit(a).ground nos. iv, v and vi relate to the inclusion of the amount of rs. 18,40,000 in assessees income under section 50 of the income tax act, 1961. these grounds read as under : 1 . the learned cit(a) erred in confirming the assessment, of rs. 18,40,000 on sale of cylinders as short ..... their letter dated 30-1-2003, the appellant assessee has filed concise grounds of appeal.ground no. 1 relating to the disallowance of rs. 35,000 under section 37(2) of the income tax act, 1961 and ground no. 11 relating to the disallowance of rs. 15,000 out of misc. expenses were not pressed at the time of hearing. these two ..... ) Explosives Act 1884 Section 4 Definitions - Court Income Tax Appellate Tribunal Itat Mumbai - Year 2003 - Page 2 - Judgments | SooperKanoon Skip to content


Judgment Search Results Home > Cases Phrase: explosives act 1884 section 4 definitions Court: income tax appellate tribunal itat mumbai Year: 2003 Page 2 of about 40 results (1.286 seconds)

Jan 03 2003 (TRI)

industrial Development Bank of Vs. the Dcit, Spl. Range-36

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-03-2003

Reported in : (2004)91ITD34(Mum.)

..... business activity of the assessee; that since the setting up of the t.a.f. is in pursuance of the general guidelines laid down in section 9 of the idbi act, which section authorizes the assessee to carry 0on various activities of promotional nature, it cannot be claimed that the setting up of the t.a.f. was ..... a part hereof. this statement reveals that thew t.f.a. has been set up and is being utilized for dischaging the statutory obligations sanctioned by section 9 of the idbi act, in the form of the business activities of the assessee. evidently these activities include the giving of assistance to various agencies. as per this statement, ..... incurred wholly and exclusively in furtherance of this business and for no other object; that hence, this expenditure is allowable under section 37(1) of the income-tax act: that under section 9(1) of the idbi act, the assessee is entitled to provide technical (legal, marketing) and administrative assistance to any industrial concern or any person for .....

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Sep 23 2003 (TRI)

Anil S. Gore Vs. Asstt. Commissioner of It

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Sep-23-2003

Reported in : (2005)272ITR53(Mum.)

..... apollo tyres limited v. cit (255 itr 273) contended that the issue that units of uti have to be treated as shares within the meaning of provisions of section 32(3) of uti act stands covered against the assessee. but the ld.counsel pointed out that judgment of supreme court (supra) is dated 2^nd may, 2002 and the cit passed ..... have given a careful consideration to the rival submissions in the light of the material placed before us. we are of the opinion that even though section 32(3) of the unit trust of india act, 1963 creates a fiction to make the uti a deemed company and distribution of income received by the unitholder a deemed dividend for the purposes ..... that the income received by the unit-holder has been deemed as income by way of dividend. the provisions of the uti act has been properly incorporated in the provisions of the income-tax act under section 80l where the income received by the unit-holder is taken at par with income received by way of dividend from indian company. this .....

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May 12 2003 (TRI)

A.C.i.T. Vs. Shri Narendra I. Bhuva

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-12-2003

Reported in : (2004)84TTJ(Mum.)208

..... the paintings that were sold by the assessee during the year were articles of personal effect and hence sale of those articles will not attract the provisions of section 45 of the act.20. on perusal of the facts and decision given in the cases on which both he sides have placed reliance, we find that the decisions on which id ..... . the relevant observation and decision of hon'ble supreme court in reproduced below: for a proper decision of the point in question, it is necessary to refer to section 2(4a) of the act, the relevant portion whereof runs thus : "2(4a) 'capital asset' means property of any kind held by an assessee, whether or not connected with his business, ..... of heirloom jewellery for rs. 13,80,000/-. it was claimed by the assessee that it constituted personal effect of the assessee within the meaning of section 2(14) of the i.t. act, 1961 and therefore the sale of these jewellery did not give rise to any taxable capital gains, the same was not accepted by the tribunal. however .....

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Mar 31 2003 (TRI)

Star Chemicals (Bombay) Ltd. Vs. Deputy Commissioner of Income Tax

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 .....

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Oct 23 2003 (TRI)

Dy. Cit, Special Range 18 Vs. Reliance Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Oct-23-2003

Reported in : (2004)88ITD273(Mum.)

..... or, alternatively, that it should be treated as liability under the sales-tax law and deemed to have been paid by the assessee within the meaning of section 43b of the act. the reasons given by the assessing officer for rejecting the assessee's claim were the same as the reasons given in the assessment order for the a. ..... to as notional sales-tax liability should have been reduced from the revenue receipts as it is embedded in such receipts, though having character of subsidy. section 41(1) of bombay sales tax act states that subject to such condition as it may impose, the state government may, if it is necessary in public interest, by notification exempt any ..... otherwise could be fastened on the assessee and recovered, in the absence of any exemption from the payment of tax. the tribunal also adverted to section 41 of the bombay sales tax act, which empowered the commissioner of sales tax to exempt any dealer from payment of sales tax either wholly or partially. the tribunal also referred to .....

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Aug 14 2003 (TRI)

The Icici Ltd. Vs. Dy. Cit, Special Range 36

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-14-2003

..... term "lease" is not apposite to movable property and that the word "bailment" is the more appropriate word as has been used in section 140 of the contract act, 1872. section 160 of the contract act obliges the bailee to return the goods to the bailor after the purpose of the bailment has been served. contrary thereto, there is no ..... was being provided till date for the purpose of arriving at the actual profit or loss for the year in terms of the provisions of section 59 read with section 63 of the electricity (supply) act, 1648 and that however while working out the taxable income of the board, a decision was taken to add back the realised value ..... tax returns of geb for the assessment years 1991-92 and 1992-93, mr. das has answered as follows : " in accordance with the provisions of section 68 of the electricity (supply) act, 1948 the depreciation is calculated from the beginning of the next financial year after the year of commission of a particular project. the rate of depreciation .....

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Apr 23 2003 (TRI)

Mrs. Sheila Anil Paul Vs. the Acit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Apr-23-2003

Reported in : (2004)90ITD605(Mum.)

..... of technical services and not related to designs, therefore, he has mentioned that the said citation was not applicable. further according to him provisions of this section have been amended by the finance act, 1997 and accordingly the deduction now available only with respect of income received for patent, invention, design or registered trade mark and not for "professional ..... -o should be totally distinguishable and identifiable design.with these observations he has held that the claim of the assessee did not qualify for the deduction under section 80-c of it act.3. in first appeal ld.cit(a) has discussed the facts of the case of mentioned in above para by a.o. according to him the word ..... of the case and in law learned cit (appeals) erred in confirming the view taken by a.o. that appellant is not entitled to claim deduction under section 80-o of i.t. act 1961. 2. reasons given by cit (appeals) for confirming the view taken by a.o. that appellant is not entitled to claim deduction under .....

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Aug 07 2003 (TRI)

The Dcit, Spl. Range 18 Vs. Aakrosh Investment and Leasing P.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-07-2003

Reported in : (2004)90ITD287(Mum.)

..... also does not help the assessee. in this case, the hon'ble jurisdictional high court was considering whether the assessee was an investment company within the meaning of section 109 of the act. section 109 (it) defined "investment company" as under: - ""investment company" means a company whose gross total income consists mainly of income which is chargeable under ..... form the income from house property, other sources and capital gains.the assessing officer held the company to be an 'investment company' within the meaning of section 109 (ii) of the act. on the basis of that, the income from the aforesaid source was more than 50% of its gross total income. on appeal, the cit (a ..... said figure of loss arose on account of purchase and sale of shares, which will be treated as speculation loss in view of the explanation to section 73 of the act and will be carried forward to be adjusted against the future profits from speculation business. he further recorded the finding that speculation loss of rs. .....

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Aug 14 2003 (TRI)

Mid East Port Folio Management Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-14-2003

Reported in : (2003)87ITD537(Mum.)

..... term "lease" is not apposite to movable property and that the word "bailment" is the more appropriate word as has been used in section 140 of the contract act, 1872. section 160 of the contract act obliges the bailee to return the goods to the bailor after the purpose of the bailment has been served. contrary thereto, there is no provision ..... in the return filed for asst. yr. 1992-93, no valuation was considered necessary. he also referred to the statement of rs. p.k. das under section 131 of the it act relating to the claim of depreciation.in answer to question no. 3 mr. das had stated that the factual position of the exact amount of depreciation claimed in ..... if it is a profit-making company. now the further question would arise as to how to shift the depreciation allowance from company b to company a.under section 32 of the it act, two conditions have to be satisfied before depreciation allowance can be claimed. first, the assessee should be the owner of the asset, and second, the asset .....

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Sep 30 2003 (TRI)

Raptakos, Brett and Co. Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Sep-30-2003

Reported in : (2005)1SOT17(Mum.)

..... of the income tax rules, 1962 prescribed a rate of 100% depreciation on gas cylinders and in terms of the definition of block of assets contained in section 2(11) of the income tax act, 1961, they formed a part of block of assets. it was further stated that provision relating to complete write off for an asset costing less than rs ..... action of the learned cit(a).ground nos. iv, v and vi relate to the inclusion of the amount of rs. 18,40,000 in assessees income under section 50 of the income tax act, 1961. these grounds read as under : 1 . the learned cit(a) erred in confirming the assessment, of rs. 18,40,000 on sale of cylinders as short ..... their letter dated 30-1-2003, the appellant assessee has filed concise grounds of appeal.ground no. 1 relating to the disallowance of rs. 35,000 under section 37(2) of the income tax act, 1961 and ground no. 11 relating to the disallowance of rs. 15,000 out of misc. expenses were not pressed at the time of hearing. these two .....

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