Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : May-12-2006
Reported in : (2006)101ITD129(Delhi)
..... member is rested on the following observations: 2. the question for our consideration is whether on facts of the case, the provisions of explanation to section 73 of the income-tax act, 1961 (act) can be applied and consequently the loss arising on the sale of shares can be held to be speculation loss not to be set-off ..... order for the reasons given hereunder: 2. the question for our consideration is whether on facts of the case, the provisions of explanation to section 73 of the income-tax act, 1961 ('act') can be applied and consequently the loss arising on the sale of shares can be held to be speculation loss not to be set off ..... a company....". the expression employed is 'business of a company' and not 'trade of a company'. the expression 'business' has been defined for the purposes of income-tax act under section 2(13) in the following manner :- business' includes any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture; apparently .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : May-12-2006
Reported in : (2007)106TTJ(Delhi)460
..... from such sale. it was also held that there was a lacuna in the statute to provide for such computation provisions which has been removed by insertion of section 50b by the finance act, 1999 w.e.f. 1 april, 2000 and this provision being a substantive one is not retrospective in operation. to the similar effect is the decision of ..... ), it came to be held by the hyderabad bench of tribunal that no capital gains could arise on sale of undertaking prior to the insertion of section 50b in the statute by the finance act, 1999 w.e.f. 1st april, 2000 since it was not possible to ascertain capital gains on transfer of undertaking because of the impossibility to compute ..... gains arising from the slump sale of the manufacturing division of the appellant was not liable to tax under the act. 2. that on the facts and in law, transfer of an undertaking was outside the purview of section 45 of the act in the absence of cost of acquisition, cost of improvement and date of acquisition of an undertaking.6. we .....
Tag this Judgment!Court : Delhi
Decided on : May-15-2006
Reported in : [2007]292ITR658(Delhi)
..... /- is taken as part of share holders fund but the same was not a part of the issued, subscribed and paid up capital of the company. explanationn to section 35d(3) of the act does not include the reserve and surplus of the company as a part of the capital employed in the business of the company. if the intention was that ..... share premium account which is shown as reserve in the balance sheet of the company is in the nature of capital base of the company so that deduction under section 35d of the act was admissible with reference to the said amount also. disallowance of rs. 5,08,257/- was accordingly deleted and the appeal filed by the assessed allowed.4. in ..... (2) was then issued to the assessed in response to which the assessed appeared to justify its claim for a preliminary expense of rs. 7,03,306/- under section 35d of the act being 2.5% of the 'capital employed in the business of the company'. it was inter alias argued by the assessed that it had issued shares on a premium .....
Tag this Judgment!Court : Delhi
Decided on : May-17-2006
Reported in : 2006(90)DRJ100
..... of the staff of that secretariat;(2) any premises belonging to, or taken on lease by, or on behalf of,-(i) any company as defined in section 3 of the companies act, 1956, in which not less than fifty-one per cent, of the paid up share capital is held by the central government or any company which is ..... grant of permission by the lesser, and, thereforee, the express newspapers pvt. ltd. was not in unauthorised occupation of the same within the meaning of section 2(g) of the public premises act. it was also held by the learned judge that the express building constructed by the express newspapers ltd. with the sanction of lesser on plots nos ..... notice dated 9.1.2006 to the occupants including the petitioner herein. since the subject eviction proceedings have been initiated under the pp act the definition of 'public premises' and of 'unauthorised occupants' in section 2 thereof requires to be reproduced, since the meaning to be given to these phrases is central to the determination of the present .....
Tag this Judgment!Court : Delhi
Decided on : May-17-2006
Reported in : 130(2006)DLT410
..... light of the judgment of the apex court.31. the respondent in its reply has also placed reliance on the amendment effected to the indian medical council act, 1956 whereby section 13(4)(a) and 13(4)(b) which have been incorporated with effect from 3rd september, 2001.32. having considered the rival contentions and having ..... contempt only after a receipt of a letter from the income tax authorities and initiated the contempt proceedings thereafter. recognising the principles laid down in section 17 of the limitation act, the court held that the period of limitation would commence from the date the information with regard to the contempt having been committed was revealed ..... awarded by this institute known as the md physician is a duly recognised medical qualification under schedule iii, part ii of the indian medical council act, 1956 as per section 13(3) of the enactment.the petitioner has submitted that he was selected under the indo soviet cultural exchange programme and was given a monthly .....
Tag this Judgment!Court : Delhi
Decided on : May-17-2006
Reported in : III(2006)ACC261; 2007ACJ2010
..... enhanced to compensate for inflation and declining value/purchasing power of the rupee. as per notified cost of inflation index issued by the govt. of india under section 48 of the income tax act,1961 with base year as 1981-82 (= 100), the index was 172 in 1989-90 and 331 in the financial year 1997-98. if we go ..... less than 15 years and between 15 years but not exceeding 20 years. even when compensation is payable under section 166 read with 168 of the act, deviation from the structured formula as provided in the second schedule is not ordinarily permissible, except in exceptional cases (see abati bezbaruah v. dy. director ..... case of a non earning person, his income is notionally estimated at rs.15,000/- per annum. the second schedule is applicable to claim petitions filed under section 163a of the act, on the basis of principle of strict liability. the second schedule also provides for the multiplier to be applied in cases where the age of the victim was .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi
Decided on : May-17-2006
Reported in : (2006)(109)ECC206
..... he was intercepted while boarding the aircraft, in itself shows the mala-fide intention of the appellant. to my mind penalty imposed on the appellant under section 114 of the customs act, 1962 is just and no interference, is required.8. in view of the above facts and circumstances mentioned, the appeal is liable to be dismissed ..... his order-in-original came to the conclusion that the appellant has violated the provisions of section 77 of the customs act, 1962 and also section 113(d) & (h) of the customs act, and hence, liable for penalty under section 114(i) of the customs act.hence, this appeal.3. when this matter was called out non appeared for the appellant ..... currency of rs. 10,000/- but did not declare these to the customs as required under section 77 of the customs act. therefore, the travellers' cheques and indian currency are liable to confiscation under section 113(d) & (h) of the customs act, 1962 read with fema regulations 2000.from the above finding it can be seen that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : May-19-2006
Reported in : (2006)103TTJ(Delhi)820
..... where the ao had made no additions whatsoever to the declared results.9. in reply the learned departmental representative submitted that the definition of 'person' under section 2(31) of the act also includes a private limited company and, therefore, the provisions of rule 6(f) would apply to the case of an assessee, which is a ..... pointed out that the assessee could not produce for the verification daily case register in form 3c, which is to be statutorily maintained as per provisions of section 44aa of the it act r/w rule 6f(3) of the it rules. (ii) secondly, the assessee-company is engaged in the profession of medicine because the occupation carried ..... of a professional man carrying on a business activity.dr. p. vadamalayan v. cit reliance was placed on the guidance note issued for tax audit under section 44ab of the act by the institute of chartered accountants of india wherein they have classified nursing home as a business activity and not as a professional activity. apart from the .....
Tag this Judgment!Court : Delhi
Decided on : May-19-2006
Reported in : 130(2006)DLT512; 2006(90)DRJ467
..... recorded in writing but such filing shall not be later than 90 days from the date of service of summons. section 148 of the cpc further prescribes that where any period is fixed or granted by the court for doing any act prescribed or allowed by this code, the court may, in its discretion from time to time, enlarge such period not ..... 8 rule 1 of the cpc. i, thereforee, think it appropriate to allow the written statement to be presented subject to compensatory costs to the plaintiff. hence the application under section 148 of the cpc is allowed subject to a costs of rs. 4,000/-.
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : May-19-2006
Reported in : (2006)8SOT880(Delhi)
..... evidence to the satisfaction of the income tax officer as to the genuineness of the payment and the identity of the payee." in clarification of the provisions of section 40a(3) of the act and clause (j) of rule 6dd of the rules, the cbdt issued circular no. 220 dated 31-5-1977, 108 itr (st.) 8, where, in paragraph ..... given opportunity to examine the evidence or to cross examine the witness produced by the assessee, under sub-rule (3) of rule 46a.according to the provisions of section 40a(3) of the act (as they stood at the relevant time), where the assessee incurs expenditure in cash, in excess of rs. 10,000, such expenditure cannot be allowed as ..... involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53a of the transfer of properties act, 1882, is considered to be 'transfer' in relation of capital assets. in the instant case, sale agreement was registered in the name of the assessee .....
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