Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1996)55TTJ(Ahd.)643
..... facts.10. as against it, the learned counsel for the assessee pointed out that as observed by ao the licences were granted to all the ten trucks under indian explosives act, on 25th/27th march, 1986 and they were allowed registration by rto in the month of february then after 27th march, 1986 all the trucks/tankers should be ..... also contended that assessee was in possession of all the trucks in the year under consideration which were granted fitness certificate and registration by rto and licence under indian explosives act prior to the end of the accounting year and those trucks were ready for use. it was further mentioned that the vehicles were fitted with gas cylinders of ..... scrutinised the actual use of the trucks by assessee during the period 25th/27th march, 1986 to 31st march, 1986, the date of grant of licences under indian explosives act and the date of close of the accounting year. he found that only two trucks/tankers viz. mct 1695 and mct 1685 alone were found used on 31st march .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)97TTJ(Ahd.)985
..... assessable receipt. it was a business gain.92. shri dave further submitted that special bench did not correctly appreciate import of expln. 3 to section 43a of the act. he submitted that foreign exchange contracts were of executory nature. no inference whether these contracts could operate in capital or in revenue field was ..... business and determination of individual agencies a normal incident not affecting or impairing its trading structure. the amounts received by the appellant for the cancellation of the explosives agency, therefore, did not represent the price paid for the loss of a capital asset.8.18 in the case of s.g. mercantile corporation (p ..... jurisdiction by cit.66. after taking into consideration the details filed and submissions made in response to show-cause notice, under relevant provisions of section 263 of the it act, various issues arose. first issue was regarding cancellation of forward exchange contract. during the period relevant to asst. yr. 1993-94 the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)97ITD125(Ahd.)
..... revisionary jurisdiction by cit.after taking into consideration the details filed and submissions made in response to show-cause notice, under relevant provisions of section 263 of the it act, various issues arose. first issue was regarding cancellation of forward exchange contract. during the period relevant to assessing officer 1993-94 the assessee ..... business and determination of individual agencies a normal incident not affecting or impairing its trading structure. the amounts received by the appellant for the cancellation of the explosives agency, therefore, did not represent the price paid for the loss of a capital asset.in the case of s.g. mercantile corporation (p) ltd ..... the german and dutch currencies as aforesaid was erroneous and prejudicial to the interests of the revenue inasmuch as, according to him under section 43a of the act, the adjustment for increased liability could be allowed only if the aforesaid liability was increased or decreased during the relevant previous year in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)2ITD515(Ahd.)
..... from such deduction on the ground of a guarantee either by the bank or the government of gujarat. the assessee cannot escape the consequences provided in section 201 or other sections of the act for non-deduction of tax by provision of such guarantee. in our view, even a compromise agreement with the department for such non-deduction or non ..... republic of germany, the learned counsel has referred to the provisions of articles iii, xii and xvi and the scope of the expression 'sum chargeable under this act' obtained in section 195(2). the question is as to who should decide chargeability to tax of the non-resident. article xviii had also to be considered.reference was made to ..... assessable on any of the amounts received by him through the assessee. on this basis, the assessee requested the ito to pass orders under section 195(2) of the income-tax act, 1961 ('the act'), and to issue a no-objection certificate in order to enable them to remit the amounts to linde under the agreement as and when .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)2ITD402(Ahd.)
..... in the shape of subscriptions or donations is not from any specific services performed for its members. as such, the receipts in question are not chargeable to income-tax under section 28 of the act.12. on behalf of the revenue it was contended that though it is true that in the case of the assessee, provisions of ..... or expected regularity. it is a common ground that the assessee is not a registered association under any act. even if it was not so registered, for the purpose of the act, it would be a person as defined under section 2[31] of the act. according to the said definition, person, includes an aop or a boi, whether incorporated or not. the ..... and its extent is not controlled and is not governed by the words profits and gains in section 10 of the 01922 act or in section 28 of the act. every receipt generally may be described as income, unless it is expressly exempt. there is nothing in the act to indicate that the source must be one which is recognised under the law. even income .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)1ITD837(Ahd.)
..... plea of the assessee was raised in the context of concessional rate of 55 per cent being applicable in the case of an "industrial company" as defined in section 2(9) of the finance act, 1976, the relevant clause being sub-clause (c). an "industrial company" for the purpose of this appeal will mean a company which is mainly engaged ..... .11. on a careful consideration of the rival submissions, we are unable to hold for the assessee that it is an "industrial company" within the meaning of section 2(9) of the finance act, 1976. shri shah has quoted one of the meanings given in the dictionary as under : to treat by a special process ; e.g., to reproduce ( ..... a drawing, etc.) by a mechanical or photographic process 1884.firstly, these meanings are not appropriate in the context of a taxation statute dealing with the definition of an "industrial .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)1ITD511(Ahd.)
..... cit v. adaikappa chettiar (supra).11. we are not in a position to agree with the contention of the revenue that the word "obtained" occurring in section 1(24) of the act need not be agreement-oriented, that the word "obtained" merely means "taken" and that if the director is in a position to take a benefit with a view ..... taken by a director without the authority of the company and it is not possible to hold that such advantage or benefit can be brought to charge under section 2(24) of the act. in support of this proposition we are fortified by the ratio of decision in the cases of cit v. c.kulandaivelu konar [1975] 100 itr 629 (mad.) and ..... rs. 5,400. he was also of the view that since the assessee is in receipt of perquisite from the above concerns, the standard deduction under section 16(i) of the income-tax act, 1961 ("the act"), should be restricted to rs. 1,000. accordingly, assessment was completed on 30-12-1978 on a total income of rs. 94,615.2. the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)1ITD1097(Ahd.)
..... , we have been informed by the learned departmental representative and by the learned advocate on behalf of the assessee that the commissioner had proceeded under section 264 of the income-tax act, 1961 ("the act"). therefore, this ground has become infructuous and is dismissed.3. with regard to ground no. 2, the commissioner (appeals) has confirmed the ..... so construed as to bring it within the scope of that act.4. in deciding the question of the directory or mandatory nature of rule id, the bombay high court in kusumben d. mahadevia (supra) interpreted sections 7(1) and 46(2)(a) and rule 1d thus. section 7(1) thus being a machinery provision, the scope ..... be given such discretion it would enable them to discriminate between assessees, which could hardly be said to be in the contemplation of the legislature. the purpose of section 24(6) was not only to resolve a dispute regarding the method of valuation, but, generally, regarding valuation itself which could involve many other factors.8. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)1ITD810(Ahd.)
..... and this aspect had not been considered by the patna bench of the tribunal and also having regard to the provisions of section 70(2)(ii) of the income-tax act, 196] ("the act"), which provides for the carry forward of capital losses, he came to the conclusion that the interest received by the assessee ..... whatever expenditure was incurred was for the purposes of the business and allowable under section 37 of the act. even if the claim were to be considered under the head "income from other sources", the conditions prescribed under section 57 (hi) of the act were satisfied. the assessee had to incur considerable expenditure in getting subscribers for ..... under the head "income from other sources", the allowable expenditure is rigidly controlled by the conditions prescribed under section 57(m).these conditions are far more rigorous than the conditions stipulated under section 37. while under section 37 it is enough if the expenditure is for the purposes of the business, under other sources, the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)2ITD225(Ahd.)
..... not become trustee of the trust created under the will and the assessment of the income of the estate must be made on the executor under section 168 and section 19a of the wealth-tax act.17. on behalf of the revenue, no material was brought on record to establish that all the debts and liabilities, testamentary or otherwise, ..... by the executor. it was also contended that the income of the estate of the deceased shall be assessed separately, as per the provisions of section 168 of the income-tax act, 1961 ('the act') till the income and wealth of the estates are distributed to, or applied to, the benefit of any specific legatee. thus, he contended that ..... on record. before discussing the submissions of the parties, we would like to consider the scope of section 168, and also the scope of section 19a of the wealth-tax act. under sub-section (1) of section 168, subject as provided in the section thereafter, the income of the estate of a deceased person shall be chargeable to tax in the hands .....
Tag this Judgment!