Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jan-13-2006
Reported in : (2007)109ITD173(Delhi)
..... no other person could take steps to have share transfer registered on or before 5th oct., 1997, the expiry of the lock-in-period. the provisions of section 199 of the act,, mandates that credit for tax deducted and paid to the central government shall be construed as a payment on behalf of the shareholder and credit shall be given ..... rule 30a(1)(ix) is that the purchaser or other person should have taken action for registering the transfer in his name in accordance with the provisions of section 108 of the companies act, 1956. in the present case, the assessee purchased the shares on 18th jan., 1996 and sold the same on 1st nov., 1996. there was, therefore, ..... by registered holders and where action for registering the transfer in the name of the purchaser or other person has been taken in accordance with the provisions of section 108 of the companies act then the credit for payment of tax should be given to the other person. it is, however, necessary that declaration in form no. 15b has to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jan-13-2006
Reported in : (2006)101TTJ(Delhi)461
..... no other person could take steps to have share transfer registered on or before 5-10-1997, the expiry of the lock-in-period. the provisions of section 199 of the act, mandates that credit for tax deducted and paid to the central government shall be construed as a payment on behalf of the shareholder and credit shall be given ..... by registered holders and where action for registering the transfer in the name of the purchaser or other person has been taken in accordance with the provisions of section 108 of the companies act then the credit for payment of tax should be given to the other person. it is, however, necessary that declaration in form no. 15b has to ..... sebi regulations and therefore, any transfer of shares which is prohibited by law and consequent loss cannot be allowed in view of the provisions of explanation to section 37(1) of the act, which lays down that any expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law shall not be deemed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jan-20-2006
Reported in : (2006)8SOT72(Delhi)
..... the employees contribution is taxable in the hands of employee concerned on the receipt basis in accordance with the provisions of clause (ii) of sub-section (3) of section 17 of the act. he further observed that the assessee does not get vested right at the time of contribution to the fund by the employer. the amount standing ..... required the assessee to show cause why the contribution of employer to pension fund, insurance fund and other schemes should not be taxed as perquisites under section 17(2) of the act. the assessee vide letter dated 22-12-1998 filed a detailed reply. in this regard, the assessee submitted that ge capital, as a policy contributes ..... supreme court referred to above and thus not sustainable. it is concluded that amount of employers contribution towards welfare pension scheme was not perquisite under section 17(2)(v) of the act." in the case of thomas william raffel (supra), itat delhi bench a held that the amount of employers contribution made to the pension fund .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jan-27-2006
Reported in : (2006)101TTJ(Delhi)369
..... deal with one of the aspects of the legal contention urged before the tribunal and in this connection reliance was made on the amendment placed to section 80m by section 10 of the finance act, 1968. the high court examined the contention with reference to the statement of objects and reasons and the notes on clauses of the finance bill ..... assessee is carrying on business in various ventures and some among them yield taxable income and the others do not, the question of allowability of the expenditure under section 37 of the act will depend on: (b) on the fact whether all the ventures carried on by him constituted one indivisible business or not; if they do, the ..... rise to the ground may be noticed. the assessee received dividend of rs. 83,06,235 and claimed exemption in respect of the same under section 10(33) of the it act.the ao, invoking section 14a held that, since it was not in dispute that the assessee must have incurred some expenditure for earning the dividend income, disallowed a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jan-27-2006
Reported in : (2006)99ITD417(Delhi)
..... said diaries were seized by the cbi and this undisputed position is also evident from their search list giving details of property seized by police officers acting under the provision of section 103 or 165 of the criminal procedure code. a copy of the said list placed on record before us also shows that the same was signed and sealed ..... the statute as sought by the learned dr.30. before us, heavy reliance has been placed by the learned dr on the amendment made in section 158bb(1) by the finance act, 2002 with retrospective effect from 1-7-1995 to contend that even the other material or information as are available with the assessing officer and relatable ..... on account of possible loss due to confiscation of the cash also cannot be accepted for the reasons discussed above. moreover, explanation to section 37(1) inserted by the finance (no. 2) act, 1998 with retrospective effect from 1-4-1962 completely debars any allowance or deduction on account of any expenditure incurred by an assessee for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jan-27-2006
Reported in : (2006)8SOT513(Delhi)
..... not agree with the appellant that it could in a bona fide manner form an opinion that it was not required to deduct tax at source under section 194c of the act. it was paying commission and more than one interpretation of the nature of payment was not reasonably possible. further, the concept of reasonable cause of ..... models, artists, photographers etc., the tax shall be deducted at the rate of 5 per cent as applicable to fees for professional and technical services under section 194j of the act." thus, intention of legislature is not to impose liability of doordarshan for deduction of tds' on the amount received by the advertising agencies.in view of ..... of part of consideration paid by the advertisers, who were buyers of the air time, was "commission or brokerage" in terms of the definition of section 194h of the income tax act. it was further held that there was no principal to principal relationship between ddcs and araa.according to the learned commissioner (appeals), commission was paid .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jan-27-2006
Reported in : (2007)109TTJ(Delhi)700
..... that shri manoj aggarwal was not available or it was not within the control of the ao to summon him. the powers of the ao as are available under section 131 of it act are very wide and such powers have to be utilized for meeting out the ends of justice. in fact, the ao has exercised this power frequently and if ..... right to cross-examine other parties (mr. manoj aggarwal and mr. neeraj gupta).33. the assessee also gave a petition to the addl. cit for issuance of direction under section 144a of it act. on this petition/the comments of the ao/dy. cit were obtained. in these comments also, nothing is stated about the request of the assessee for cross-examination of ..... at p. 101 of the paper book. we consider it proper to reproduce the contents of this letter which are as under: this has reference to the proceedings of section 132 of it act, 1961, conducted on me and also to the discussion held with you which has inspired me to come clean before the revenue authorities. as you are aware, sir, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jan-31-2006
Reported in : (2007)104ITD427(Delhi)
..... tribunal. that the rules are merely procedural in character and do not, in any way, circumscribe or control the power of the tribunal under section 33(4) of the act [section 254(1) of act of 1961].66. the next question that would arise is as to whether in all cases the revenue could be permitted to raise a new ..... and has deleted the addition. referring to the grounds of appeal as preferred by the revenue wherein a reference to the provisions of explanation to sub-section (1) of section 37 of the act has been made, the learned counsel submitted that none of the impugned expenditure was paid to any governmental body. therefore, the said explanation could not ..... the ao on account of expenses claimed under the head commission, discount and brokerage on sales made to government parties ignoring the provisions of explanation to sub-section (1) of section 37 of the it act, 1961.114. the facts in brief are that the assessee had incurred a sum of rs. 21,75,81,407 under the head 'commission, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jan-31-2006
Reported in : (2008)113TTJ(Delhi)290
..... the issue was whether in respect of the amount received by an assessee from modavat credits would be entitled to be held as allowable deduction under section 80hh of the act. the hon'ble madras high court held that in respect of both the amounts received by the assessee under modavat credits and international price rationalisation, ..... the third question referred to us is as to whether the tribunal was right in law in holding that the assessee was entitled to deduction under section 80hh of the act in respect of miscellaneous income and interest on deposits treating them as receipts derived from industrial undertaking. this court in the case of fenner (india) ..... is nil. there is thus no justification in excluding the excise duty refund from the income of agartala unit for the purpose of deduction under section 80-ib of the act and as such the deduction claimed stood allowed.9. the learned departmental representative contends that purpose of notification is to administer the central excise law .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jan-31-2006
Reported in : (2006)99ITD177(Delhi)
..... itd 153 (ahd.) that the failure of the assessee to rebut presumption raised under section 132(4a) as well as under section 110 of indian evidence act was justification enough for invoking the penal provisions of section 271(1)(c). even if the presumption under section 132(4a) was rebuttable the assessee had not been able to explain the entries. ..... we, therefore, hold that these additions do not fall within the scope of order under section 15 sbc of the act and are, therefore, liable to be excluded for that reason alone.11. apart from the fact that the addition under section 69c made by the assessing officer on account of alleged payments to shri v.p. jain ..... case leading to these appeals briefly are that search and seizure operations under section 132(1) of the act were conducted at various residential and business premises of the above named group of assessees called bansal group on 11.9.2001. thereafter notices under section 158bc were issued and in response m/s bansal wire industries ltd. .....
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