Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1987)22ITD9(Hyd.)
..... -company was responsible for the proper maintenance of the cylinders. the proper storage and maintenance of cylinders he submitted was also subject to the provisions of the indian explosives act as well as the gas cylinders rules, 1981, which was published in the gazette of india, extraordinary, dated february 24, 1981. there were provisions relating to ..... departmental representative was that even if the cylinder was considered as plant there was a "transfer" of such plant within the extended meaning of the term in section 2(47) and the amount received by way of deposit was nothing but short-term capital gains. this is because, according to the learned departmental representative, ..... of the asset". no doubt, ownership is a bundle of rights. the point which survives is whether there was "extinguishment of any rights therein" within the meaning of section 2(47). in the case of cit v. vania silk mills (p.) ltd. [1977] 107 itr 300, the gujarat high court observed at pages 307 and 308 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1988)26ITD508(Hyd.)
..... purpose of showing that there was no open market for the sale of gas cylinders, that proper storage and maintenance of cylinders was subject to the provisions of the indian explosives act as well as the gas cylinder rules, 1981 which was published in the gazette of india (extraordinary) dated 24-2-1981. he also relied upon the said decision to ..... on behalf of the assessee. we are inclined to agree with the submission advanced on behalf of the assessee-appellant. our reasons are as follows : sub-sections (1) and (2) of section 7 of the wt act as far as necessary for our purpose read as under : 7(1) subject to any rules made in this behalf, the value of any asset other ..... the valuation date and making such adjustments therein as may be prescribed.we may state that rules 2a to 2g were all framed to cater to the purposes contemplated under section 7(2). under rule 2a the wto is empowered to determine the net value of the assets of the business as a whole having regard to the balance sheet of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1997)60ITD600(Hyd.)
..... of 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 : they were of the nature of income. there is no immutable ..... not offer the same for assessment. the assessing officer, holding that it was a revenue receipt, made addition in that behalf, while completing the assessment under section 143(3) of the act on 29-3-1989. aggrieved by the action the assessing officer, assessee preferred appeal before the cit(a), contending, inter alia, that by the agreement ..... assessee for the alleged technical assistance and know-how as referred to in the agreement would partake the same character as the fees referred to in the then section 80mm and would rightly be exigible to tax as revenue receipt. considering all these aspects, the cit(a) confirmed the addition of rs. 3,00,000 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2000)75ITD39(Hyd.)
..... agricultural operations : (iii) the property was purchased for a specific non-agricultural purpose; (iv) the assessee has no intention to abandon the idea of setting up the explosive factory, which is the non-agricultural purpose for which it was purchased; (v) there is a factual as well as legal inference that the assessee-company has no ..... upon by the learned counsel for the assessee, we are afraid, they are not of much help in the determination of the issue involved in these matters under wt act. the decisions relied on by the learned counsel in kalpetta estates ltd.'s case (supra), dlf united ltd.'s case (supra) and gordhanbhai kahandas dalwadi's case ..... their original character, viz., of agricultural nature, and as such the assessee is legitimately entitled for the exemption provided under s. 2(e)(2) of the wt act, 1957. the learned counsel submitted that the lower authorities have erred in placing heavy reliance on the decision of the supreme court in officer in charge (court of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)87ITD249(Hyd.)
..... 1. conditions of licence no. go (sc)f-36/ap and go (sc)s-170/ap are strictly complied with 2. the provisions of gas cylinders rules, 1981 framed under explosives act, 1884 are complied with.it may be observed in the light of the above permission that m/s.ideal engineers hyderabad ltd. has been permitted to fill the cylinders of m ..... claimed to be entitled for cent per cent depreciation under section 32(1)(ii) of the act. the assessing officer in his order for the assessment year 1994-95 observed that the so-called loan of cylinders was actually a sale transaction.he observed that sale of cylinders was not allowed under indian explosives act, and hence the loaning was undertaken to conceal the ..... by 31-3-1999.the ccoe replied the above fax message vide his letter dated 22-3-1999, which reads as under sub : request for information under section 133(6) of the 1.t. act, in the case of m/s. kabsons gas equipment ltd., 7-1-214/1/a, dharam karam road, ameerpet, hyd, ays 93-94 to 97-98-reg .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)105ITD375(Hyd.)
..... business was not given, no part of the compensation money was received by the assessee on condition not to carry on competitive business in explosives. consequently no part thereof was exempted from the income-tax act. in cit v. bombay burman trading corporation [1986] 161 itr 386 (sc), the issue before their lordship was what should be the ..... as per the ld. dept.representative is that the receipt in question is compensation in connection with termination of agency, for which reliance has been placed on section 28(ii). section 28(ii) as it stood for the impugned assessment year reads as follows: the following income shall be chargeable to income-tax under the head "profits and ..... of the first appellate authority at paragraph 8 on page 11 of his order that the receipt in question does not fall within the ken of section 28(ii) of the act. thus, the receipt in question was for restrictive covenant inasmuch as the assessee had carried on the business in soft drinks and had established a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2008)111ITD124(Hyd.)
..... dated 21.9.2005 for assessment year 2002-03.2. the first issue relates to the computation of book profits under section 115jb of the income-tax act, 1961(the act). the assessee company is engaged in the manufacture of detonators, industrial explosives and its accessories. it returned total loss of rs. 34,27,39,176 for the year under consideration. since the ..... of rs. 3,62,005 on account of delayed payment of provident fund; (c) disallowance of rs. 9,34,455 on account of sales-tax payment under section 43b of the act.8. after hearing the parties, so far as the first item is concerned, it is not disputed that the entire payment was made before the end of the ..... also does not help the revenue as it merely says that sometimes, appropriation account is included as a separate section of the profit & loss account. but, as we have seen earlier, parts-ii and iii of schedule-vi to the companies act do not speak of appropriation account at all. in the light of this discussion, we are convinced that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : 195425ITR258(Hyd.)
..... had credited four non-residents with interest of rs. 21,968-15-9 on monies borrowed from them. he, therefore, passed the following order purporting to act under section 24(12) of the hyderabad income-tax act :- "i find that the assessees paid interest during the year of account to the following non-residents as noted below in detail :- no deduction of ..... of the bank in so debiting the account with interest did not constitute as between it and f payment of interest by f within the meaning of section 36(1) of the income tax act, 1918, so as to entitle the trustee of fs estate to recover the amount of amount of income-tax thereon."the simple fact is that the ..... question of law :- "whether the order of the income-tax officer demanding tax from the assessee firm is in accordance with law regard being had to section 12(5) of the hyderabad income-tax act ?" the facts as stated in the reference are that the asessee is a resident but unregistered firm doing business at warangal. on assessing it for the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : 195425ITR226(Hyd.)
..... money in instalements, were granted the mining rights in the respective mines. the assessees claimed a deduction of the amounts paid by them under section 10(2) of the income-tax act. it was held by rajamannar, c.j., and yahya ali, j., that because the assessees were carrying on a business to win and ..... to depends upon the determination of the nature of the payments made by the assessee under the two documents mentioned. section 10, sub-section (2), clause (xv), of the indian income-tax act allows certain deduction. the section reads as follows :- "any expenditure (not being in the nature of capital expenditure or personal expenses of the assessee ..... and claimed that this amount should be regarded as revenue expenditure to be deducted for the purpose of assessing the income under section 10, sun-section (2) clause (xv), of the indian income-tax act, the income-tax officer and the appellate assistant commissioner, disallowed the amount claimed for the years 1357f and 1358f respectively .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1983)4ITD6(Hyd.)
..... limb of argument, of the learned departmental representative was that the receipt in question was includible in the total income by virtue of the provisions of section 28(iv) of the act.this provision enabled the revenue to tax the value of any benefit or perquisite arising from business or the exercise of a profession and he submitted that ..... nature of capital receipt in the hands of the recipient industrialists.4. the commissioner (appeals) set out in his order the provisions of section 41(1) of the income-tax act, 1961 (hereinafter referred to as 'the act') and, according to him, the assessee's claim for exclusion of the amount of rs. 14,665 could not be accepted, ..... because the amount was clearly includible in the income of the year by virtue of the provisions of section 41(1). the commissioner (appeals) stated .....
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