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 .....
Tag this Judgment!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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jan-07-2003
Reported in : (2004)89ITD542(Mum.)
..... assessee for the purpose of business and depreciation has been allowed thereon. it is pointed out by the ld. counsel that analogus provisions are contained in section 22 of the it act. section 22 does not apply to a property occupied by the assessee for the purpose of any business or profession carried on by him. the ld. counsel ..... a certain subject matter, that mater is excluded from the general provision (see p. 499 d-g). sub-clause (iii) of clause (b) sub-section (1) of section 35b of the it act, 1961, contains a specific prohibition on allowance of weighted deduction on expenditure incurred on carriage of goods to their destination outside india and on insurance of such ..... on performance of any service outside india in connection with or incidental to the contract for supply of gods outside india." 15. the provisions of section 3(ea) of wt act may be considered in the light of the abovementioned binding decisions of the hon'ble supreme court and hon'ble bombay high court. it cannot be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jan-08-2003
Reported in : (2003)81TTJ(Mum.)779
..... of the dispute with the excise authorities, it was dutybound to return to the customers, and it did so. accordingly, in our considered opinion, the provisions of section 41(1) of the act are not applicable.11. in the case of cit v. east asiatic co. india (p) ltd. (supra) before the madras high court, the assessee made ..... of excise duty which was collected from the customers and accordingly, for the reasons given by the ao and the learned cit(a), the provisions of section 41(1) of the act are clearly attracted. he also placed reliance on the judgments relied upon by the learned cit(a).8. we have considered the rival submissions and perused ..... much as it has admittedly and undoubtedly a corresponding liability to refund the amount to its customers in pursuance of the undertaking given to the customer or under section 64a of the contract act and amount refund/adjustment has in fact been made. in support of his contention, he relied upon the following judgments : (b) d.r. desai v. ito .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jan-21-2003
Reported in : (2004)89ITD221(Mum.)
..... on hire". wherever legislature wanted that a particular asset should be used for hire for claiming exemption, they have specifically mentioned this fact (e.g.section 32 of the income-tax act). in other cases, the term "commercial purposes" has been used to indicate that the asset should be used for the purpose of business and there ..... to be considered as an asset. however, any house used for residential or commercial purposes, which forms part of stock-in-trade is excluded from the definition. further, section 2(ea)(ii) provides that motor cars will be considered as 'assets' but motor cars, which are used by the assessee in the business of running them on ..... it was stated that there was no disallowance in the income-tax assessments on account of the personal user of the helicopter. our attention was invited on the language of section 2 (sic). this is reproduce here as under: "'assets', in relation to the assessment year commencing on the first day of april, 1993, or any subsequent assessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jan-27-2003
Reported in : (2004)83TTJ(Mum.)151
..... not be included in the block period.16. the manner of computation of undisclosed income of the block period has been prescribed under section 158bb of the act. according to sub-section (1) of this section, the undisclosed income of the block period shall be the aggregate of the total income of the previous years falling within the block ..... escaped income as a result of a search conducted before 1st july, 1995, are to be assessed only in the regular assessment, which includes reassessment under section 147 of the act.it thus follows that jurisdiction for a block assessment, notwithstanding a search, cannot lie, where there is no discovery in the strictest meaning of the ..... only the undisclosed income of the block period on the basis of the evidence found and material available as a result of the search conducted under section 132 of the act; and that the powers of regular assessment are kept intact and so are all the appellate, revisional and other powers affecting such regular assessment and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jan-27-2003
Reported in : (2004)82TTJ(Mum.)106
..... cable is already part of mms (material management system). the cost of these cables are, therefore, chargeable as repairs and allowable as revenue expenditure under section 31 or under section 37 of it act, 1961. therefore, the loss revenue loss incurred in the normal course of the business. the ao did not accept the submission of the assessee and ..... of goods for business, the destroying abandoning these goods is business decision and loss on that account is business loss or expenses deductible against income under section 37 of the act. take another case of cash loss by theft while cash is asset, is it the loss is not allowed as deduction? the vital point to ..... enforce the cable operators to declare correct number of subscription and, therefore, to pay the channels the correct amount of subscription. the ao issued notice under section 133(6) of it act, 1961, to some of the jv partners of the assessee and they also submitted that they did not have any control over cable operators. it was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jan-28-2003
Reported in : (2004)89ITD191(Mum.)
..... flat rate of tax. the calculation of tax at the flat rate is very much subjective and not hypothetical. rather the income computed in the normal other section of it act is simply for comparison which has no effect on assessee as far as levy of tax is concerned. the income of the computation which is subject to tax ..... difference of opinion between the accountant member and the judicial member, the issue arising out of this appeal was referred to the third member under section 255(4) of the income-tax act,1961. the third member by his order dated 28-1-2003 agreed with the view expressed by the accountant member. in conformity with the opinion ..... unabsorbed investment allowance brought forward from earlier years was fully set off against the income as computed under the normal provisions of the income-tax act. as such, in the computation made under section 115 j, there will be no amount to be carried forward on account of any unabsorbed investment allowance.learned am has given the computation .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Feb-14-2003
Reported in : (2003)86ITD193(Mum.)
..... as irrecoverable in his accounts in the previous year, it is sufficient compliance of the provisions to claim the deduction under clause (vii) of sub-section (1) of section 36 of the act. the onus is of course on the assessee to show that he has written off the debt which is permissible under the amended provisions. but ..... forwarded along with this reference.1. there being a difference of opinion between the members constituting the division bench, the hon'ble president has referred, under section 255(4) of the it act, 1961, the following points of difference to me as a third member to resolve the controversy : "(1) whether the assessee had written off a debt ..... deduction as bad debt since it had not gone into the profits earlier. in the alternative, assessee claimed it as a trading loss under section 28(i) and/or under section 37 of the act. this claim of the assessee was also negatived by the tribunal.however, the following observations are noteworthy : "the conditions relating to grant of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Feb-21-2003
Reported in : (2004)90ITD44(Mum.)
..... land and building. in "tata service ltd." (supra), their lordships have held that a right to obtain conveyance of immovable property is clearly property as contemplated by section 2(14) of the act. in the case of "vimal lalchand mutha" (supra), the assessee had entered into an agreement for the purchase of a flat in november, 1977 and had executed ..... the flat allotted to the assessee by the society are undoubtedly right which could be called property within the definition of the expression "capital asset" defined under section 2(14) of the act. the aforesaid right accrued to the assessee since 1981. the right to occupy a flat flows from the right to hold shares as hold by the ..... (14) "capital asset" menas property of any kind held by an assessee whether or not connected with his business or profession.the word 'property' used in section 2 (14) of the act is a word of the widest amplitude as held in the case of tata services ltd. (supra).thus, any right which could be called property has been .....
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