Judgment Search Results Home > Cases Phrase: explosives act 1884 section 4 definitions Sorted by: old Court: income tax appellate tribunal itat mumbai Year: 2006 Page 1 of about 82 results (0.140 seconds)

Amitabh Bachchan Corpn. Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... machinery ltd. (supra)), the question was allowallibility of expenditure on technical know-how for five years. at page 688, the hon'ble delhi high court held that section 37(1) of the act requires that the expenditure should not be of a capital nature. the court held, the question whether a particular expenditure is revenue, incurred for the purpose of business ..... and spread over a period of sixteen years.31. the learned dr further relied upon the decision of the hon'ble calcutta high court in the case of indian explosives ltd v. cit wherein expenditure for constructing a building on land taken or licence for a period of ten years with an option for renewal for another ten years, ..... , shri y.p. trivedi and shri v.h. patil. according to them, this is to be treated as revenue expenditure and claimed to be allowable under section 37(l) of the act.8. assessing officer rejected assessec's claim on the basis of the decision of the hon'ble supreme court in the case of empire jute co.ltd. v .....

Techno Shares and Stocks Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)101TTJ(Mum.)349

..... which right to trade on the floor of the stock exchange is acquired by the assessee. since it is an intangible asset within the definition of section 32 of the it act, the assessee is entitled for depreciation thereon. we, therefore, find no merit in the disallowance made by the revenue authorities. accordingly, we set aside ..... right to trade on the floor of the stock exchange through bse card, it is an intangible asset and the assessee is entitled for depreciation under section 32 of the it act. the learned counsel for the assessee, however, invited our attention to the following orders of the tribunal and the judgment of different high courts ..... bse) card owned by the assessee.2. during the course of the hearing, the learned counsel for the assessee has invited our attention to the provisions of section 32 of the it act, with the submission that the depreciation is allowable on know-how, patent, copy rights, trademarks, license, franchise or any other business or commercial rights of .....

Arvee International Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)101ITD495(Mum.)

..... loss of rs. 11,32,829 on 30.10.1998 for the assessment year under appeal. the assessment was completed on 29.12.2000 under section 143(3) of the it act accepting the loss shown by the assessee. the entire order of assessment passed by the assessing officer reads, in verbatim, as under: the assessee- ..... applying the aforesaid principles, the learned dr submitted that the learned commissioner was, on the facts of the case, absolutely justified in exercising revisional jurisdiction under section 263 of the income-tax act. he supported the order of the learned commissioner with reference to the decisions in cit v. m.m. khambhaiwala [1992] 198 itr 144 (guj ..... of 2004 for assessment year 2000-01.6. in reply, shri rai, the learned departmental representative supported the order passed by the learned commissioner under section 263 of the income-tax act, 1961. he submitted that the assessing officer had not expressed any view in the assessment order and hence, there was no question of the commissioner .....

Satellite Television Asian Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)99ITD91(Mum.)

..... maritime boundaries and. matters regarding the right to exploit and protect the resources of continental shelf and exclusive maritime zones.3. sub-section (6) of section 6 and sub-section (7) of section 7 of tw act create a fiction by which the continental shelf and exclusive zone are to be deemed to be part of india for the purposes ..... to tax and the requirement of deduction of tax at source can apply only if taxes are deductible at source in accordance with the provisions of section 195 of the it act.18. section 191 provides that in the case of income in respect of which provision is not made under this chapter for deduction income-tax at the ..... by the appellant to various non-resident television content aggregators ('channel companies') in computing the income of the appellant by applying the provisions of section 40(a)(i) of the it act, 1961 ('act') to the aforesaid payment.the learned cit(a) has erred in concluding that the appellant is not a telecasting company and failing to apply .....

Avada Trading Co. (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD131(Mum.)

..... in the case of saffron trading co. pvt.ltd., "g" bench of the tribunal at mumbai, took the view that the income by way of interest under section 244a of the income-tax act, 1961 (act) is assessable in the year in which it was received by the assessee. on the other hand, the tribunal benches at mumbai in the case of shrusti ..... earlier year gets substituted and it is the reduced amount of interest that would form part of income of that year. thus, it would amount to mistake rectifiable under section 154 of the act. in our opinion, if the basis, on which income was assessed is varied or ceases to exist, then such assessment would become erroneous and can be rectified. ..... departmental representative did not respond but the learned counsel for the assessee submitted that he has no objection if it is held that such assessment can be rectified under section 154 of the act. the hearing was concluded at this stage on 15-9-2005.5. subsequently, mr. s.k. ray, cit-dr filed a letter on 21-9-2005 stating .....

Assistant Cit, Circle 19(3) Vs. Mariwala Family (No. 2) Trust

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)8SOT38(Mum.)

..... by the assessee at any stage. not even at the appellate stage. for these reasons, the commissioner (appeals) held that for computing long-term capital gains under section 46(2) of the act, the market value of marico shares as on 28-12-1995 should be taken at rs. 165 per share as claimed by the assessee. the assessing officer ..... bank ltd. v. cit (1986) 158 itr 799, the calcutta high court, following the above decisions of the supreme court held that for purposes of section 55(2) of the income tax act, the fmv of unquoted shares should be computed as per the yield method.applying the above principles to the facts of the instant case, the commissioner (appeals ..... dated 31-1-2001. the grounds on which the assessment was reopened are specified in the assessment order as under : "in this case assessment under section 143(3), read with section 147 of the income tax act, 1961, was done on 15-3-2000 determining the total income at rs. 7,42,57,800. assessees income consists of long-term capital gain .....

Jcit, S.R. 26 Vs. Warner Bros (Fe) Inc.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)99ITD1(Mum.)

..... of the cit (a)- xxi at mumbai passed on 17-10-2002. all the appeals and the cross objection arise out of the respective assessments completed under section 143 (3) of the income tax act, 1961.3. these appeals and the cross objection are placed before us, the special bench, to consider and decide the following issue : whether on the facts ..... issue above. the issue referred will be discussed and decided in the course of such disposal. this proposition is in fact in tune with the spirit of section 255 (3) of the income-tax act, 1961 wherein the law relating to the constitution of a special bench by the president of itat is provided. the law says that the president may, ..... cit (a) has erred in directing the a.o. to adopt 25% of gross receipts of the assessee company and not the income as computed under section . 143 (3) of the income-tax act as taxable income without appreciating that the method of arriving at total income by way of adoption of 25% of gross receipts as earlier settled by motion .....

Parshuram D. Patil Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)103TTJ(Mum.)765

..... (supra). the net result is that there is no decision supporting the claim of the assessee.16. shri trivedi had also submitted that even in cases where section 164 of it act was applicable and total income was charged at the maximum marginal rate, capital gain included in such total income was held to be chargeable at the rate of ..... cochin bench, wherein it was held that even in search and seizure cases capital gains included in total undisclosed income was liable to be charged to tax as per section 112 of it act. the second decision in the case of p.a. chandran v. asstt. cit (supra) had merely followed earlier decisions' of tribunal in the case of smt. ..... is also used in the block assessment. the total undisclosed income is required to be charged to tax at the rate specified in section 113 of it act. this is clearly provided in sub-section (2) of section 158ba. it is further provided that income which is included in the total undisclosed income of the block period shall not be assessed .....

Anewera Marketing (P) Ltd. Vs. Assistant Cit, Range 17(2)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... sale. on appeal: held, (i) that this was a case of a partnership firm being treated as a company under the provisions of part ix of the companies act. section 45(4) was not attracted in the case of the assessee because the very first condition of transfer by way of distribution of capital assets was not satisfied. in ..... transfer, the take over of the firm by a company, but with certain conditions. in fact company law treats a firm as an un-incorporated company. section 575 of the companies act provided that all the properties movable and immovable belonging to a firm on its registration shall vest in a company on its registration as a company. therefore ..... . according to learned authorised representative, there was no distribution of capital asset belonging to firm and when a partner firm is converted into a company under section 575 of the companies act, it would become the owner of the assets of the firm from the date of incorporation. no transfer deed or conveyance deed is required to be .....

Dy. Cit Vs. Sarabhai Piramal

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... from a third party under its direct control and supervision with a particular specification the assessee is engaged in manufacturing process for the purpose of section 35ab of the act.24. having applied this proposition to the instant case, we find that the assessee has acquired technical know-how against the lump sum consideration ..... pharmaceuticals.23. from a careful reading of the aforesaid judgments, we arrive at a conclusion that there are two conditions precedent before claiming deduction under section 35ab of the act, i.e., (1) the assessee should have acquired the know-how against a lump-sum consideration which was paid in the relevant previous year; ..... 140-141 was also placed. mr.agarwal further contended that analysis of the statutory provision will reveal that the following essential requirements for claiming deduction under section 35ab of the act are required to be satisfied: (a) that the assessee should incur a lump sum consideration in order to acquire the know-how; (b) that .....