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 2 of about 82 results (0.067 seconds)

Walchand Hindustan Ltd. Vs. the Asst. Cit [Alongwith Int. T.A.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD331(Mum.)

..... which carries on, as its principal business, the business of acceptance of deposits from its members and which is declared by the central government under section 620a of the companies act, 1956 (1 of 1956), to be a nidhi or mutual benefit society; va) a residuary non-banking company [other than a financial company ..... operative societies engaged in the business of banking, public financial institutions, state financial corporations and other financial companies the term "financial company" is defined in section 2(5b) of the act to mean a hire purchase finance company, an investment company, a housing finance company, a loan company, or mutual benefit financial company, a company which ..... . the learned departmental representative, on the other hand, strongly supported the findings of the cit(a) in this regard according to her. section 2(5b) of the interest-tax act does not make a distinction of shares held as investment or as stock-in-trade.the learned cit(a), according to her, has correctly .....

Addl. Cwt Vs. Irani Foods and Investment Co. (P)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... rights over the urban land. the value of the developmental rights amounting to rs. 18.00 lakhs cannot be included in the definition of assets under section 2(ea) of the wealth tax act.thus, the commissioner of wealth tax (appeal) deleted the value of developmental rights included by the assessing officer in the net wealth of the assessee. ..... regarding exemption for two years of unused land held by the assessee for industrial purposes for a period of two years under explanation 1(b) to section 2(ea) of the wealth tax act, the learned departmental representative pointed out that land acquired by the assessee is riot to be utilized for the purpose of industrial undertaking, as such the ..... period of two years from the date of its acquisition and as such outside the purview of definition of urban land as per explanation 1(b) to section 2(ea) of the wealth tax act.8. we have heard the rival submissions and perused the records. in the facts of the present case, the assessee was owning the plot no. .....

Mishapar Investments Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)8SOT532(Mum.)

..... municipal authorities may take a long time but once the property is transferred by following the recruitments of the transfer of properties act, 1982 read with the relevant section of registration act, the genuineness of the transfer itself cannot be challenged, even though the transferor may still be shown as the owner of ..... , they could have summoned the concerned bankers and other financial institution with whom the shares have been pledged by resorting to the provisions of section 131 of the act for producing such documents. the approach of the department in this connection appears to be quite casual. under the circumstances, the department has ..... dealing in shares should be through any recognized broker of stock exchange. the learned counsel rightly invited our attention to the provisions of section 108 of the companies act which provides that the shares of listed company shall be freely transferable hence it was not necessary that the transactions under consideration should have .....

Deputy Commissioner of Vs. Adolf Patric Pinto

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD191(Mum.)

..... be in possession or control of any books of account or other documents maintained in the form of electronic record as defined in clause (f) of sub-section (1) of section 2 of the information technology act, 2000 (21 of 2000), to afford the authorised officer the necessary facility to inspect such books of account or other documents; (iii) seize any ..... (v) make a note or an inventory of any such money, bullion, jewellery or other valuable article or thing.17. the passing of prohibitory order under section 132(3) is an administrative act and it is the domain of the authorized officer to decide during the course of search if any po is required to be passed or not. however, in ..... v. union of india , was correct. the restraint order in view of this authority cannot be cancelled and renewed from time to time. action under section 132(3) of the income-tax act can be restored to only if there is any practical difficulty in seizing the item which is liable to be seized. when there is no such practical .....

Smt. Madhu Gupta Vs. Dy Cit, Central Circle-3 Mumbai

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)8SOT691(Mum.)

..... hold that the stand of the assessee is that new machinery as compared to the total machineryis farbelow the minimum requirement of 80 percentasperthe provisions of section 80-ib of the act. it is the stand ol' the assessee that it is not disputed that primax perforator machines were imported on 9101998 and 6-11-1999 amounting ..... down the price of the machinery; so as to bring the value of the machinery transferred below 20 per cent, to avail the benefit under section 80-ib of the act.this stand of the revenue also does not stand scrutiny for the reasons stated hereinabove in this order.assessing officer heavily relied on para 7.1, ..... evidence which is inadmissible, as the same has been relied on by the assessing officer in violation of principles of natural justice and express mandatory provisions of section 142(3) of the act; secondly, inadequate enquiries; and thirdly, on the basis of incorrect perception of facts. it was further contended; the finding of the assessing officer is based .....

Mrs. Khatiza S. Oomerbhoy Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD173(Mum.)

..... ltd. (supra). the ratio of this case may also be reproduce below from the headnote: the power of suo motu revision under sub-section (1) of section 263 of the income-tax act, 1961, is in the nature of supervisory jurisdiction and can be exercised only if the circumstances specified therein exist. two circumstances must exist ..... set aside the assessments directing the assessing officer to make fresh assessments after duly examining the various points discussed in the order passed by the cit under section 263 of the act.4. in the backdrop of the abovementioned factual position, the id.counsel appearing for the assessee forcefully argued before us that the id. cit has ..... after duly considering the facts and the submissions made by the assessee. it was contended that the cit has no jurisdiction to invoke his powers under section 263 of the act. the id. cit rejected this submission and held that the assessment orders passed by the assessing officer were erroneous and prejudicial to the interests of .....

Dy. Cit Vs. Smt. Rita A. Parekh

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... taxman 107 and cit v. sampathamynal chordia (1999) 105 taxman 128 (mad.). the assessing officer examined the issue in the light of aforesaid judgments and provisions of section 23 of the act and after relying upon the certificate of broker m/s.knight & frank wherein it has been stated that the flat could be let for a license fee of ..... supra) in which it has been held that the notional interest on interest-free deposit received from lessee would not form part of actual rent under section 23(l)(b) of the income-tax act.7. having heard the rival submissions and from a careful perusal of the orders of the lower authorities and documents placed on record, we find that ..... by the assessee during the course of assessment proceedings. the rateable value determined by the municipality cannot form a basis for determining of the alv under section 23(l)(a) of the income tax act. the rateable value of the municipality can only be used to determine a house tax/property tax of a property. but, the alv is to .....

Concepta Cables Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)101ITD143(Mum.)

..... provided in section 45q of the rbi act, 1934. our attention was drawn to clause 8 of this direction as appearing on page nos. 20 to 22 of the paper book, as per which, detailed ..... for bad and doubtful debts etc. it was submitted that rbi has issued non-banking financial company prudential norms (rbi) directions, 1998 in exercise of powers conferred by section 45ja of the rbi act, 1934, copy of which is appearing on page nos. 13 to 27 of the paper book; and hence, these provisions have override effect over any other law as ..... sanmar financial ltd. v. joint c/t[2003] 86itd 602 (chennai); but learned cit(a) decided this issue against the assessee in view of the amended section 36(1)(vii) of the act with retrospective effect, as per which, a explanation was inserted to the effect that any provision for bad and doubtful debts made in the accounts of the assessee .....

Regency Exports (P) Ltd. Vs. Joint Cit Spl. Range 32

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)8SOT116(Mum.)

..... supreme court in escorts ltd. v. union of india (1993) 199 itr 431 (sc), given in the context of claim of deductions under sections 10(2)(vi) and 10(2)(xiv) of 1922 act, i.e., usual depreciation as well as special allowance for scientific research. hon'ble supreme court held that two deductions on same asset or expenditure ..... . prior to 1-4-1999 the two deductions were held mutually exclusive as held in cit v. choksi contacts (p) ltd. "chapter vi-a, which consists of sections 80a to 80v of the income tax act, 196 1, becomes operative on reaching the last stage of computation of income from different sources. the expression "gross total income", in various ..... on the balance amount ie., the amount remained after deduction under section 80hhc of the act. in the absence of such an intention, deduction under section 80-ia of the act should also be allowed on the gross total amount, as the words used in sub-section (1) of section 80a of the act for deduction are "gross total income" and not on the .....

Vyomit Shares, Stocks and Vs. the D.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106ITD408(Mum.)

..... other literature comprised in the 'documentation service' as specified in clause 3 constituted a 'book' and fell within the definition of 'plant' in section 43(3) of the it act. the purpose of rendering such documentation service by supplying these documents to the appellant was to enable it to undertake its trading activity of manufacturing theodolites ..... 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." in the above case, the tribunal primarily proceeded on the premise that the stock exchange membership card ..... order, which arc reproduced below: during the course of hearing, the ld. 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, trade marks license, franchise or any other business or commercial .....