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 4 of about 82 results (0.459 seconds)

Uttamchand P. JaIn Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)103ITD1(Mum.)

..... est audiendns (a person alleging contradictory facts should not be heard) and hence the said principle is fully applicable to proceedings under the it act. the provisions of section 115 of the evidence act provide statutory recognition to the said principle which is otherwise also applicable to all the judicial and quasi-judicial proceedings. the underlying philosophy ..... correctly relied upon by the ao. it is well-known that the ao exercises the powers of a civil court while recording the statement under section 131 of the it act. the statement of shri trivedi was recorded spontaneously at the time when the alleged sellers of diamonds had no occasion to tutor shri trivedi. ..... the narration given in the said capital account, the sale of diamonds declared under the voluntary disclosure of income scheme, 1997 ('vdis' in short). sec, 68 of the it act provides that where any sum is found credited in the books of account of an assessee maintained for any previous year and the assessee offers no .....

Tata Sons Limited Vs. the Deputy Cit, Special Range-1

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... inasmuch as the word defined is said to mean a certain thing, it is possible for the word to have a somewhat different meaning in different sections of the act depending upon the subject or the context. further, that a definition or interpretation clause which extends the meaning of a word should no be construed ..... sub-clauses (a), (aa) and (ab) of the said definition deal with special categories of companies (e.g. government-owned companies, companies registered under section 25 of the companies act, 1956, companies having no share capital) which are regarded as widely-held companies. sub-clause (b), which is applicable in the generality of cases, provides ..... even though it may have been registered as a private company. similarly, if we consider clause (aa), it includes a company which is registered under section 25 of the companies act, 1956. these companies are generally entities like chambers of commerce, clubs etc. which are essentially non-profit making concerns and in the absence of .....

Tata Sons Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)104ITD45(Mum.)

..... exhaustive inasmuch as the word defined is said to mean a certain thing, it is possible for the word to have a somewhat different meaning in different sections of the act depending upon the subject or the context. further, that a definition or interpretation clause which extends the meaning of a word should not be construed as ..... of the tribunal, this ground of the assessee is allowed.4. next ground is against not treating the company as a financial company as per section 40a(8) of the it act, 1961 (the act). this ground was also a matter of adjudication in the appeals cited (supra) for asst. yr. 1984-85 and it was held that the ..... company). sub-clauses (a), (aa) and (ab) of the said definition deal with special categories of companies (e.g. government-owned companies, companies registered under section 25 of the companies act, 1956, companies having no share capital) which are regarded as widely held companies. sub-clause (b), which is applicable in the generality of cases, provides that a .....

ito Vs. Patel Wood Syndicate

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... titaghur paper mills co. ltd. (supra) relied by the commissioner (appeals) for bringing the case of the assessee under clause (b) of sub-section (3) of section 80hhc pertain to sales tax act. in this case, the assessee was exporting the goods after processing le., purchase of round log, cutting and sawing the same. the goods manufactured were ..... taxpayer are exported, the first method of computation will apply.9. after the insertion of words "or processed" in clause (a) of sub-section (3) of section 80hhc of the income tax act, 1961, it is not necessary that goods must be manufactured by the assessee. even in respect of processed goods, the said clause is applicable. ..... 198 itr (st.) 1 (supra) hold that the assessing officer rightly worked out the profits derived from the export under clause (a) of sub-section (3) of section 80hhc of the income tax act, 1961. we, therefore, reverse the order of the commissioner (appeals) on this issue and. restore that of the assessing officer.10. in the .....

Bajaj Auto Ltd. Vs. Dcit, Sr-43

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)105ITD287(Mum.)

..... held against it. accordingly this issue is decided against the assessee. (viii) the eighth issue raised by the assessee relates to disallowances made under section 40a(5) of the act. the disallowances have been made in the context of perquisites extended to the managing director of the assessee company. a. the first ground under this ..... is to be seen that not only gross total income, but income under every head has to be computed in accordance with the provisions of the act. as far as sections 80hh and 80i are concerned deductions are available against the profits and gains derived out of the business carried on by the eligible units. therefore, ..... explained that when profits and gains of an eligible unit is computed in accordance with law, the provisions of law contained in section 32 cannot be excluded. section 32 of the income-tax act provides for depreciation allowance. therefore, computation of profits and gains in accordance with the provisions of law means computing profits and gains .....

Deputy Commissioner of Vs. Oman International Bank Saog

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD285(Mum.)

..... possibility of conflict of opinion between two different high courts on the same questions of law and, therefore, the legislature has provided for a clear mandate in section 260 of the act to refer questions of law in case of such conflicts. the high court further observed that it will amount to abdication of its duty by the high ..... has held as follows: ...in the case of vithaldas h. dhanjibhai bardanwaki v. cit , the division bench of the gujarat high court has held that under section 36 of the act, before any claim for allowance for a bad debt is held established by the assessing officer, it must appear that the concerned bad debt was written off as irrecoverable ..... assessee would be at liberty to evade the tax by writing of a good debt whenever there is a huge profit and offer the same for taxation under section 41 of the act in the year of loss. according to him, such erroneous interpretation cannot be accepted since it would frustrate the object of the legislature. in this connection, .....

Chandrakant Kantilal Shah Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the learned commissioner (appeals), there was no change in facts and no other material was brought by the assessee so as to exclude himself from the purview of section 43(5). consequently, the learned commissioner (appeals) confirmed the action of assessing officer.5. the assessee preferred an appeal before us. we have heard the parties ..... as this transaction out of which the loss has resulted, is without actual delivery of shares. therefore, the contention of the assessing officer was that as per section 43(5) the assessee has suffered loss on purchase and sale of shares without actual delivery being effected. in response to assessing officer's query, the assessee ..... transactions are done, brokers often resort to violation and penalties are imposed but these payments certainly do not fall in the rigorous provisions of the act where this expenditure cannot be held to be disallowable. therefore, we hold that this expenditure should be allowed to the assessee against the business income. .....

Estate of Late N.J. Patel Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... consideration for the purpose of determining the income under the head capital gains. the computation of income under the head capital gains is to be under section 48 of the income tax act. accordingly, under section 48, the full value of the consideration shall be deemed to be the fair market value as on the date of conversion and the cost ..... in-trade, which would be the difference between the sale consideration and the fair market value as on the date of conversion. this is the scheme of section 45(2) of the income tax act. in our view, the revenue authorities have erred in bringing to the charge of tax the entire sale consideration as business income. as mentioned above, ..... gains and accordingly the assessment was made on 27-3-1997. the commissioner of income-tax, central-iii, mumbai set aside the aforesaid assessment order under section 263 of the income tax act on 5-2-1998.it would be appropriate to reproduce below the relevant part of the cit's order from pages 12 and 13 of his order: .....

Gtc Industries Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)104ITD86(Mum.)

..... of cst v. satyanarain singh [1974] 33 stc 187, the allahabad high court considered this question in respect of a reference made under the u.p. sales tax act, section 11. it said that when a question has been referred to the high court and, in the meanwhile, the law is amended with retrospective operation, it would be ..... this aspect. second, which is independent of and without prejudice to the aforesaid, the explanation has now been inserted in clause (vii) of sub-section (1) of section 36 by the finance act, 2001 with retrospective effect from 1-4-1989. the learned judicial member holds the view that the retrospective legislation was not in existence at the ..... has also ignored the binding decisions of the larger benches of the supreme court. (v) reference to explanation inserted in clause (vii) of sub-section (1) of section 36 by the finance act, 2001 with retrospective effect from 1-4-1989 has been made in the order proposed by the learned judicial member for the proposition that the said .....

G.T.C. Industries Ltd. Vs. the Dy. Cit, Spl. Rg. 50

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... of cst v. satyanarain singh [1974] 33 stc 187, the allahabad high court considered this question in respect of a reference made under the u.p. sales tax act, section 11. it said that when a question has been referred to the high court and, in the meanwhile, the law is amended with retrospective operation, it would be ..... this aspect. second,which is independent of and without prejudice to the aforesaid, the explanation has now been inserted in clause (vii) of sub-section (1) of section 36 by the finance act 2001 with retrospective effect from 1.4.1989. the learned judicial member holds the view that the retrospective legislation was not in existence at the time ..... has also ignored the binding decisions of the larger benches of the supreme court. (v) reference to explanation inserted in clause (vii) of sub-section (1) of section 36 by the finance act, 2001 with retrospective effect from 1.4.1989 has been made in the order proposed by the learned judicial member for the proposition that the said .....