Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2003)84ITD212(Pune.)
..... before the tribunal that the case of venkateshwara hatcheries is on the question whether poultry farming involves manufacture or production for the purpose of claiming investment allowance under section 32a. as regards the judgment in the case of anand theatres, the tribunal did not have the benefit of the later judgment of the supreme court in ..... considered merely as places from which the assessee is carrying on its business.16. the argument of the learned cit (departmental representative) that the provisions of the act should not be interpreted in such a manner as would lead to ridiculous or absurd result is certainly unexceptionable.but, we are afraid, that no such results would ..... opinion of the expert has not been contradicted on behalf of the revenue on the basis of any contra-opinion or material. the opinion has been accepted and acted upon by the hyderabad bench of the tribunal in the case of bhagyalakshmi hatcheries vide order dt. april, 1992. the matter is pending before the hon'ble .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2003)87ITD569(Pune.)
..... assessee were to be accepted. thus, it results into direct conflict between sub-clause (v) and sub-clause (viia)(b) of the sub-section (3) of section 194a of the act in order to remedy this conflict between two provisions it will have to be considered in such a way that the specific provision as mentioned under ..... a co-operative society engaged in carrying on the business of banking is exempted from the requirement of deduction of income-tax at source. act amends section 194a of the income-tax act relating to deduction of income-tax at source from interest other than interest on securities in the case of residents. the amendment provides for ..... deducted at source and such specific exemptions have been made. this clearly spells the purpose or intention of the legislation in bringing on statute the provisions under section 194a of the act. on this background, therefore, one has to view the provisions under sub-clause (3), which generally spell out exemptions from the above-mentioned main rule .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2004)88ITD451(Pune.)
..... decision of the hon'ble supreme court decision given in the case of chuharmal v. cit (1988) 172 itr 250 (sc), he contended that as per section 110 of evidence act, 1872 a salutary principle of common law jurisprudence viz. where a person was found in possession of anything, the onus of proving that he was not its ..... -3-1998 for assessment years 1990-91 to 1995-96. the assessee in these appeals is aggrieved with the levy of penalty under the provisions of section 271d of the income tax act, 1961. the penalty levied for different assessment years is as follows: the assessee in the present case is an advocate carrying on legal profession for ..... need not to go for further verification to establish that assessee had contravened the provisions of section 269ss. according to the learned d.r. the admission made by the assessee and subsequently acted upon is sufficient to establish the contravention under section 269ss and there was no need to establish a fact which was already established by way of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2004)451ITD88(Pune.)
..... , referring to the decision of the hon'ble supreme court decision given in the case of chuharmal v. cit (172 itr 250), he contended that as per section 110 of evidence act 1872 a salutary principle of common law jurisprudence viz. where a person was found in possession of anything, the onus of proving that he was not its owner was ..... dated 11-3-1998 for a.ys. 1990-91 to 1995-96. the assessee in these appeals is aggrieved with the levy of penalty under the provisions of section 271d of the i.t. act 1961. the penalty levied for different assessment years is as follows: 1990-91 rs. 50,000/- 1991-92 rs. 70,000/- 1992-93 rs. 5,31 ..... the department need not to go for further verification to establish that assessee had contravened the provisions of section 269-ss. according to the ld. d.r. admission made by the assessee and subsequently acted upon is sufficient to establish the contravention under section 269ss and there was no need to establish a fact which was already established by way of an .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2004)90ITD115(Pune.)
..... fresh consideration.?" 2. i have heard the rival submissions in the light of material placed before me and precedents relied upon.3. notice under section 158bc of the it act, 1961 (hereinafter called 'the act'), was issued and served on the assessee on 7th april, 1997, calling for the return for the block period. the assessee did not ..... not complied with-but certainly not void or illegal..... held, allowing the appeal, that the tribunal was correct in holding that non-service of notice under section 143(2) of the it act, 1961, to nine out of the ten legal representatives of the. deceased s did not invalidate the assessment orders of the ito relating to the ..... the assessee and in case of trucks acquired before the previous year, actual cost to the assessee less of depreciation actually allowed to him under the act as per provisions of section 43(6), after getting necessary details from the assessee. "the depreciation determined for any of the years remained unabsorbed in the block period is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2003)86ITD256(Pune.)
..... edition). in this circular, it has been stated that with a view to providing further encouragement for indigenous scientific research, the finance act, 1985, has inserted new section 35ab in the income-tax act. the section provides that any lump-sum consideration paid by the taxpayer for acquiring any know-how for use for the purpose of his business will ..... was not under the head "profits and gains of the business", but as per parts ii and iii of schedule vi to the companies act as adjusted as per the provisions of section 32ab(3). thus, for arriving at a deduction of 20 per cent, profit was not to be computed as per the provisions of the ..... . this amount was claimed by the assessee as revenue expenditure. according to the assessing officer, the income-tax act has provided separate section 35ab for treating expenditure on account of technical know-how fees.according to this section, the amounts spent under the head has to be allowed in six equal instalments starting from the year in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2004)82TTJ(Pune.)667
..... the hands of the assessee, the addition made in respect of these very amounts, in the hands of mr. r.d. mehta, if any, may by deleted under section 154 of the act, in consonance with the circular issued by the board, it will be relevant here to reproduced the said circular as appearing in taxman's direct taxes circular vol. 2 ..... of such income, the addition made on protective basis of the same amount in the hands of other persons can be deleted under section 154 even after the expiry of time limit fixed under section 154(7) of the act. this will obviate levy of double taxation of the same amount in the hands of more than one person.25. the learned counsel ..... in law. it further be held that the case of the appellant is not covered by provisions of chapter xiv-b of the act. the order passed by the ao in terms of provisions of section 158bc r/w section 158bd is without jurisdiction and is vitiated. the order passed by the ao be declared as null and void and not tenable in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2003)87ITD189(Pune.)
..... cit (2002) 253 itr 578 (p&h) the assessee challenged the charging of interest on the ground that no definite order for payment of interest under section 234b of the act had been passed in the assessment order and that the direction given in the assessment order for charging interest was vague and not specific.hon'ble high court ..... issues is being dismissed, therefore, the appeal of the assessee as well as of the revenue would be treated to have been accepted partly.reference under section 255(4) of the it act, 1961u.b.s. bedi, j.m.as there is a difference of opinion between the members on the bench, following points of difference are being ..... 64,940.4. the assessee appealed to the learned cit(a) and submitted that the assessee had maintained regular books of account which had been audited under section 44ab of the act. it was further stated that proper quantitative particulars had been maintained and produced for verification of the ao. the purchases and sales were also fully supported and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2003)80TTJ(Pune.)458
..... ita no. 170/pn/1992, [reported at (2003) 80 ttj (pune)(tm) 436--ed.] i hold that the interest income on fdrs is not eligible for deduction under section 80-ia of the it act, 1961. i am, therefore, inclined to agree with the view taken by the learned jm on this aspect.the matter will now go before the regular bench for ..... of the hon'ble supreme court in the case of ranchi club ltd. (supra) is a brief judgment of two lines and further that sections 234a and 234b have been amended with retrospective effect by the finance act, 2001, and the ratio of the judgment of the hon'ble supreme court stands nullified by the aforesaid amendment.8. we have considered the ..... the view of the jm that the interest income on fdrs is not eligible for deduction under section 80-ia of the it act. in accordance with the majority view, we hold that interest income on fdrs is not eligible for deduction under section 80-ia of the act.the assessee fails on this ground of appeal and other part of this order shall remain .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2004)88ITD200(Pune.)
..... it appeal no. 170 (pune) of 1992] - [2003] 80 ttj (pune)(tm) 436 i hold that the interest income on fdrs is not eligible for deduction under section 80-ia of the income-tax act, 1961.1 am, therefore, inclined to agree with the view taken by the learned judicial member on this aspect.3. the matter will now go before the ..... of the hon'ble supreme court in the case of ranchi club ltd. (supra) is a brief judgment of two lines and further that sections 234a and 234b have been amended with retrospective effect by the finance act, 2001 and the ratio of the judgment of the hon'ble supreme court stands nullified by the aforesaid amendment.8. we have considered the ..... the judicial member that the interest income on fdrs is not eligible for deduction under section 80-ia of the income-tax act. in accordance with the majority view, we hold that interest income on fdrs is not eligible for deduction under section 80-ia of the act.the assessee fails on this ground of appeal and other part of this order shall .....
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