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Ajit Chintaman Karve Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)112TTJ(Pune.)480

..... progress in a particular accounting period.6.2 the method of accounting cannot be substituted by the ao merely because it is unsatisfactory. what is material for the purpose of section 145 is that the method should be such that the real income, profits and gains can be properly deduced therefrom. if the method adopted does not afford a true ..... portion from para 12 is reproduced below: it is well-settled that there could be no estoppel against statute. estoppel is not a base of liability to assessment under the it act, and, therefore, the assessment of a person for an amount of income to which he is stranger cannot be based on the ground that he himself wanted to be ..... particular item as a profit or loss in the accounting year, but whether the said item can be regarded either as a profit or loss under the provisions of it act and also has to be decided in accordance with the provisions of law.6.3 learned authorised representative has also discussed the law of estoppel and argued that an .....

Alfa Laval India Ltd. Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)298ITR333(Pune.)

..... incentive scheme, has to be reduced from the written down value of the plant & machinery, in view of the provision contained in explanation 10 to section 43(1) of the act. it is mentioned that he erred in not appreciating that the aforesaid explanation is prospective in nature, applicable only in respect of grants which become ..... was represented before him that the liability was incurred in this year and even otherwise the same is admissible on payment basis under the provisions of section 43b of the act. the assessing officerdid not accept the aforesaid contention on the ground that the relevantdemand notices were dated 29.05.2001 and 16.06.2000, the ..... authority, thereby, resulting in devolution of the liability on the assessee as the principal employer. therefore, the impugned amount was allowable under the provisions of section 37(1) of the act.4. in the course of hearing before us, the learned counsel pointed out that the assessee had employed a contractor for carrying out the repairs. .....

Shri Lunawat Jayant Maniklal Vs. Dy. C.i.T.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)112ITD268(Pune.)

..... its subordinate authorities. we have also examined the case of sheo narain jaiswal, 176 itr 352 (pat.) and have noticed that the issue was re-assessment proceedings under section 147 of i.t. act. in that appeal, on the facts of the case, it was held that the ito never formed the requisite belief that there had been escapement of income or ..... in respect of payment of rs. 35,00,000/- to the assessee i.e. jayant lunawat was not proved to be genuine, hence disallowed as unexplained expenditure under section 69c of i.t. act and the relevant para of the said observation of a.o as appearing on page 63 of the paper book and internal page 4 of the a.o ..... of the paper, there was a noting mentioning a financial transaction with the assessee. the said mr. m.k. purandhare was summoned and his statement was recorded under section 131 of i.t. act. the a.o has reproduced the relevant portion of the said statement and the core issue for the impugned addition of rs. 35 lakhs was on account of .....

Ador Technologies Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)112TTJ(Pune.)24

..... held that amount written off was provided by the appellant company for the business purpose and out of business expediency and claim is allowable under section 37 and/or section 28 of the it act. just and proper relief be granted to the appellant in this respect.52. the total claim made by the assessee, in respect of the ..... held that amount written off was provided by the appellant company for the business purpose and out of business expediency and claim is allowable under section 37 and/or section 28 of the it act. it further be held that amount used by the appellant company for obtaining controlling interest was for business purpose and loss, deficit incurred is ..... . the court observed as under: - the assessee which is a private limited company is a distinct assessable entity as per the definition of 'person' under section 2(31) of the act. therefore, it cannot be stated that when the vehicles are used by the directors, 'even if they are personally used by the directors' the vehicles are .....

Shri Shetty G.D. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)112ITD103(Pune.)

..... appellant. 8. moreover when appellant could not invest the sale proceeds of the plot of land in acquiring residential property within stipulated period as per section 54f of the act, appellant offered the long terms capital gain for tax and paid taxes accordingly in the assessment year 1998-1999. 9. appellant had intention to ..... appellant has sold plot of land during the year and deposited the sale consideration in capital gain account with syndicate bank. the appellant claimed exemption under section 54f of the act. the learned assessing officer rejected the appellants' claim on the ground that appellant owns residential house at the time of sale. 2. the learned ..... only the appellant was allowed possession of the fiat since 1971 and thereafter no proceedings either for eviction or any other purpose us stipulated under section 66 of mhada act, 1976 have been taken against the appellant. accordingly, i do not find any merit in the submissions of the appellant/the authorised representative that .....

thermax Babcock and Wilcox Ltd. Vs. Addl. Commissioner of It, Spl.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)304ITR130(Pune.)

..... and, thus, they being in the nature of operational income of business activity of the assessee, are not to be excluded under explanation (baa) of section 80hhc of the act. he further submitted that service charges received represent income by way of technical service fees for supervision; of erection and commissioning of boilers. he, therefore, ..... or commissioning the work without any ambiguity, and breach thereof the assessee was required to pay such compensation, and that is what is provided under section 73 of the contract act. in the present case, the department has not made out any case at any stage of the proceeding that there was no specific stipulation ..... which has been reproduced by the ao in his order as under: first and foremost in compliance with the statutory provisions contained in sub-section (3)(b) of section 209 of the companies act, 1956 the accounts of the company are maintained on the accrual basis of accounting. accordingly, and strictly in terms of the relevant clause .....

A.C.i.T. and D.C.i.T. Vs. Shri Raghunath B. Taware

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)302ITR136(Pune.)

..... on bets accepted by him so as to permit the revenue authority to tax the same independently at the maximum marginal rate of tax specified under section 115bb of the act.it is not in dispute that normal receipts of a bookmaker from accepting the bets from others is not assessable as winning from horse-races and ..... a view that though; no deductions are allowed in respect of any expenditure or allowance in computing the income from the aforesaid sources as provided in section 58(4) of the act, where there is a diversion of an amount by overriding title as in the case of certain lotteries where a certain percentage has to be foregone ..... of the business transactions in respect of business of book making inasmuch as hedging is permitted and not treated as speculative transaction within the meaning of section 43(5) of the income-tax act, in respect forward transactions where actual delivery takes place. this being so, the winnings disclosed as "tote winnings" by the appellant cannot be charged .....

income Tax Officer Vs. Rina B. Parwani

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2007)110TTJ(Pune.)460

..... in the nature of the revenue receipt. there is no transfer in relation to a capital asset within the meanings of section 2(47) of the it act, 1961 and the amount of rs. 1 lakh also does not confirm to the concept of a capital asset....the hon ..... and is directed against the order dt. 20th july, 2004 passed by the cit(a) in the matter of assessment under section 143(3) of the it act, 1961, for the asst. yr.2001-02.2. the ao has raised six grounds of appeal but, in effect, the ..... to have received mesne profits in this case.8. the expression 'mesne profits' is not defined under the it act, but the same is defined in the c.p.c. section 2(12) of the cpc defines it as follows: mesne profits' of property means those profits which ..... rs. 11,00,000 was to be taxed as a mesne profit liable to includible under the head 'income from other sources'. exemption under section 54f was also, accordingly, declined. aggrieved, assessee carried the matter in appeal before the cit(a). in appeal, the cit(a) took .....

ito Vs. Rins B. Parwani

Court : Income Tax Appellate Tribunal ITAT Pune

..... an appeal filed by the revenue and is directed against the order dated 20th july, 2004 passed by the commissioner (appeals) in the matter of assessment under section 143(3) of the income tax act, 1961, for the assessment year 2001-02.2. the assessing officer has raised six grounds of appeal lut, in effect, the solitary grievance of the assessing ..... the nature of capital gain or in the nature of the revenue receipt. there is no transfer in relation to a capital asset within the meanings of section 2(47) of the income tax act, 1961 and the amount of rs. i lakh also does not confirm to the concept of a capital asset....the hon'ble high court then lormed a ..... whether the assessee can be said to have received mesne profits in this case, 8. the expression 'mesne profits' is not defined under the income tax act, but the same is defined in the cpc. section 2(12) of the cpc defines it as follows : mesne profits' of property means those profits which the person in wrongful possession of such property .....

Dhariwal Industries Ltd. Vs. Acit (inv.) and Addl. Cit, Range-1

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)111ITD379(Pune.)

..... of its ingredients (by whatever name called)" and sr. no. 9 in the said schedule that "gutkha" have been included as "tobacco products" as defined in section 2(p) of the act of 2003. he submitted that the focus of sr. no. 8 in the said schedule was on any chewing material having tobacco as one of its ingredients, ..... down in sil import, usa v. exim aides silk exporters , in which the hon'ble supreme court, in the context of the service of notice under section 138 of the negotiable instruments act, has held as tinder: francis bennion in "statutory interpretation" has stressed the need to interpret a statute by giving allowance for any relevant changes that have ..... them and issued a show-cause notice dated 5.12.95 calling upon the assessee to explain as to why he should not take suitable action under section 263 of the i-t act and issue appropriate directions to the assessing officer in the matter. after considering the explanation given by the assessee, the id. commissioner passed the order .....