Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Aug-31-2006
Reported in : (2007)106TTJ(Pune.)137
..... arises.46. in the case of khan carpets v. cit it was held by the allahabad high court that 'reasonableness' within the meaning of sub-section (2) of section 40a of the act was to be determined after taking into account the legitimate needs of the business or profession of the assessee and the 'fair market value of the services ..... films only in godowns constructed strictly in conformity with the specifications laid down in the said rules and in a place to be approved by the chief inspector of explosives, government of india. a place at mahim in mumbai was approved and the assessee company, after purchasing a plot of land there, constructed 13 units thereon, 12 ..... 4, is whether the lease rent and the warehousing charges received by the assessee are to be assessed under the head 'income from house property' under section 22 of the act. the annual value of property consisting of any buildings or land appurtenant thereto of which the assessee is the owner, other than such portions of such property .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Feb-24-2006
Reported in : (2006)104TTJ(Pune.)487
..... the conversion of boulder into sand amounted to an industrial undertaking for the purpose of computing deduction under section 80-ia of the act.clause (iii) of sub-section (2) of section 80-ia provides that section 80-ia shall apply to any industrial undertaking which fulfils the condition that it manufactures or produces any ..... the assessee came within the expression 'manufacture' or production of 'article' or 'thing' and as such, the assessee was entitled to investment allowance under section 32a of the act. in that case, the assessee, an air survey company, which derived its income from surveying, mapping, aerial photography and aero-magnetic photography done for ..... the surveyor general of india and the atomic mineral division of the government of india, claimed investment allowance under section 32a of the act in respect of the aircraft radio purchased in the relevant year. this activity of the assessee was regarded as falling within the purview of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Mar-03-2006
Reported in : (2007)104ITD204(Pune.)
..... the assessee sold the property on 10.02.1973 and claimed that gains were long-term capital gains. the hon'ble court pointed out that on perusal of section 2(42a) of the act, it is clear that 'short-term capital asset' means a capital asset held by an assessee for not more than 24 months (now 36 months) immediately ..... agreement titled "assignment deed" for a consideration of rs. 55,50,000/- by which the rights in shops were assigned to idbi. as per the provisions of under section 269a of the act, the assessee applied to the appropriate authority for no objection certificate (noc) by filing form no. 37-i. in this form, the assessee and the idbi were shown ..... i, pune, passed on 30.04.2001. the corresponding order of assessment was passed by the jcit, sr-3, pune (hereinafter called the ao), under the provisions of section 143(3) of the it act, 1961, on 30.11.1999.the assessee had taken up nine grounds at the time of filing of the appeal. these grounds were narrative and argumentative in nature .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Mar-10-2006
Reported in : (2007)105ITD146(Pune.)
..... examine all the matters which the ao could have examined. (a) the learned cit(a) erred in law and in facts in denying the deduction under section 80 hhc of the act by reducing the export profit for the year by amount of brought forward unabsorbed depreciation/unabsorbed losses and holding that the appellant did not have any export ..... total income of rs. 2,07,675/-. the ao computed the income of the assessee at rs. 2,07.675/-. he also computed the book profits, under section 115jb of the act at rs. 23,17,154/-. while doing so, he inter-alia reduced from the book profits an amount of rs. 1,06,92,643/-, representing 80% of ..... given an opportunity of stating its objection. having considered the objections and finding no merits therein, i direct the ao to withdraw the allowance granted under section 80hhc of the income-tax act, 1961 in the normal computation of income and re-work out the total income by taking into consideration the carry forward business losses/unabsorbed depreciation of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Mar-17-2006
Reported in : (2007)104ITD199(Pune.)
..... - i, pune, passed on 17.11.1999. the corresponding order of assessment was made by the dcit, sr-3, pune (hereinafter called the ao), under the provisions of section 143(3) of the it act, 1961, on 17.02.1998.2.1 ground no. 1 is against the finding of the learned cit(a) in which disallowance of rs. 1,33,400/-, made ..... . the cases of penwalt india ltd. and neopharama pvt. ltd. were also considered by him in the context of the definition of 'industrial company' given in section 2(7)(d) of the finance act, 1965. on the basis of the definition, he came to the conclusion that it was not sufficient if the assessee gets the whole work done from the ..... . the hon'ble court pointed out that such activities did not amount to manufacture of any article or thing, as construction activities are not exigible for investment allowance under section 32a or deduction under section 80i of the act.3.11 in the rejoinder, the learned counsel pointed out that the term 'industrial undertaking' has been defined in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Mar-24-2006
Reported in : (2008)111ITD307(Pune.)
..... that the deduction in respect of total cost of technical know-how was claimed by the assessee at 1/6^th under section 35ab of the act.accordingly, deduction of rs. 16,89,59,982 was claimed in the return of income for the a.y. 1996-97 ..... cit_ii has erred in disallowing that portion of the technical know-how expenses paid in kind and claimed by the assessee under section 35ab of the income-tax act, 1961, on the ground that it does not amount to an expenditure. a brief on this is enclosed herewith as ..... capital expenditure and allowed 1/4^th of the said amount as allowable expenditure under section 35a of the act. in that case as well, the cit has exercised his powers under section 263 holding that the amount in question could not be treated as expenditure and that ..... appeals have been filed by the assessee-appellant arising out of two combined orders of cit-ii pune passed under section 263 of the act, pertaining to a.y. 1996-97 and 1997-98 dated 16-10-2000.identical grounds have been raised which .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Mar-24-2006
Reported in : (2007)104ITD516(Pune.)
..... a student at that time. hence, the expenditure incurred on the education of son was nothing, but personal expense of the assessee not entitled for claim under section 37(1) of the it. act.8. in view of the foregoing discussion as well as on careful analysis of several precedents, discussed in the light of the facts of this case, ..... reimburse the training expenses. in view of the above facts, it was argued that the expenditure was incurred for the legitimate need of the business, hence allowable under section 37 of i.t. act. the case-laws relied upon were ito v. r.gadesham & co. 32 ttj 17, and m.p. agricultural corporation, 49 ttj 3. the learned cit( ..... be allowed but the expenditure should not be personal expense of the assessee and also not in the nature of capital expenditure. section 37(1) also forbids expenditure of the nature described in sections 30 to 36 of it. act. if the expense is found to bear an element other than the trade or profession, interest of the assessee to expenditure .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Apr-28-2006
Reported in : (2006)102ITD177(Pune.)
..... appeal. consequently the case has never been properly disposed of by the tribunal and there is no order of the tribunal from which the reference under section 66 of the indian it act could arise".36. the case of the assessee is that there is a difference of opinion between the two members as to whether the additional evidence ..... on rate difference is justified or not.1. as there arose a difference of opinion between the members, the hon'ble president referred the following question under section 255(4) of the it act, 1961, for my opinion as third member: whether, in view of the facts and circumstances of the case, the order of cit(a) of confirmation ..... of the assessee-society without having any interest therein. they are thus in possession of the funds as agents of the individual members within the meaning of section 182 of the contract act. according to the learned counsel, where an income is received by an agent, he receives it for and on behalf of the principal and in support .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Jun-09-2006
Reported in : (2008)110ITD198(Pune.)
..... the corresponding order of assessment was made by the jcit, sr-5, pune, (hereinafter called the ao), on 31.01.2001, under the provisions of section 143(3) of the it act 1961. the assessee has taken three substantive grounds of appeal.in the course of hearing before us, ground no. 3 regarding reallocation of expenses for ay ..... definition of the term "gross total income", which means the total income computed in accordance with the provisions of this act before making any deduction under chapter vi-a. thereafter, he referred to the provisions of section 80-ia(1), which states that where the gross total income of an assessee includes any profits and gains derived ..... 6). the hon'ble tribunal pointed out that in view of non-abstante clause contained in that section, the provisions of that section will have overriding effect over all other provisions of the act. the legal fiction is created in that section to the effect that the profits and gains of eligible undertaking shall be computed as if such .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Jun-30-2006
Reported in : (2008)110ITD229(Pune.)
..... the learned cit(a) has erred in treating the amount of excise duty and sales tax collected as part of the total turnover while computing the deduction under section 80 hhc of the it act. 3. on the facts and in the circumstances of the case & as per law the learned cit(a) has erred in confirming the addition on account of articles ..... itat, bombay, in the case of ponds (1) ltd. and of itat, pune bench, in the case of sudarshan chemicals ltd. the deductions as claimed by the assessee company under section 80 hhc may be allowed.13. the assessee filed "a chart showing amounts received out of the retention money. in the course of hearing before us, the learned counsel pointed ..... of appeal is against the finding of the learned cit(a) that excise duty and sales-tax form part of the total turnover for the purpose of computing deduction under section 80 hhc. this issue stands covered by the decision of hon'ble bombay high court in the case of cit v. sudarshan chemical industries ltd. in favour of the .....
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