Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Dec-10-2003
Reported in : (2004)89ITD65(Chd.)
..... concerns.15. the hon'ble calcutta high court in the subsequent judgments in the cases of reckitt and colman of india ltd. vs. cit 135 i.t.r. 698, indian explosives ltd. vs. cit 147 i.t.r. 392 and british paints (india) ltd. vs. cit 190 i.t.r. 196 has followed its earlier judgment in the case ..... only when there is no nexus between interest bearing loans and interest free advances given by the assessee. hence, as per the above decisions as also provisions of section 36(1)(iii) of it act, the disallowance of interest is fully justified. the disallowance of interest is also justified in view of the decision of hon'ble allahabad high court (supra), ..... which the assessee paid interest. no evidence has been filed by the assessee to prove that these funds were advanced to oswal palms ltd for the purpose of business. section 36(1)(iii) lays down three conditions.only on complying with these conditions, the assessee is entitled to deduction of interest. these are that the assessee must have borrowed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Dec-10-2003
Reported in : (2004)83TTJ(Chd.)72
..... -free loans given to the sister-concerns.the honble calcutta high court in the subsequent judgments in the cases of reckitt & colman of india ltd. v. cit (supra), indian explosives ltd. v. cit (supra) and british paints (india) ltd. v. cit (supra) has followed its earlier judgment in the case of woolcombers of india ltd. (supra ..... high court reported in woolcombers of india ltd. v. cit (1982) 134 itr 219 (cal), reckitt & colman of india ltd. v. cit (1982) 135 itr 698 (cal), indian explosives ltd. v. cit (1983) 147 itr 392 (cal), british paints (india) ltd. v. cit (1990) 190 itr 196 (cal). he also placed reliance on the judgment of ..... of the assessee. respectfully following the aforesaid decisions , we direct that st and cst be not included in total turnover for purposes of calculating relief under section 80hhc of income tax act. this ground of appeal is accepted." respectfully following the aforesaid decision, we accept this ground and direct the assessing officer to allow cst and st .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Dec-20-2003
Reported in : (2004)90ITD569(Chd.)
..... during the previous year, used or applied directly or indirectly for the purpose of any person referred to in sub-section (3) of the act. sub-section (3) of section 13 refers to the persons mentioned in sub-section (1) and sub-section (2) as under:- (b) any person who has made a substantial contribution to the trust or institution, that ..... or the corpus of the trust shall not be applied directly or indirectly for the benefit of founders, their relatives and other persons as specified in section 13 of the act.12.3 one of the objections raised by the ld. d.r. is that the assessee is running chuttani medical centre on commercial considerations and, therefore ..... question and the assesses cannot be denied exemption in respect of income on the ground that it was not a charitable institution.12.1 sub-section (15) of section 2 of the income-tax act defines "charitable purpose" as to include relief to the poor, education, medical relief and advancement of any other object of general public utility. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Dec-20-2003
Reported in : (2004)91TTJ(Chd.)1044
..... the previous year, used or applied, directly or indirectly, for the purpose of any person referred to in sub-section (3) of the act. sub-section (3) of section 13 refers to the persons mentioned in sub-section (1) and sub-section (2) as under -, (b) 'any person who has made a substantial contribution to the trust or institution, ..... the corpus of the trust shall not be applied directly or indirectly for the benefit of founders, their relatives and other persons as specified in section 13 of the act.one of the objections raised by the learned departmental representative is that the assessee is running chuttani medical centre on commercial considerations and, therefore, ..... question and the assessee cannot be denied exemption in respect of income on the ground that it was not a charitable institution.sub-section (15) of section 2 of the income tax act defines 'charitable purpose' as to include relief to the poor, education, medical relief and advancement of any other object of general public .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Dec-10-2003
Reported in : (2004)88ITD313(Chd.)
..... is subject to strict supervision and checking by central excise authorities. the accounts of the appellant company, are also audited as per provisions of companies act and section 44ab of the act and correctness of the declared production is supported by excise records.28. the income-tax appellate tribunal "special bench" in the case of shanker rice ..... itr 449' in which it was held. ". . . as the assessee could not produce any document in this regard, an adverse inference in terms of section 114 of the evidence act should be drawn to the effect that had those documents been produced, the same would have gone against the interest of the assessee". 19. i, therefore, ..... income-tax appellate tribunal, 'a' bench, chandigarh have differed and, therefore, refer the following point of difference to the hon'ble president under section 255(4) of the income-tax act for appropriate action so that the appeal may be disposed of. whether on the facts and in the circumstances of the case, trading addition of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Dec-10-2003
Reported in : (2005)275ITR124(Chd.)
..... ghee is subject to strict supervision and checking by central excise authorities. the accounts of the appellant company are also audited as per provisions of companies act and section 44ab of the act and correctness of the declared production is supported by excise records.28. the income-tax appellate tribunal "special bench" in the case of shanker rice ..... 254 itr 449, in which it was held " as the assessee could not produce any document in this regard an adverse inference in terms of section 114 of the evidence act should be drawn to the effect that had those documents been produced the same would have gone against the interest of the assessee".19. i, therefore ..... by the tribunal, and added rs. 32,053/- to the income disclosed by the assessee. the appellate assistant commissioner, on appeal, confirmed the applicability of the proviso to section 13 but reduced the addition to rs. 15,000. the appeal to the tribunal was dismissed. on a reference: held, (1) that the method of accounting adopted .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Dec-09-2003
Reported in : (2004)89ITD96(Chd.)
..... the return of income filed u/s 139(1) or alongwith the return of income filed in response to a notice u/s 142(1) of the act. the substantial requirement of section 44ab are i) to get the audit of accounts completed before the specified date and also ii) to furnish the said audit report before that date alongwith ..... the said audit report in the prescribed form duly signed and verified in the prescribed manner.the words "obtained before" have been substituted by words "furnishing by" in section 44ab by finance act, 1995 w.e.f. 1.7.1995. prior to the aforesaid amendment, there was no specific penalty provided for failure to furnishing of the report. the said provisions ..... and in the circumstances of the case, the id. cit (a) (c) has erred in deleting the penalty imposed u/s 271b of i.t. act, 1961 for not complying with the provisions of section 44ab within the stipulated period." 2. the relevant and material facts for the disposal of this ground of appeal are that the assessee firm was required .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Oct-08-2003
Reported in : (2004)89ITD377(Chd.)
..... hardships is caused in case compensation awarded is reduced in further appeal. the legislature has taken care of above situation by introducing clause (c) to sub-section (5) of section 45 by the finance act, 2003 w.e.f. 1.4.2004. at present, we are not concerned with the application of above clause as the court has not yet ..... which admittedly was received by the assessee in the previous year. therefore, capital gain is to be computed as per clause (b) of sub-section (5) of section 45 of the income-tax act. the aforesaid statutory provision is unambiguous and we see no good reason why the said should not be applied. the assessee is free to claim ..... was further not to be determined on account of any potential use of the land. the learned commissioner of income-tax (appeals) further held that provisions of section 2 (14) of the act were not applicable in this case. for all the reasons given above, the learned commissioner of income-tax (appeals) held that the enhanced compensation of rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Aug-07-2003
Reported in : (2004)90ITD57(Chd.)
..... result of reconstitution of the firms? before we answer this question, it would be necessary to reproduce herein the relevant provisions of the gift tax act. sub-section (xii) of section 2 of the gift tax act defines "gift" as under: "(xii) "gift" means the transfer by one person to another of any existing movable or immovable property made ..... 12,09,390, rs. 12,09,390 and rs. 10,36,620 respectively. while doing so, the assessing officer also referred to the provisions of sub-section (xxiv) of section 2 of the gift tax act which defines "transfer of property" as to mean transfer, delivery of other alienation of property and other modes provided under clauses (b), (c) and ..... the minor sons of the partners admitted to the benefits of partnership amounts to gift by father to his two minor sons as per sub-section (xii) of section 2 of the gift tax act. the assessing officer further, examined the copies of accounts of new partners and found that they had not introduced any capital at the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Aug-04-2003
Reported in : (2004)86TTJ(Chd.)505
..... in the arguments preferred on behalf of the appellant.the only conditions which are required to be satisfied by the assessee to enable it to claim interest under section 36(iii) of the act are as under : (c) the assessee must have paid interest on the said amount and claimed it as a deduction.the perusal of the interest ..... of trading transactions and impugned addition was accordingly made.on appeal, learned counsel for the assessee argued before the commissioner (appeals) that claim of interest under section 36(iii) of the act can be restricted only if it is proved with conclusive evidence that any interest bearing borrowed funds were utilised for purposes other than those of business. on ..... relevant and material facts for the disposal of this ground of appeal are ,that the assessing officer made an addition of rs. 58,950 under section 40a(2)(b) of the income tax act on the basis that the purchase from the sister-concern m/s vijay luxmi oil and general mills had been made at a higher rate .....
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