Judgment Search Results Home > Cases Phrase: explosives act 1884 section 4 definitions Sorted by: recent Court: income tax appellate tribunal itat chennai Page 1 of about 74 results (1.052 seconds)

Neyveli Lignite Corporation Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2005)93TTJ(Chennai)685

..... submitted that the activity carried out by the assessee was primarily activity of mining and, therefore, the assessee was not entitled for deduction under section 80-ib of the act also. the learned counsel for the assessee, however, submitted the activity of excavation of lime stone cannot be compared with the activity carried on ..... in the vertical plane. the degree of hardness also varies. to aim at proper parameters for drilling and blasting, experiments were conducted in collaboration with different explosive manufacturers adopting different bore hole spacing and pattern, different charge ratio and different firing orders. . the blast holes are being drilled using a straight rotary drill ..... places water is being used to drill the holes. the drilled holes may contain some water which may either react with the explosives to be charged or will not allow the explosive to reach the required location. these water are to be bailed out and reamers are to be used to smoothen the inner .....

Tamil Nadu Power Finance Vs. Department of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

..... write off., assessee might have been following mercantile system of accounting. however, the prudential norms prescribed by rbi, for non banking financial company under section 45 q of the rbi act, made it obligatory for the assessee to classify the loans on which interest was not received for a period exceeding six months, as non-performing ..... by the tribunal to verify whether the business activities of the assessee claimed as long term financing activities would come under explanation (e) of section 36(1)(viii) of the act. the set aside assessment was completed on 29-12-2008. again the case of the assessee was re-opened vide notice dated 24-02- ..... only for the purpose of supervision, and management of non banking financial companies and was not relevant for ascertaining income under the income tax act. though assessee explained that by virtue of sec.43d, it was necessary for it to offer such interest income, only when interest was realized, assessing officer was not impressed. an addition .....

The Assistant / Deputy Commissioner of Income Tax Vs. M/S. Keesara Pla ...

Court : Income Tax Appellate Tribunal ITAT Chennai

..... which has to be answered is: whether the assessee is carrying on any manufacturing activity or not? the term 'manufacture' has been defined in sub-section (29ba) of section 2 of the act. the same is re-produced here in below: (29ba) "manufacture", with its grammatical variations, means a change in a non-living physical object or ..... exchequer. the deduction u/s. 80ic is being granted to the units set up in certain specified areas which are industrially backward. the section was inserted in the act by the finance act, 2003 with effect from 01-04-2004. the union cabinet had announced a package of fiscal and non-fiscal concessions for the special category ..... of the assessment order and submitted that the assessee is only doing fitting and is not carrying out any manufacturing as envisaged in the provisions of section 80ic of the act. the ld. dr further contended that without prejudice to his submissions on the activities being carried out by the assessee termed as manufacturing, the assessee .....

Laser Soft Infosystems Ltd. Vs. the Income Tax Officer, Prince Info Pa ...

Court : Income Tax Appellate Tribunal ITAT Chennai

..... officer and cit(a) have failed to appreciate the fact that expenditure incurred on the development of new product is revenue in nature. the expenditure is allowable under section 37 of the income tax act, as the same was incurred wholly and exclusively for the purpose of business of the assessee company. the expenditure in relation to product development has neither generated ..... of the assessee company and the treatment given in books would not affect the claim of deduction under the provisions of the income tax act. the assessee claimed that the expenditure is allowable under section 37 of the act. the assessee made an alternate prayer that in case the expenditure is to be treated as capital in nature, the assessee is entitled to .....

The Asst. Commissioner of Income Vs. India Cements Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

..... interest income received against electricity deposit is not derived from the industrial undertaking and, therefore, not eligible for deduction under section 80-i of the act.9. the learned counsel for the assessee, on the other hand, reiterated the submissions made before the cit(appeals) and strongly supported the order of ..... received from utt dividend cannot be said to have been derived from the industrial undertaking and, therefore, the same was not eligible for deduction under section 80-i of the act. he relied on the decision of the hon'ble supreme court in the case of pandian chemicals (supra) where it is clearly held that ..... to disclose fully and truly all material facts. hence reassessment proceedings after the expiry of four years was not possible in view of the provisions of section 147 of the act.therefore, following the decisions of hon'ble jurisdictional high court in the above cases, we hold that assessment was wrongly reopened and, therefore, we .....

Sword Global (i) (P) Ltd. Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chennai

..... if such assessees do not have any brought forward losses/depreciation. such a situation is not contemplated under the provisions of section 10b of the act. we find that the provisions of section 10b of the act are very clear on this issue and if there is any doubt, the same gets clarified if this provision is understood ..... out the proportion of the eligible amount we do not agree with the contention of the ld. counsel for the assessee that the second proviso to section 10b of the act has to be applied directly and immediately on the gross business profit before taking into consideration the brought forward unabsorbed business losses. if this procedure of ..... have heard both the parties and perused the records available with us. we are not accepting the arguments advanced by the learned counsel for the assessee. section 10b of the act cannot be read in isolation of other provisions. it is only an exemption provision.exemption cannot be fanciful and it has some rationale with other provisions .....

The Asst. Commissioner of Income Vs. Real Image Media Technologies

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : LC(2008)(2)362

..... on accrual basis and reflected as liability directly in the balance sheet. as no deduction was claimed by the assessee there is no question of disallowing the same under section 43b of the it. act. he also relied on the case of srikaollu subbarao & co and ors. v. union of india and ors. 173 itr 708.12. we have considered the rival ..... a deduction has been claimed but payment has not been made. but if no deduction has been claimed at all then there is no question of application of section 43b of the it act.11. in the case before us, service tax was never claimed as deduction because the same was never debited to profit and loss account. since companies are ..... make actual payment. if an assessee had not preferred any claim towards service tax, there was no question of disallowing the same. secondly, it was argued that section 67 of the finance act which deals with the service tax was amended with effect from 6.10.1998 and provided that the duty of paying service tax is on the person providing .....

Assistant Commissioner of Income Vs. Prabhu Spg. Mills (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)113TTJ(Chennai)372

..... supreme court in the case of cit v. lakshmi machine works , wherein it was held that: the principal reason for enacting a formula in section 80hhc of the it act, 1961, is to disallow a part of the concession thereunder when the entire deduction claimed cannot be regarded as relating to exports. therefore, while ..... and humidification plant was revenue expenditure allowable under section 37 of the act as they were only replacement of the existing machinery. he also relied on the following judgments: 14. the learned departmental representative, on the other ..... (1978) 112 itr 441 (p&h) wherein it was held that the expenditure on replacement of semiautomatic looms for automatic ones was allowable expenditure under section 37(1) of the act. similarly, in the case of cit v. sakthi textiles ltd. it was held that the expenditure incurred on installation of over-head cleaner, speed frames .....

Shri. C.V. Sunny, Prop. Pavizham Vs. the Asst. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chennai

..... material and the assessing officer was proceeding within the scope of the assessment and not within the scope of exercising jurisdiction under chapter xivob and section 158ba. therefore, section 158ba of the act had no application to the facts of the case.the hon'ble jurisdictional high court in the case of cit v. g.k.senniappan ..... held as under: that the other questions raised by the revenue were based on transactions which could not be said to undisclosed transactions falling under section 158b of the incometax act, 1961, because the transactions in question were disclosed in the returns which were the subject matter of regular assessment. they ought to have been ..... . abdul ali reported in 90 itr271. this was a case where best judgment assessment was permissible under the relevant provisions of sales-tax act equivalent to section 145 of the income-tax act. the hon'ble surpeme court in this case held as under: some-times there may necessarily or preferably be mistake in the accounts .....

Mohan Breweries and Distilleries Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)114TTJ(Chennai)532

..... '. however, from a perusal of records the following facts are observed: assessee claimed deduction of rs. 2,15,59,112 under section 80-ia of the it act. the ao rejected the claim under section 143(3) r/w section 263. aggrieved by the order the assessee preferred an appeal before the cit(a) agitating inter alia the claim for a deduction ..... year relevant to the initial assessment year and to every subsequent assessment year upto and including the assessment year for which the determination is to be made.section 80-ia as enacted by finance act, 1999 w.e.f. 1st april, 2000 as stated earlier gives an option to the assessee w.e.f. 1st april, 2000 to claim ..... of prasad productions (p) ltd. v. dy. cit (supra) wherein it is held: because of non obstante clause contained in section 80-1(6) the provisions will have overriding effect over other provisions of the act. section 80-1(6) does enact a legal fiction providing that the profits and gains of new industrial undertaking shall be computed as if .....