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Cargill India Pvt. Ltd. Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)300ITR223(Delhi)

..... of cce v. brindavan beverages (p) ltd. and ors, which has already been quoted.16.2 shri agarwal then drew our attention to sub-section (2) of section 274 of income-tax act providing that no order imposing penalty shall be made unless assessee has been heard or has been given reasonable opportunity of being heard. further the penalty ..... the facts and circumstances of the case, it would be necessary to refer to the relevant provisions of the transfer pricing regulation under the income-tax act.5.2 section 92(1) of the act enjoins that any income arising from an international transaction shall be computed having regard to arm's length price. it is, therefore, mandatory to take ..... -03) is directed against order of the commissioner of income-tax (appeals) [cit(appeals)] upholding levy of penalty of rs. 40,46,41,376/-under section 27ig of the income-tax act (the act) for not submitting the documents called from the tax payer in time.2. the taxpayer company m/s cargill india pvt. ltd. (cip in short) .....

Mitsui and Co. Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)114TTJ(Delhi)903

..... ., 2005, much beyond the end of the financial year namely 2000-01 relevant to the instant assessment year. it was submitted that as per the provisions of section 133a of the act, cit(a) is not empowered to conduct a survey.it was thus submitted that what he could not directly do could not be done indirectly. such evidence ..... the ao deducted the expenses incurred at the offices located in india and also allowed a 5 per cent allowance for the ho expenses applying the provisions of section 44c of the act and accordingly computed the income of the lo of the assessee at rs. 65,03,70,556. the total income of the assessee was computed at rs ..... various projects executed in india refunds during the financial year 1999-2000. however, it declared nil income from los.3. the ao in the assessment completed under section 143(3) of the act held that los constituted permanent establishment (hereinafter referred to as 'pe') in india. he held that los were engaged in locating the customers, making offers to .....

Cobra Instalacions Y. Services, Vs. Deputy Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)115TTJ(Delhi)534

..... less similar to the facts in mohindra mohan sirkar's case (supra). hon'ble high court following the said decision directed that notices issued under section 148 of the it act, 1961, on the ground that the original returns were invalid and nonexistent, should not be given effect to. the court again made a distinction ..... the assessment proceedings were initiated thereafter on the returns filed, but no assessment was, however, made. later, the assessee was served with three notices under section 148 of the it act, 1961, calling upon him to file returns for the said assessment years.being aggrieved, the assessee initiated proceedings under article 226 of the constitution for quashing ..... company in liquidation when the board of directors ceases to have any voice in the management of the affairs of the company by virtue of section 491 of the companies act, 1956, and the liquidator becomes empowered to exercise all the powers of the board of directors. to meet these situations, we recommend that .....

Millennium Infocom Technologies Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)117TTJ(Delhi)456

..... other hand, learned departmental representative submitted that it was loan given to various employees and therefore could not be treated as expenditure allowable under section 37 of the act. he placed reliance on the decision of learned cit(a).11.4 we have heard the rival submissions and perused the material available on ..... actual expenditure incurred out of expenditure made on investment division which could be related for earning of exempted income. such expenditure can be disallowed under section 14a of the act. the ao will decide the issue after affording the assessee a reasonable opportunity of being heard.11. the next issue for consideration in ground ..... undertaking (in duplicate) addressed to the ao accompanied by a certificate from an accountant (other than an employee) as defined in the explanation below section 288 of the it act, 1961 in the form annexed to this circular. the person making the remittance shall submit the undertaking along with the said certificate of the accountant .....

income Tax Officer Vs. Shree Vallabh Smarak Bhojanalaya

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)114TTJ(Delhi)683

..... filed appeal in the year 2003. (5) the amendment giving right of appeal against the order of cit passed under section 80g of it act, became effective on 1st july, 2007.8. in the setting of above factual background, we proceed to consider the issue involved in this ma. however, before recording ..... to the pending proceedings.7. we want to state certain relevant events and the undisputed facts which are as under: (1) the application for claiming the benefit of section 80g of it act was filed on 31st march, 2003. (2) the cit passed order rejecting the application on 30th sept., 2003. (3) against the order of cit the assessee ..... 97/del/2002 are being culled out and narrated as below.3.1 the assessee trust filed application in form no. 10g for seeking renewal for approval under section 80g of it act. the application was filed on 31st march, 2003.3.2 the director of it (exemption), after examining the facts and after conducting investigation into the matter, .....

Dcit, Spl. Range-i Vs. Jindal Photo Films Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... fact that it were these assessment orders for 1991-92 and 93-94 where the assessee had filed revised returns, that the ao subsequently issued notice under section 147/148 of the act against which, the assessee had invoked the writ jurisdiction of the hon'ble high court.15. their lordships, in the circumstances, while disposing the writs ..... non-priority list of articles or things from the eleventh schedule. "projectors" will, however, continue to be included as an item in the eleventh schedule. [section 53 of the finance act, 1988].23. thus, the position of law as it stands is whereas entry 9 was subjected to amendment for a specific purpose, entry 10 continued to remain ..... of material available. it is a case of absence of material and hence the absence of jurisdiction in the assessing officer to initiate the proceedings under section 147/148 of the act.the aforesaid judgment of the hon'ble delhi high court has become final, the special leave petition filed by the income-tax deptt. having been .....

National Agricultural Vs. J.C.i.T. S.R. and Acit

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)304ITR303(Delhi)

..... set aside and the issue is remanded to the a.o. for fresh consideration. the issue with regard to allowing of interest under section 234b of the act in a.y. 1998-99 is only consequential and the ao is directed to give consequential relief. in the result, ita 1915 ..... was in the nature of bonus and should be allowed on the basis of the actual payment, subject to the provisions of sections 43b of the act.we are of the view that the matter should be remanded to the ao for a fresh consideration for a decision, in ..... awarded by the general body recommendation held in the f.y. 1997-98. the ao held that a perusal of the said section of the mscs act clearly shows that rebate was to be given to the members out of the profits of the society. according to the ao, it ..... del/02 and ground nos. 6 to 9 in ita 2876/del/03 is with regard to the claim for deduction under section 80 hhc of the act. at the time of hearing these grounds were not pressed by the ld. counsel by the assessee and consequently these grounds .....

Ranbaxy Laboratories Ltd. Vs. Addl. Commissioner of Income Tax,

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)299ITR175(Delhi)

..... the impugned instruction no. 3 dated may 20, 2003 issued by the central board of direct taxes is consistent with the statutory objective underlying section 92ca(1) and acts as a guidance to the assessing officer in the exercise of discretion in referring a international transaction to the transfer pricing officer for determination of ..... to the tpo. before making reference to the tpo, the assessing officer has to seek approval of the commissioner/director as contemplated under the act. under the provisions of section 92ca reference is in relation to the international transaction. hence all transactions have to be explicitly mentioned in the letter of reference. since the ..... treated as erroneous and prejudicial to the interest of the revenue.14. the taxpayer accordingly submitted that assessment order be upheld and proceeding taken under section 263 of the act be dropped.15. ld. cit examined the objections raised on behalf of the taxpayer.he accepted that there was a clerical error in noting .....

Joint Commissioner of Income Tax Vs. Khanna and Anndhanam

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)115TTJ(Delhi)663

..... assessee during the asst. yr. 1968-69 constituted in its entirety a capital receipt and was not assessable; (ii) that none of the ingredients mentioned in section 2(47) of the it act, 1961, was present in the transaction in question. there was neither sale nor exchange nor relinquishmerit of any rights in respect of the amount of rs. ..... course of business and determination of individual agencies a normal incident nor affecting or impairing its trading structure. the amounts received by the appellant for the cancellation of the explosives agency therefore did not represent the price paid for the loss of a capital asset : they were of the nature of income. there is no immutable principle ..... business but it was a case of breach of contract between the assessee and the jute mill company and it was a revenue receipt liable to tax under section 28(ii) of the it act, 1961.28. in the case of blue star ltd. v. cit (supra), the headnote read as under: the question whether a particular income arising .....

Genesis Overseas (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)116TTJ(Delhi)385

..... such expenses in the past whereas the assessee has been into this business for many years. accordingly, the commission expenses of rs. 8,30,630 are disallowed under section 40a(2) of the it act, 1961.6. according to the learned departmental representative, the aforesaid observations/findings recorded by the ao in the assessment order were sufficient to show that the assessee had ..... ) 149 : (2006) 155 taxman 223 (del) wherein the following question has been referred to the full bench for decision: whether satisfaction of the officer initiating the proceedings under section 271 of the it act can be said to have been recorded even in cases where satisfaction is not recorded in specific terms but is otherwise discernible from the order passed by the authority .....