Judgment Search Results Home > Cases Phrase: explosives act 1884 section 4 definitions Sorted by: recent Court: income tax appellate tribunal itat delhi Year: 2003 Page 2 of about 35 results (0.249 seconds)

Anz Grindlays Bank Vs. Dy. Commissioner of Income-tax,

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)88ITD53(Delhi)

..... inclusion is only for the purpose of clarification or dispelling the doubts. for example, let us take the meaning of word 'transfer' in definition clause (47) of section 2 of income-tax act. on one hand, it includes 'sale' and on the other hand, it includes compulsory acquisition. there is not doubt that the natural and plain meaning of ..... governed by scra. it was also argued by him that units, securities or shares are different items as is clear from the provisions of section 115ad, 115ac and 115ab of income-tax act which deal with computation of income separately in respect of these items.she relied on the judgment of supreme court in the case of appollo ..... considered is whether the units of uti and government securities would fall within the ambit of the word 'commodity' appearing in section 43(5) of income-tax act. this word has neither been defined in the income-tax act or any other enactment. in the absence of any definition clause, the cardinal rule of interpretation is that any word .....

Finquick Finance (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2003)87ITD323(Delhi)

..... evidence with regard to the genuineness of the same, as appellant's income for the assessment year 1997-98 by exercising power under section 68 of the act read with section 144 of the act.22. we have considered the rival submissions as well as law and after consideration of the same are of the opinion that to ..... unsecured loans' as appellant's income under section 68 of the act. commenting on mr. santhanam's plea that all the credited amounts having been deposited in bank, the same could not be considered as assessee's income ..... namely (i) identity of the creditor (it) capacity of the creditor and (in) the genuineness of the transaction and for discharging the onus put by section 68 of the act and the assessee having not discharged its onus, the assessing officer was quite justified in considering the credits appearing under the head 'share application money' and ' .....

Shri Rati Ram Gotewala Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)89ITD14(Delhi)

..... was not touched by the ao, the cit(a) during the pendency of appellate proceedings issued a notice to the assessee u/s 251(1)(a) read with section 251(2) of the it act calling upon the assessee to file objections, if any, because he proposes to enhance the income for the block period by 30 lakhs in the form of undisclosed ..... block income as made by the ao at rs. 2,08,14,824/- which is misconceived and erroneous and contrary to the provisions of section 132 r.w. section 150 bb and section 158c(b) of the income tax act, 1961 and in derogation of the cited tribunal and high court decisions; 2. in the cit(a) confirming the action of the ao ..... for acting upon the diary is the truth of the statement recorded in the diary which affairs tallies with the books of account. this is another piece of corroborative evidence which suggests that the entries in the diary are correct and, therefore, we once again say that it is a primary evidence. apart from this, in accordance with the provision of section .....

The Triveni Engg. Works Ltd. Vs. Dy. Commissioner of Income Tax,

Court : Income Tax Appellate Tribunal ITAT Delhi

..... have been allowed because the seminars were conducted for the assessee's employees only, therefore, it cannot be treated as entertainment expenses for the purpose of section 37(2a) of the act. in support of his contention, he relied upon the following judgements:- 30. the dr, on the other hand, has submitted that in tax audit ..... he further contended that provisions of section 43b(d) of the act are not attracted since the interest is payable to the govt. of india. which operates and controls sugar development fund and not to any financial ..... basis of which profits or gains are computed under the head profits and gains of business and profession. having regard to this definition of paid in section 43(2) of the act, deduction has to be allowed in respect of interest accrued even though not due whether the mercantile basis of accounting is followed by the assessee. .....

Deputy Director of Income Tax Vs. Vishwa Hindu Parishad

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2003)81TTJ(Delhi)571

..... return dt. 12th march, 1996, which is after the date when the ao passed the order. the appellant has also filed audit report as prescribed under section 12a(b) of the it act. of course this was not before the ao but even as per the original return the appellant was not having any excess of income over expenditure which could ..... the appellant has been allowed, cannot be confirmed. the addition made is deleted. as a consequence, there will be liability of interest under sections 234a and 234b and penal proceeding under section 271(1)(c) of the it act. in the result, the appeal is partly allowed. the appellant gets a relief of rs. 55,37,890 along with consequential relief with ..... fund. the corpus fund has been corning for the earlier years and as per the provision of sections 12 and 11(1)(a) of the it act it is a capital receipt. the appellant has not contravened the provision of section 11(5) or section 13. even if for the sake of arguments it were accepted that it was involved directly or .....

Chawla Techno Construct Ltd. Vs. D.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... concepts i.e., the reason to believe and the escapement of income. the scope of the escapement of income has already been enlarged due to insertion of explanations to section 147. clause c of explanation 2 provides that where the income chargeable to tax has been under assessed, or such income has made the subject excessive relief or excessive ..... perused the decisions relied on by the learned counsel.both these decisions related to the information u/s 147(b) of the act for the un-amended period. it was held in those cases that as the amendment to the section was brought subsequently but with retrospective effect. this will not amount to information u/s 147(b) of the ..... act. but as the facts in the instant case are different, the reliance on the case laws by the learned counsel is not justified. .....

Fizz Drinks Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)95TTJ(Delhi)429

..... received from the lessee as interest-free security is nothing but compensation in lieu of rent. in view of the same and in view of the provision of section 23 of the act he determined the income from house property at rs. 26,97,760 adding interest calculated at 16 per cent on the security deposit.3. aggrieved, the assessee ..... . he further observed that in the immediately preceding assessment year rental income shown by the assessee was duly accepted by the ao vide the assessment order passed under section 143(3) of the act.4. however, in the appeal for the asst. yr. 1992-93 the learned cit(a) took a different view. he observed that the rental income shown ..... of low rent. he, therefore, held that in the circumstances of the case, the ao was justified in determining the annual letting value in terms of section 23(1)(a) of the act and in that connection he rightly considered the benefit of interest-free deposit for determining "the sum for which the properly might reasonably be expected to let .....

Krishna Electrical Industries Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)82TTJ(Delhi)575

..... amount was paid separately to the firm or the partners on account of goodwill or on account of revaluation of assets. therefore, the provisions of section 45(4) of the it act r/w section 112 of the act are not applicable on the facts of the present case.3.7 on similar facts, the hon'ble bombay high court in the case of ..... 48 itr 483 (pat), the cit(a) held that there is no transfer of capital asset from the firm to the company and, therefore, the provisions of section 112 of the it act r/w section 45(4) cannot be applied, and accordingly it was held that the ao wrongly brought the amount to capital gain. thus, the addition made by the ao ..... .accordingly, no capital gain arises. however, the ao was not satisfied.in his view, the firm has transferred its assets and liabilities to the company, therefore, provisions of section 45(4) of the act were applicable. while holding so, the ao placed reliance on various decisions, reported in (1989) 177 itr 98 (sic); cit v. r.r. ramaknshna pillai (1967) .....

Sunil Lamba Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)83TTJ(Delhi)174

..... was erroneous insofar as prejudicial to the interest of the revenue. thus even on merits, the cit was not justified in assuming jurisdiction under section 263 of the act. the order under section 263 is, therefore, quashed.24. as regards the taxability of the amount received on the assignment of trade-mark, there was a consistent ..... the order passed by the ao was neither erroneous nor prejudicial to the interest of the revenue. the cit has, therefore, wrongly assumed jurisdiction under section 263 of the act and his order, therefore, deserves to be quashed. on the other hand, learned departmental representative supported the order of the cit.13. keeping in ..... ) 203 itr 108 (bom) and submitted that no error of law or facts arise out of the assessment order and, therefore, the assumption of jurisdiction under section 263 of the act was illegal.7. the cit considered the submissions of the assessee regarding payment received for assignment of the trade-mark "kwality", the cit observed as under: .....

Gynendra Bansal Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2003)86ITD421(Delhi)

..... learned counsel was that in view of the ratio of this judgment the amount received by the assessee is not accessible to tax and the provisions of section 10(3) of the it act were wrongly invoked. another judgment of which the reliance was placed by the learned senior counsel was that the one in the case of parimisetti seetharamamma v ..... amount received is as compensation and not accessible to tax. the learned counsel submitted that the authorities below were wrong in bringing this amount to tax under section 10(3) of the it act.22. in support of his contention, the learned senior counsel during the course of hearing relied upon the judgment of the delhi high court in the case ..... amount has not taken as capital receipt then the authorities below were right in bringing to tax the amount received by the assessee within the provisions of section 10(3) of the it act.19. some legal precedents were cited on both sides with which we shall deal with a little later but let us examine as to whether the .....