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Prasanchand Surana Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2001)76ITD423(Hyd.)

..... before the andhra pradesh high court and the gauhati high court reference was made for determination of the cost of construction under chapter iv of the income-tax act. since provisions of sections 131, 131 (1a)and 132(2) empowers the d.d.i.t. (inv.) to make use of such authority, there is no infirmity in the ..... officer is vested with full authority and powers in making the block assessment. in this regard, he had the authority to use powers conferred under sections 142, 143 and other sections of the income-tax act until specifically precluded from the same. their lordships of the calcutta high court in the case of shaw wallace & co. ltd. v. asstt. ..... money-lending business. as regards unexplained investment in the house property, the learned departmental representative drew our attention to the submissions of the appellant recorded under section 132(4) of the act on the date of search i.e.8-11-1995. in response to question no. 10, the assessee had clearly stated that cost of only rs .....

Knb Investments (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... the relevant time was rs, 455 per share. consequently, the differential price partakes the character of 'benefit' and comes under the purview of section 28(iv) of the act. the benefit, according to him, is certain and it is correctly valued. therefore, the learned departmental representative submitted that the present cases ..... further need of examining the nature of that benefit, viz., capital or revenue.such characterisation is not contemplated under the provisions contained in section 28(iv) of the act. the learned departmental representative further submitted that by holding the shares of the selected companies and earning income by way of interest on ..... appellant-companies and their acquisition of shares through preferential allotment. while explaining the circumstances, the learned senior counsel first took us to the provisions of section 28 of the act with special reference to clauses (i) and (iv) thereof. they read as follows :. "28. the following income shall be chargeable to income .....

Knb Investments (P) Itd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)89TTJ(Hyd.)561

..... the relevant time was rs. 455 per share. consequently, the differential price partakes the character of 'benefit' and comes under the purview of section 28(iv) of the act. the benefit, according to him, is certain and it is correctly valued. therefore, the learned departmental representative submitted 'that the present cases ..... need of examining the nature of that benefit, viz., capital or revenue. such characterisation is not contemplated under the provisions 'contained in section 28(iv) of the act. the learned departmental representative further submitted that by holding the shares of the selected companies and earning income by way of interest on those ..... appellant- companies and their acquisition of shares through preferential allotment. while explaining the circumstances, the learned senior counsel first took us to the provisions of section 28 of the act with special reference to clauses (i) and (iv) thereof. they read as follows : "28. the following income shall be chargeable to income- .....

Knb Investments (P) Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2001)79ITD238(Hyd.)

..... at the relevant time was rs. 455 per share. consequently, the differential price partakes the character of benefit and comes under the purview of section 28(iv) of the act. the benefit, according to him, is certain and it is correctly valued. therefore, the learned departmental representative submitted that the present cases ..... need of examining the nature of that benefit, viz., capital or revenue. such characterisation is not contemplated under the provisions contained in section 28(iv) of the act. the learned departmental representative further submitted that by holding the shares of the selected companies and earning income by way of interest on those ..... appellant-companies and their acquisition of shares through preferential allotment. while explaining the circumstances, the learned senior counsel first took us to the provisions of section 28 of the act with special reference to clauses (i) and (iv) thereof. they read as follows : "28. the following income shall be chargeable to income .....

ishar Dass Sahni and Sons Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2001)77ITD256(Hyd.)

..... bissesswarlal motilal malwasie trust[1992] 195 itr 825, it was submitted that having regard to the nature of the provisions and their object, the direction given in section 184(2) of the act, falls in the area of procedure and hence directory. strong reliance was placed on the test laid down in the decision of the bombay high court in ..... the decision of the itat, delhi bench 'd' in the case of mrs. sudha shama v. ito[1993] 44 itd 351, rendered in the context of section sohhc of the act, holding that filing of accountant's certificate alongwith the return though statutory, belongs to the area of procedure and hence that condition for the grant of exemption could not ..... assessee cannot be assessed as a firm as such. it is being assessed for assessment year 1993-94 in the same manner as a association of persons under section 185 of income-tax act, 1961." 3. in appeal before the ld. cit(a), the assessee reiterated the plea taken before the assessing officer and relying, inter alia, on the ratio .....

Fenoplast Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)82ITD178(Hyd.)

..... trans-investments (p) ltd. v. cit (1999) 237 itr 777 (sc) in which their lordships have held that for the purposes of section 115j of the it act r/w section 205 of the companies act, losses include depreciation also. this judgment has reversed the decision of the hon'ble high court of andhra pradesh in v.v. trans-investments ..... computation of income both for the purpose of aggregation as well as in the regular assessment should be by applying the provisions of chapter iv of the act, which contains section 32. therefore, according to the assessee-company, the unabsorbed depreciation cannot form part of the loss or figures shown in the various columns provided in form ..... computation of income both for the purpose of aggregation as well as in the regular assessment should be by applying the provisions of chapter iv of the act which contains section 32. if the income is so computed, the total income for these years before the inclusion of undisclosed income could only be nil, with certain amount .....

Spartek Ceramics India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2001)76ITD407(Hyd.)

..... representative submitted that the claim of brought forward unabsorbed depreciation cannot be allowed in view of explanation 2(b) provided under sub-section (6) of section 43, read with section 72a of the income-tax act, 1961. according to the said explanation, where in any previous year any block of assets is transferred by the amalgamating company ..... a single entity. this intention is clear from the various clauses of the statement submitted by the appellant before the hon'ble high court under section 393 of the companies act, 1956 for obtaining the approval of the court for the scheme of amalgamation.the clause (g) pointed out by the learned departmental representative ..... two companies, viz., the appellant-company, m/s. spartek ceramics india ltd. and m/s. spartek granites ltd. have filed petitions under section 391 read with section 394 of the companies act, 1956 before the hon'blc high court of andhra pradcsh praying for approval of a scheme of amalgamation between the two and to pass .....

Penzol Investment and Trading Co. Vs. Assistant Commissioner of Wealth

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2000)75ITD39(Hyd.)

..... agricultural operations : (iii) the property was purchased for a specific non-agricultural purpose; (iv) the assessee has no intention to abandon the idea of setting up the explosive factory, which is the non-agricultural purpose for which it was purchased; (v) there is a factual as well as legal inference that the assessee-company has no ..... upon by the learned counsel for the assessee, we are afraid, they are not of much help in the determination of the issue involved in these matters under wt act. the decisions relied on by the learned counsel in kalpetta estates ltd.'s case (supra), dlf united ltd.'s case (supra) and gordhanbhai kahandas dalwadi's case ..... their original character, viz., of agricultural nature, and as such the assessee is legitimately entitled for the exemption provided under s. 2(e)(2) of the wt act, 1957. the learned counsel submitted that the lower authorities have erred in placing heavy reliance on the decision of the supreme court in officer in charge (court of .....

Niraj Petrochemicals Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... ." (b) accrues or arises or is deemed or arise to him in india during such year." 111. explanations 1 & 2 under this sub-section are not felt relevant and not extracted. sec. 90 of the it act is provided under chapter ix and deals with double taxation relief. sub-s. (2) of s. 90 is as follows : "where the central ..... the basic engineering also formed part and parcel of the package of technical services, that were undertaken by the foreign company.29. sec. 5(2)(b) of the it act states that subject to the provisions of the act, the total income of any previous year of a person who is a non-resident includes all income from whatever source derived ..... of remittances to the non-resident. but having deducted and not remitted to the government as required under the provisions of the it act, he cannot escape the consequences of the default.67. the provisions of section mentioned above penalises in respect of failure to deduct and also in respect of non-payment after having deducted. the different high .....

Dr. S. Surendranath Reddy Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2000)72ITD205(Hyd.)

..... . yr. 1995-96, in respect of v.d.c. at himayatnagar, no such material is available to establish the suppression of turnover by the assessee.35. sec. 158bb of the it act lays down the rules of computation of undisclosed income of the block period, sub-s. (1) reads as follows : "undisclosed income of the block period shall ..... of assessment.this principle is applicable to block assessment also. in regular assessment as well as in block assessment, what is assessed is 'income' construed in the it act. the only difference is that in block assessment, the income is the one undisclosed by the assessee.therefore, the ao in this case is justified to estimate ..... considered many of the objections of the appellant and the alleged valuation difference could not be construed as any undisclosed investment. the ao any how, has not acted upon this issue on the ground that the appellant had enough undisclosed income to cover this differential amount. therefore, this issue taken note in the assessment order .....