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Shalini Hospitals Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)108ITD534(Hyd.)

..... of cit v. bhagwan broker agency (1995) 212 itr 133 held as follows- the word "business" has been defined under clause (13) of section 2 of the income tax act, 1961, to include any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture. the word "profession" ..... is evident from the consistent stand of the assessee right from the beginning in respect of the assessment year 1998-99; and the act of the assessee in causing belated compliance with section 44ab by getting its accounts audited, though belatedly, in respect of assessment year 1999-2000 notwithstanding its stand that its activities constitute ..... orders impugned, besides highlighting that : a combined reading of the definitions of the terms 'business' under section 2(13), 'person' under section 2(31) of the act clearly indicate that the assessee-firm also constitutes a 'person' as defined in section 2(31), and the activities carried on by it also constitute 'profession', as defined in .....

Valueline Securities (i) Ltd. Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)108ITD639(Delhi)

..... of search and seizure operations. the appellant also produced evidence in the shape of panchnama that the premises of the appellant was covered under section 132 of the act by showing the warrant of authorization against the appellant. the assessing officer acknowledged that search and seizure operations were contemplated because of the ..... letters of confirmation directly addressed to the asstt. commissioner of income tax, it is clear that the assessing officer himself addressed letters under section 133(6) of the act requiring the shareholders to furnish the details of investment with the appellant company. they have responded and furnished the details as required by the ..... books of account and no adverse evidence is found during the course of search, no addition can be made while completing the assessment under section 158bc of the act.12. without prejudice to the above, the learned counsel submitted thatthe share capital introduced cannot be considered as not genuine.hesubmitted that the .....

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)288ITR226(Hyd.)

..... 167b, as the case may be, or the rate or rates of income-tax specified in this behalf in the finance act ..... act of the relevant year, and for the purposes of computation of the "advance tax" payable under chapter xvii-c in a case falling under section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section 167b, section 115b or section 164, the rate or rates specified in section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section ..... - 39. lastly, it was contended on behalf of the appellants that the amending act whereby new section 15 of the act has been substituted is declaratory and, therefore, has retroactive operation. ordinarily when an .....

Ashoka Enterprises Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... capital gains. though, no specific ground was raised by the appellant on the issue of assumption of jurisdiction by the learned commissioner of income tax under section 263 of the act, the larned counsel of the assessee argued that the assessment order was not erroneous or prejudicial to the interest of revenue in the facts of the ..... two views in the facts of the case that the impugned transaction amounted to a transfer as defined in the act. it was, therefore, submitted by her that the commissioner of income tax assumed jurisdiction under section 263 correctly and the direction given by the commissioner of income tax to assess capital gain on the impugned transactions ..... why above transaction should not be considered as a transfer within the meaning of section 2(47)(i) and (ii) of the income tax act read with section 2(47)(vi). it was contended by the assessee before the learned commissioner that no action under section 263 is called for the following reasons: (a) the company m/s. kakatiya .....

Ansari Holding and Investment (P) Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... on an industrial truck which could be used with hooks, crabs and slings for bundled or coiled material. after considering the definition of goods carriage as per section 2(14) of the mv act, 1988, it was held by the court that mobile crane registered as heavy motor vehicle would clearly fall within the expression "motor lorries" and would be ..... -3-1999 was erroneous and prejudicial to the interest of revenue. we therefore, hold that assumption of jurisdiction by the learned cit under section 263 of the act was correct.7. next issue to be decided is as to whether the appellant is entitled to depreciation of 25 per cent or 40 per cent on ..... of revenue, the relevant record would be record as was available to the cit at the time when the record was perused by him for initiating proceedings under section 263 of the act. thus, in the facts of the present case, the learned cit clearly had jurisdiction and he correctly held that the order of the assessing officer dated 31 .....

K.K. House Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... very same building for the purpose of addition of undisclosed investment under section 69 of the act, when in fact the entire undisclosed investment has already been added in the assessment year 2000-01. what the assessing authority cannot do, the first ..... -2003, had arrived at a certain decision on the cost of construction and directed that the estimated difference in the cost of construction be added under section 69 of the act for the assessment year 2000-01. such direction clearly eliminates the jurisdiction of the assessing officer to once again estimate the cost of construction of the ..... hardship to an assessee are violated and if such instructions are issued in exercise of the powers vested in the central board of diruct taxes under section 119 of the act, it is certainly open to the court to compel the income-tax officer to follow the instructions of the central board of direct taxes. this .....

Vishal Infrastructure Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)104ITD537(Hyd.)

..... of arecanuts were supported only by the assessee's bought notes was no ground for the application of either the proviso to section 13 of the 1922 act or the proviso to section 145 of the 1961 act. if the finding of the appellate tribunal cannot be sustained on any material, or if the facts stated in support of ..... officer, in case where he is not satisfied about the correctness or completeness of the accounts of the assessee, for making an assessment as provided under section 144 of the act. on the plea of the assessee that for the earlier seven years, scrutiny assessments have been completed and the method of accounting followed by the assessee ..... assessee which is a limited company has been consistently following a particular method of accounting. its accounts are audited both under the companies act as well as under section 44ab of the income-tax act. such audited accounts are being filed with the registrar of companies as well as with the income-tax department for more than 7 years .....

A.P. Power Generation Vs. the Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)105ITD423(Hyd.)

..... , the question of they being brought to india in knocked down condition does not arise.the question of assembling or erection also does not arise. section 44bbb of the act applies only in so far as local service contract for installation of these cables is concerned. m/s. sumitomo corporation estimated the income from such ..... was liable to deduct tax as it had not approached the assessing officer. the commissioner (appeals) rejected the contention of the assessee that provisions of section 195 of the act did not apply on the ground that there was constructive payment in favour of sumitomo corporation. he then considered the provisions of double taxation avoidance agreement ..... neither a payment by the appellant nor a credit to sumitomo corporation in the books of accounts of the appellant as would attract the provisions of section 195 of the act. v) the acit ought to have appreciated that in substance, the payment made by the sumitomo corporation was as per the instructions of government of .....

Parul Toys Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)105ITD81(Hyd.)

..... toys. it filed return of income for the assessment year 2001-02 on 19-11-2001, declaring its total income at rs. 22,170 under section 44af. the assessment was completed under section 143(3) of the act on a total income of rs. 61,696 after making an addition of rs. 39,526, by way of partial disallowance of the assessee's ..... cit(a) by the order impugned herein.5.2 the contention of the assessee is that when for determination of income for assessment recourse is made to the provisions of section 44af by the assessee, being a small trader having a turnover of less than rs. 40 lakhs, the books of account or the profit & loss account drawn up in accordance ..... contentions of the assessee, which the cit(a) has elaborately considered before rejecting, duly extracting the relevant provisions of the act, in para 4 of his order impugned herein, on pages 3 to 5 thereof.5.3 the proviso to section 44af makes it clear that 'where the assessee is a firm, the salary and interest paid to its partners shall be .....

Vijay Raj Sethia Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... perceptible difference between hexane products and petroleum ether, the same was being sold to petroleum bunks for adulteration ie. mixing it with petrol. taking advantage of the explosive licence and certification from industries department as regards storage capacity which the assessee had, the assessee used to purchase the solvent oil from oil companies, lift the ..... was seized. the transactions recorded in the bank account did not form part of' regular books of account maintained by the assessee. in a statement under section 132(4), the assessee agreed that the said bank account was operated exclusively for the purposes of the above mentioned activity and that he used to obtain ..... of 55 tankers of petroleum ether had been undertaken by shri koteswara rao. he pointed out that the assessing officer in that case, where shri koteswara rao acted as a businessman, had accepted the gross profit rate of 8.2596. he also pointed out that the commission received at rs. 1,80,000 was disclosed .....