Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)268ITR23(Hyd.)
..... state, the assessee has to obtain necessary permit by paying what is called as 'countervailing duty' in terms of s.21 of the andhra pradesh excise act, 1968. the said section of the excise act reads as under- "21. the government may, by notification, levy an excise duty on any excisable article manufactured or produced in the state at such rates ..... deduction of the said excise duty and import duty even on the closing stock was allowable in the accounting year 1983, but because of the specific language of section 43b of the act, which has an overriding effect, it could not have been claimed by way of deduction unless payment thereof was made and here, in this case, it is ..... incorrect as it has not considered the special bench, hyderabad decision in the case of kcp limited and also not taken into consideration the explanation 2 to section 43b inserted by finance act, 1989. in this connection reference may kindly be made to para 11 to 14 the order of hon'ble mumbai itat appearing at page 16 and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)90ITD344(Hyd.)
..... cement unit are available with the assessee. we are of the view that computation of income has to be made source/business-wise in terms of section 70 of the i.t. act. section 32 (2) as it stood for some period on the statute book which we have extracted hereinabove leads us to the same conclusion. further, there ..... buyer would purchase the cement unit. the cost and dates of acquisition of such intangible assets taken over being indeterminate the computational machinery provided in section 48 of the act fails rendering the section inoperative even if it be possible to take the view that the cost of acquisition of the undertaking is the sum total of the cost ..... of the assets which have been allowed depreciation in determining the cost of acquisition of the part of the cement undertaking having failed to appreciate that section 50 of the act has application only where capital gains has to be determined on the sale of assets and the actual cost of assets comprising the cement undertaking alone .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)91ITD384(Hyd.)
..... taxes to relieve hardship to an assessee are violated and if such instructions are issued in exercise of the powers vested in the central board of direct 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 is not so ..... upon by the asaessee besides observing that the decision in the case of c.i.t. v.justice r. dutta (180 itr 85 (cal.) holding no taxability under sec.176(4) of the act has not also referred to or considered or dealt with the decision in the case of roma bose v. iic (95 itr 299 (cal.) this aspect of the ..... from the amount received and thus the assessee's claim had to be allowed, that apart it may also be appreciated when looking at the provisions of sec. 44ad to af of the act that they provided for assessing a particular percentage of receipt as income when the turnover is below a particular limit irrespective of the fact whether books of accounts .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)90ITD814(Hyd.)
..... incomplete or incorrect. when the duly mandated accounting standard is followed, it cannot be said that the income cannot be deduced properly in terms of the proviso to section 145 of the act. actually, the reverse should be the position. if the mandated accounting standard is not followed, the revenue may claim that the correct profits cannot be deduced.46. ..... 17. we have already extracted the directions given by the cit(a) in his order dated 10.12.1999, while setting aside the original assessment made under section 144 of the act dated 31.3.1999. it may be- noticed that the cit(a) mentioned that the assessee has submitted a note on the accounting principle followed by the assessee ..... out that, as per the clear findings of the cit(a), which are not controverted, the assessment was completed on 31st march, 1999, and as per section 153(1) of the act, the limitation is saved if the assessment is made before the date of limitation, and it is not necessary for the order to be communicated to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)81TTJ(Hyd.)831
..... high court had decided, inter alia, that the appropriate authority had no power, authority or jurisdiction, in ascertaining the discounted value of the apparent consideration under section 269ud of the it act, 1961, to deduct from the total amount of the consideration, any sum on the supposition that if the sale had taken place the seller would have ..... (ap) which has reiterated its earlier decision in the case of deccan wine & general stores (supra). he further relied on the amendment made to section 2(31) by the finance act, 2000 in the definition of "person" by insertion of explanation in support of his argument that earlier to this insertion of explanation it is well settled ..... by the assessee-club on fixed deposits with banks is not exigible to tax or not on the principle of mutuality". (1) whether reopening of the assessments under section 147 in valid in law, (2) whether receipts from the members of the affiliated clubs is taxable or not on the doctrine of mutuality. (3) whether the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)90TTJ(Hyd.)555
..... investment was made from source outside books in acquiring goods sold-addition cannot be of entire sale proceeds-only profits embedded in sale proceeds can be taxed-income tax act, 1961, section 256(2)." the allahabad bench of the tribunal in the case of vvs alloys ltd. v.asstt. cit (supra) held as per the head-note, as ..... out of the undisclosed turnover, he argued that 26.44 per cent was estimated as undisclosed income. he vehemently contended that in the case of contractors under section 44ad, the act itself prescribes 8 per cent of the turnover as income but in this case, the assessee had offered 26.44 per cent as income and that this ..... department as well as the assessing officer, have made elaborate enquiries and have given a considered possible decision, thus precluding the commissioner from interfering by invoking section 263 of the act. he moved, a motion before this bench to call for the assessment records and to examine the order sheet and submitted that such an examination would .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)90ITD34(Hyd.)
..... holders, but they do not pay income-tax, by availing various deductions and exemptions which are available under the normal provisions of the act. so, under both section 115j and section 115ja, tax is levied on the basis of the book profit subject to certain adjustments. these provisions come into picture when the total ..... to specified adjustment and not the total income as computed under the normal provisions of the income-tax act. actually, the contention of the revenue goes against the provisions specified both in section 115j and section 115ja of the act. both these provisions levy what is known as the minimum alternative tax, and are applicable to what ..... deduction of export profit in the computation of book profit as provided under clause (iii) of explanation to section 115j of the act. the assessee claimed deduction in the manner prescribed under section 80hhc(3) of the act by applying the formula: export turnover x net profit credited in profit and loss account. total turnover the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)83TTJ(Hyd.)802
..... vide its judgment dated 24-4-2003, in civil appeal no. 3220 of 2000. in that decision, the honble supreme court observed as under : "4. section 80hh of income tax act grants deduction in respect of profits and gains "derived from" an industrial undertaking. the contention of the appellant before us is that interest earned on the deposit ..... the decision of mrs. bacha f guzdar v. cit (1955) 27 itr 1 (sc). it is clear, therefore, that the word derived from in section 80hh of the income tax act, 1961, must be understood as something which has direct or immediate nexus with the appellants industrial undertaking. although electricity may be required for the purposes of the ..... 3,190, aggregating to rs. 9,574 are not derived from the industrial undertaking, and as such, are not eligible for the benefit of exemption under section 10b of the income tax act. consequently, orders of the revenue authorities impugned in ita no. 378/hyd/1997 are upheld, and the appeal of the assessee is dismissed.in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)89ITD625(Hyd.)
..... its judgment dated 24th april, 2003 in civil appeal no. 3220 of 2000. in that decision, the hon'ble supreme court observed as under- "4. section 80hh of income-tax act grants deduction in respect of profits and gains "derived from" an industrial undertaking. the contention of the appellant before us is that interest earned on the deposit ..... rs. 3,190, aggregating to rs. 9,674, are derived from the industrial undertaking, and as such, are not eligible for the benefit of exemption under section 10b of the income-tax act. consequently, orders of the revenue authorities impugned in ita no. 378/hyd/97 are upheld, and the appeal of the assessee is dismissed.8. in the ..... in the decision of mrs. bacha f. guzdar v. cit (1955) 27 itr 1. it is clear, therefore, that the word 'derived from' is section 80hh of the income-tax act, 1961 must be understood as something which has direct or immediate nexus with the appellant's industrial undertaking. although electricity may be required for the purposes of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)91ITD286(Hyd.)
..... . 3.6 as stated earlier, the firm m/s. hymavathi enterprises did not file a separate return of income and also did not apply for registration under section 185 of the i.t.act as a separate entity. though the firm came into existence by a separate deed originally executed on 24.2.1989 and it was reconstituted by another partnership deed ..... from the assessment order reads as under:- "q.no. 15:-i put it to you that you have filed application for registration as a dealer under section 12 of the andhra pradesh general sales tax act, 1957, form d, filed on 22.2.90 by you as managing partner of m/z. crystal coffee club, partnership firm. the constitution of the ..... the assessee firm with the four partners and that of m/s. hymavathy enterprises (crystal coffee club) with six partners are different. 21. the provisions of sections 70 to 79 of the income-tax act speak of allowability of losses under the same head, set off of losses of one head under the another head of income, and carry forward of such .....
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