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Assistant Commissioner of Income Vs. Electrical General Wood

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... 17th nov., 1995. since the said order is passed within four years of the passing of the assessment order, which is the time stipulated for passing an order under section 154 of the act, we hold that the impugned order, dt. 17th nov., 1995 has been passed within a reasonable time, and it is not barred by limitation.8. the impugned ..... by limitation. in any event, he submitted, since the matter involves debatable issues, the cit(a) was correct in cancelling the order passed by the ao under section 154 of the act.5. we find merit in the contentions made out by the learned departmental representative. considering the matter from either of the two angles mentioned by him, we are ..... has to be treated as part of the assessment order but being coterminus with the assessment order, it has to be passed within the time-limit stipulated under section 153 of the act, i.e. within two years from the end of the assessment year. in the instant case, as the order allocating the income of the firm among the .....

A.P. Industrial Components Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)74TTJ(Hyd.)272

..... india. this definition occurs in rule 2(a) of the customs and central excise duties drawback rules, 1971, framed under section 75 of the customs act, 1962, and section 36 of the central excises and salt act, 1944. the object of the duty drawback system is to reimburse exporters for tariffs, paid on the imported raw materials and ..... escalation in their costs attributable to such customs and excise duties. import entitlement has a statutory basis and is given under an order under section 3 of the imports and exports (control) act, 1947. through the import replenishment licences the exporters are allowed to import limited permissible items. ie is saleable also. thus, duty drawback ..... expenditure and moreover, according to him, assessing officer has accepted that, in assessment year 1991-92, there were export sales. in the matter of deduction under sections 80-i and 80hh, it was pleaded by him that duty draw-back is nothing, but is the part of sales price reimbursed by the government and, .....

Andhra Pradesh Industrial Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... india. this definition occurs in rule 2(a) of the customs and central excise duties drawback rules, 1971, framed under section 75 of the customs act, 1962, and section 36 of the central excises and salt act, 1944. the object of the duty drawback system is to reimburse exporters for tariffs paid on the imported raw materials and ..... escalation in their costs attributable to such customs and excise duties. import entitlement has a statutory basis and is given under an order under section 3 of the imports and exports (control) act, 1947. through the import replenishment licences the exporters are allowed to import limited permissible items. ie is saleable also. thus, duty drawback ..... an industrial undertaking. in other words, if the duty drawback cannot be said to be derived from the industrial undertaking of the assessee-company, deductions under the aforesaid sections shall not be allowed. it has been held by the supreme court in the case of hindustan lever ltd. v. cit (1999) 239 itr 297 (sc), .....

N.K. Leasing and Construction (P) Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2001)79ITD658(Hyd.)

..... . hire charges per se are not the interest as clarified by the central board of direct taxes too, albeit in the context of section 2(28a) of the income tax act and in the context of section 194a of that act, byway of issuing instruction no.1425 in f. no. 275/9/80-it(b) dated 16-11-1981, which is reproduced hereunder, ..... payment of price. the agreed amount payable by the hirer in periodical instalments cannot, therefore, be characterised as interest payable in any manner with the meaning of section 2(28a) of the income tax act, as it is not in respect of any money borrowed or debt incurred. in this view of the matter, it is clarified that the provisions of ..... there was no liability of interest tax. it was further argued by him that appellant is not a "credit institution also as defined under section 2(5a) of that act as none of the clauses of that section is applicable to the appellant-company. according to him, the appellant-company cannot be treated as a financial company also, as it was not .....

N.K. Leasing and Construction (P) Vs. Deputy Commissioner of Income Ta ...

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... charges are nothing but interest. hire charges per 56 are not the interest as clarified by the cbdt too, albeit in the context of section 2(28a) of the it act and in the context of section 194a of that act, by way of issuing instruction no. 1425 in f. no. 275/9/80-it(b) dt. 16th nov., 1981, which is reproduced ..... the payment of price. the agreed amount payable by the hirer in periodical instalments cannot, therefore, be characterised as interest payable in any manner with the meaning of section 2(28a) of the it act, as it is not in respect of any money borrowed or debt incurred. in this view of the matter, it is clarified that the provisions of ..... there was no liability of interest-tax. it was further argued by him that appellant is not a "credit institution" also as defined under section 2(5a) of that act as none of the clauses of that section is applicable to the appellant-company. according to him, the appellant-company cannot be treated as a financial company also, as it was not .....

Andhra Pradesh State Road Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... posed to the assessee by the learned asstt. cit in response to which the assessee stated that the bus body building comes under the sale of goods act and 'tds provisions under section 194c are not applicable to the payment made to the fabricators. the ao, being not convinced with the reply of the assessee,' held that the bus ..... building contract comes within the meaning of "works contract" and is not governed by the sale of goods act. accordingly, the ao treated the assesses as 'assessee-in-default' under section 201 and raised the demand of tax and interest under section 201(1 a) as under: 6. assessee filed appeal against the whopping demand raised by the learned asstt ..... " would cover the activity of bus body building. the word "work" has not been defined under the it act except the fact that an inclusive meaning has been assigned to the expression "work" by inserting expln. 3 to section 194c by the finance act, 1995, w.e.f. 1st july, 1995. in the past, attempts have been made by the .....

Andhra Pradesh State Road Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)74TTJ(Hyd.)531

..... assessee by the learned assistant commissioner in response to which the assessee stated that the bus body building comes under the sale of goods act and tax deduction at sources provisions under section 194c are not applicable to the payment made to the fabricators. the assessing officer, being not convinced with the reply of the assessee, ..... comes within the meaning of "works contract" and is not governed by the sale of goods act. accordingly, the assessing officer treated the assessee as 'assessee-in-default' under section 201 and raised the demand of tax and interest under section 201(1a) as under : assessee filed appeal against the whopping demand raised by the learned assistant ..... activity of bus body building. the word "work" has not been defined under the income tax act except the fact that an inclusive meaning has been assigned to the expression "work" by inserting explanation 3 to section 194c by the finance act, 1995, with effect from 1-7-1995. in the past, attempts have been made by .....

Silpa Finance and Investment (P.) Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)80ITD185(Hyd.)

..... has been wrongly disallowed assuming the amount to have been spent under the head donations and charity. 3. rs, 24,155 of deduction short allowed under section 32ab, of income-tax act, 1961, wrongly assuming dividends on chits subscribed by the company as income from other sources whereas factually it is 'income from business' as one of the ..... income-tax (appeals) iv, hyderabad dated 17-1-1994 and it relates to assessment year 1989-90. the appeal emanates from the assessment order passed under section 143(3) of the income-tax act, 1961.2. the assessee has raised three grounds, which are reproduced as under:- 1. rs. 14,208 remuneration at rs. 500 per month paid ..... with the requirements of parts ii and iii of the sixth schedule to the companies act. therefore, once the dividend on chits is part of the profits of the assessee, computed in the aforesaid manner, the assessee becomes entitled to deduction under section 32ab even if such income was assessable under the different head of income. so .....

Abex Corpn. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2001)78ITD235(Hyd.)

..... taken judicial notice of the abovesaid judgment to arrive at a correct conclusion. hence the argument of the revenue that the said rule 115a read with section 48 of the income-tax act is not applicable for the relevant assessment year is not tenable. here the assessee is a non-resident company. the shares in question were acquired ..... to be considered in rupee equivalent only. moreover the original acquisition is in rupee equivalent. first we are inclined to discuss whether rule 115a read with section 48 of the income-tax act is retrospective or prospective in nature. with regard to the said issue, the supreme court has rendered a judgment reported in cit v.podar cement ( ..... us dollars. but on the contrary, the learned depth representative, shri c.p. ramaswamy has argued that the abovesaid rule 115a r.w.s. section 48 of the income-tax act is applicable only from assessment year 1990-91 onwards. he has also further argued that the abovesaid rule is not retrospective and it is only prospective. .....

Abex Corporation Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... consideration is to be considered in rupee equivalent only.moreover the original acquisition is in rupee equivalent. first we are inclined to discuss whether rule 115a r/w section 48 of the it act is retrospective or prospective in nature. with regard to the said issue, the supreme court has rendered a judgment cit v. podar cement (p) ltd. ..... that the above said rule 115a r/w section 48 of the it act is applicable only from asst. yr. 1990-91 onwards. he has also further argued that the abovesaid rule is not retrospective and it is only prospective ..... argued before us by the assessee's counsel that in the light of the mandatory provisions enunciated in rule 115a of the it rules, 1962 corresponding to section 48 of the it act, capital gains exigible to tax must be valued only in us dollars.but on the contrary, the learned departmental representative, shri c.p.ramaswamy has argued .....