Array ( [0] => ..... the compensation paid by m/s imkemex india ltd. to the appellant is mesne profit.16. the term 'mesne profit' is not defined under the it act, 1961. the said term is defined under cpc. sec, 2(12) of cpc is as under : "'mesne profits' of property means those profits which the person in wrongful possession of such property ..... earned profit or the profits which might have with ordinary diligence been received by the licensee, the amount could be termed as mesne profit within the definition of section 2(12) of cpc.the learned departmental representative further submitted that if at all the licensee was in wrongful possession of the property on account of breach of ..... was further contended that the amount received by the assessee under the consent decree does not fall within the definition of mesne profit. our attention was invited to section 2(12) of cpc which defines mesne profit to be a profit which a person in wrongful possession of that property actually received or the profits which might ..... [1] => ..... major portion of the tax deducted at source was refunded to the assessee-company. subsequently, the cit in exercise of his power under section 33b of the 1922 act (corresponding to section 263 of 1961 act) revised the order of the ito and took the view that at least 75 per cent of the technical fee earned by the assessee ..... was pointed out that in that case the assessee had accepted levy of tax @ 5 per cent. however, when the cit initiated action under section 33b of the it act, 1922, corresponding to section 263 of the it act, 1961, the assessee challenged such action on the ground that the sum receivable by it was not per se taxable in india. the supreme ..... before us, including the issue as to whether a non-statutory 'no objection certificate' issued by the ao can at all be subject-matter of revision under section 263 of the act. in the light of our findings above, this and remaining grounds of appeal become infructuous. we, accordingly, refrain from making any observations on merits of the ..... [2] => ..... during the previous year under appeal and is, therefore, allowable as trading/business loss in computing its total income for the asst. yr. 1996-97 under section 28 r/w section 29 of the act." 5. being aggrieved, the revenue came in appeal before the tribunal. the learned jm proposed an order by virtue of which he reversed the order ..... of the bench, we state following point of difference and refer the same to the hon'ble president of the tribunal in accordance with the provisions of sub-section (4) of section 255 of the it act, 1961. the point of difference is as under : "whether, on the facts and in the circumstances of the case, the assessee's claim of ..... the previous year under appeal and is, therefore, allowable as trading/business loss in computing its total income for the asst. yr. 1996-97 under section 28 r/w section 29 of the act." 2.7 during the course of hearing of the appeal, the learned departmental representative justified the order of the ao and submitted that the lose claimed ..... [3] => ..... record, i find that there is no dispute in regard to the recovery of transportation charges by the assessee from the chemical companies for transportation of explosives. section 32 of the it act, 1961, provides for allowance of deduction on account of depreciation in respect of assets owned and used by the assessee for purposes of business or ..... amongst the members of bench in regard to the rate of depreciation applicable on vans used for transportation of explosives, the president of the tribunal has, accordingly, nominated me as third member under section 255(4) of the it act in regard to the point of difference formulated by the division bench as under : "whether, on the ..... in appeal before the cit(a) who concluded as follows: "3.2 i have examined the above submissions. it is a fact that while acting as consignment agent for transportation of explosives, the appellant was hiring out his vehicle to others. therefore, it is not correct to infer that in such activities, the appellant was ..... [4] => ..... . it is thus evident that taxation of aop as a separate entity and assessment of its members individually is permissible in law.21. this takes me to section 86 of the act. this section quoted above provides the treatment of share of a member in the income of aop or boi . as a general rule, it provides that no income-tax ..... members of the aop. the aop being a separate assessable entity is obliged to file the return of income and also pay taxes as per the provisions of the act. section 139(1) makes it obligatory for the aop to file the return of income within the prescribed time if its income exceeds the maximum amount which is not chargeable ..... with. that being so, why the aop be not entitled to carry forward of loss suffered in business the controversy arises merely because of the provisions of section 67a and section 86 of the act. it would, therefore, be necessary to examine the scope and purpose of these provisions of law. these provisions are quoted hereunder for the sake of ready ..... [5] => ..... india, obtaining sanction of rajasthan government for grant of mining lease for limestone, carried out detailed prospecting work under the guidance of one expert organization, applying for explosive licence and obtaining approval for electricity connection from rajasthan state electricity board, establishing a project office at chittorgarh, rajasthan, etc. the assessee explained that the amount ..... this letter being nil, there cannot be any question of computation of capital gain, under section 45 read with section 48 to 55 of i.t. act, 1961.5. the a.o. observed that in addition to the various measuring being taken by the assessee, the assessee has ..... is not a capital asset. as no capital asset was transferred, this sum could not be treated as capital gain within the meaning of section 45 read with section 48 to section 55. it was further pleaded that the value of this letter of intent cannot be determined and, therefore, the cost of acquisition of ..... [6] => ..... evident that taxation of association of persons as a separate entity and assessment of its members individually is permissible in law.21. this takes me to section 86 of the act. this section quoted above provides the treatment of share of a member in the income of association of persons or body of individuals. as a general rule, ..... persons.the association of persons being a separate assessable entity is obliged to file the return of income and also pay taxes as per the provisions of the act. section 139(1) makes it obligatory for the association of persons to file the return of income within the prescribed time if its income exceeds the maximum amount ..... so, why the association of persons be not entitled to carry forward of loss suffered in business? the controversy arises merely because of the provisions of section 67a and section 86 of the act. it would, therefore, be necessary to examine the scope and purpose of these provisions of law. these provisions are quoted hereunder for the sake ..... [7] => ..... were satisfied and the assessee had made export earnings in dollars in convertible foreign exchange, the assessee should be considered to be entitled to deduction under section 80hhc of the it act.10. learned departmental representative relied upon the orders of the authorities below. he also submitted that foreign currencies were neither goods or merchandise nor were they ..... the representation before him in support of the contention that foreign currency notes are to be treated as goods for the purpose of allowing the deduction under section 80hhc of the act. 5. for that the learned cit(a) erred in fact as well as in law in upholding the disallowance of 5 per cent of (1) ..... in error in confirming such order when trading in foreign currency assumes the meaning of trading in goods and merchandise and is eligible for deduction under section 80hhc(3)(b) of the act. in reversing the orders of the authorities below, we allow this ground taken by the assessee.13. the next ground relates to cit(a) ..... [8] => ..... 83 (sc) where it has been held that orders passed by the ao without application of mind fall within the category of erroneous orders within the ambit of section 263 of the it act, 1961. the relevant observations of their lordships of the delhi high court in the case of gee vee enterprises v. addl. cit and ors. (1975) ..... products derived from processing of mica minerals and mica ore will not amount to export of minerals and ores and hence will (sic-not) qualify for relief under section 80hhc of the it act, 1961.8. it is clear from the above discussions that 'processed minerals' and 'minerals' cannot always be treated at par. this position has duly been ..... 1984, that the export of cut and polished diamonds and gem stones will not amount to export of minerals and ores and hence will qualify for relief under section 80hhc of the it act, 1961. 3. in the case of mica, the mineral/ore is subjected to several processing operations such as disintegration, washing, drying and removal of alien metals ..... [9] => ..... law. a person can hold the land and another person can be owner of the building or superstructure constructed thereon. this is fully recognized under the it act. section 32 of the it act provides for depreciation on buildings, etc. while considering the question whether building includes the land, it was held that from its very nature, land neither ..... the figure of total turnover for the purpose of computing the profit on export of manufactured goods, while computing the deduction under section 80hhc(1) of the act, read with section 80hhc(3) of the act.1. since, this ground is dependent on the ultimate outcome of ground no. 9(a), we are not taking any cognizance ..... on export of trading goods against the profits realised by the appellant on export of manufactured goods, while computing the deduction under section 80hhc(1) of the act, r/w section 80hhc(3) of the act.1. it was submitted before us by the learned authorised representative that the issue has been decided against the assessee by the ..... ) Explosives Act 1884 Section 4 Definitions - Sortby Recent - Court Income Tax Appellate Tribunal Itat Kolkata - Page 6 - Judgments | SooperKanoon Skip to content


Judgment Search Results Home > Cases Phrase: explosives act 1884 section 4 definitions Sorted by: recent Court: income tax appellate tribunal itat kolkata Page 6 of about 195 results (0.143 seconds)

Aug 14 2003 (TRI)

Sushil Kumar and Co. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)267ITR61(Kol.)

..... the compensation paid by m/s imkemex india ltd. to the appellant is mesne profit.16. the term 'mesne profit' is not defined under the it act, 1961. the said term is defined under cpc. sec, 2(12) of cpc is as under : "'mesne profits' of property means those profits which the person in wrongful possession of such property ..... earned profit or the profits which might have with ordinary diligence been received by the licensee, the amount could be termed as mesne profit within the definition of section 2(12) of cpc.the learned departmental representative further submitted that if at all the licensee was in wrongful possession of the property on account of breach of ..... was further contended that the amount received by the assessee under the consent decree does not fall within the definition of mesne profit. our attention was invited to section 2(12) of cpc which defines mesne profit to be a profit which a person in wrongful possession of that property actually received or the profits which might .....

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Aug 06 2003 (TRI)

C.E.S.C. Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)87ITD653Cal

..... major portion of the tax deducted at source was refunded to the assessee-company. subsequently, the cit in exercise of his power under section 33b of the 1922 act (corresponding to section 263 of 1961 act) revised the order of the ito and took the view that at least 75 per cent of the technical fee earned by the assessee ..... was pointed out that in that case the assessee had accepted levy of tax @ 5 per cent. however, when the cit initiated action under section 33b of the it act, 1922, corresponding to section 263 of the it act, 1961, the assessee challenged such action on the ground that the sum receivable by it was not per se taxable in india. the supreme ..... before us, including the issue as to whether a non-statutory 'no objection certificate' issued by the ao can at all be subject-matter of revision under section 263 of the act. in the light of our findings above, this and remaining grounds of appeal become infructuous. we, accordingly, refrain from making any observations on merits of the .....

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Jul 16 2003 (TRI)

Deputy Commissioner of Income Tax Vs. Associated Alcohols and

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)87ITD510(Kol.)

..... during the previous year under appeal and is, therefore, allowable as trading/business loss in computing its total income for the asst. yr. 1996-97 under section 28 r/w section 29 of the act." 5. being aggrieved, the revenue came in appeal before the tribunal. the learned jm proposed an order by virtue of which he reversed the order ..... of the bench, we state following point of difference and refer the same to the hon'ble president of the tribunal in accordance with the provisions of sub-section (4) of section 255 of the it act, 1961. the point of difference is as under : "whether, on the facts and in the circumstances of the case, the assessee's claim of ..... the previous year under appeal and is, therefore, allowable as trading/business loss in computing its total income for the asst. yr. 1996-97 under section 28 r/w section 29 of the act." 2.7 during the course of hearing of the appeal, the learned departmental representative justified the order of the ao and submitted that the lose claimed .....

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Jun 30 2003 (TRI)

Deputy Commissioner of Income Tax Vs. B.P. Agarwalla and Sons Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)86ITD219(Kol.)

..... record, i find that there is no dispute in regard to the recovery of transportation charges by the assessee from the chemical companies for transportation of explosives. section 32 of the it act, 1961, provides for allowance of deduction on account of depreciation in respect of assets owned and used by the assessee for purposes of business or ..... amongst the members of bench in regard to the rate of depreciation applicable on vans used for transportation of explosives, the president of the tribunal has, accordingly, nominated me as third member under section 255(4) of the it act in regard to the point of difference formulated by the division bench as under : "whether, on the ..... in appeal before the cit(a) who concluded as follows: "3.2 i have examined the above submissions. it is a fact that while acting as consignment agent for transportation of explosives, the appellant was hiring out his vehicle to others. therefore, it is not correct to infer that in such activities, the appellant was .....

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Jun 06 2003 (TRI)

Birla Tyres Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)267ITR1(Kol.)

..... . it is thus evident that taxation of aop as a separate entity and assessment of its members individually is permissible in law.21. this takes me to section 86 of the act. this section quoted above provides the treatment of share of a member in the income of aop or boi . as a general rule, it provides that no income-tax ..... members of the aop. the aop being a separate assessable entity is obliged to file the return of income and also pay taxes as per the provisions of the act. section 139(1) makes it obligatory for the aop to file the return of income within the prescribed time if its income exceeds the maximum amount which is not chargeable ..... with. that being so, why the aop be not entitled to carry forward of loss suffered in business the controversy arises merely because of the provisions of section 67a and section 86 of the act. it would, therefore, be necessary to examine the scope and purpose of these provisions of law. these provisions are quoted hereunder for the sake of ready .....

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May 30 2003 (TRI)

Joint Commissioner of Income Tax, Vs. Graphite India Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)89ITD415(Kol.)

..... india, obtaining sanction of rajasthan government for grant of mining lease for limestone, carried out detailed prospecting work under the guidance of one expert organization, applying for explosive licence and obtaining approval for electricity connection from rajasthan state electricity board, establishing a project office at chittorgarh, rajasthan, etc. the assessee explained that the amount ..... this letter being nil, there cannot be any question of computation of capital gain, under section 45 read with section 48 to 55 of i.t. act, 1961.5. the a.o. observed that in addition to the various measuring being taken by the assessee, the assessee has ..... is not a capital asset. as no capital asset was transferred, this sum could not be treated as capital gain within the meaning of section 45 read with section 48 to section 55. it was further pleaded that the value of this letter of intent cannot be determined and, therefore, the cost of acquisition of .....

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May 28 2003 (TRI)

Birla Tyres Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)88ITD1(Kol.)

..... evident that taxation of association of persons as a separate entity and assessment of its members individually is permissible in law.21. this takes me to section 86 of the act. this section quoted above provides the treatment of share of a member in the income of association of persons or body of individuals. as a general rule, ..... persons.the association of persons being a separate assessable entity is obliged to file the return of income and also pay taxes as per the provisions of the act. section 139(1) makes it obligatory for the association of persons to file the return of income within the prescribed time if its income exceeds the maximum amount ..... so, why the association of persons be not entitled to carry forward of loss suffered in business? the controversy arises merely because of the provisions of section 67a and section 86 of the act. it would, therefore, be necessary to examine the scope and purpose of these provisions of law. these provisions are quoted hereunder for the sake .....

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Apr 30 2003 (TRI)

R.R. Sen and Brothers Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)95TTJ(Kol.)398

..... were satisfied and the assessee had made export earnings in dollars in convertible foreign exchange, the assessee should be considered to be entitled to deduction under section 80hhc of the it act.10. learned departmental representative relied upon the orders of the authorities below. he also submitted that foreign currencies were neither goods or merchandise nor were they ..... the representation before him in support of the contention that foreign currency notes are to be treated as goods for the purpose of allowing the deduction under section 80hhc of the act. 5. for that the learned cit(a) erred in fact as well as in law in upholding the disallowance of 5 per cent of (1) ..... in error in confirming such order when trading in foreign currency assumes the meaning of trading in goods and merchandise and is eligible for deduction under section 80hhc(3)(b) of the act. in reversing the orders of the authorities below, we allow this ground taken by the assessee.13. the next ground relates to cit(a) .....

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Apr 07 2003 (TRI)

Jai Mica Supply Co. (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)86ITD96(Kol.)

..... 83 (sc) where it has been held that orders passed by the ao without application of mind fall within the category of erroneous orders within the ambit of section 263 of the it act, 1961. the relevant observations of their lordships of the delhi high court in the case of gee vee enterprises v. addl. cit and ors. (1975) ..... products derived from processing of mica minerals and mica ore will not amount to export of minerals and ores and hence will (sic-not) qualify for relief under section 80hhc of the it act, 1961.8. it is clear from the above discussions that 'processed minerals' and 'minerals' cannot always be treated at par. this position has duly been ..... 1984, that the export of cut and polished diamonds and gem stones will not amount to export of minerals and ores and hence will qualify for relief under section 80hhc of the it act, 1961. 3. in the case of mica, the mineral/ore is subjected to several processing operations such as disintegration, washing, drying and removal of alien metals .....

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Mar 25 2003 (TRI)

itc Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)86ITD135(Kol.)

..... law. a person can hold the land and another person can be owner of the building or superstructure constructed thereon. this is fully recognized under the it act. section 32 of the it act provides for depreciation on buildings, etc. while considering the question whether building includes the land, it was held that from its very nature, land neither ..... the figure of total turnover for the purpose of computing the profit on export of manufactured goods, while computing the deduction under section 80hhc(1) of the act, read with section 80hhc(3) of the act.1. since, this ground is dependent on the ultimate outcome of ground no. 9(a), we are not taking any cognizance ..... on export of trading goods against the profits realised by the appellant on export of manufactured goods, while computing the deduction under section 80hhc(1) of the act, r/w section 80hhc(3) of the act.1. it was submitted before us by the learned authorised representative that the issue has been decided against the assessee by the .....

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