Judgment Search Results Home > Cases Phrase: explosives act 1884 section 4 definitions Sorted by: recent Court: income tax appellate tribunal itat mumbai Page 1 of about 732 results (0.465 seconds)

Amitabh Bachchan Corpn. Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... machinery ltd. (supra)), the question was allowallibility of expenditure on technical know-how for five years. at page 688, the hon'ble delhi high court held that section 37(1) of the act requires that the expenditure should not be of a capital nature. the court held, the question whether a particular expenditure is revenue, incurred for the purpose of business ..... and spread over a period of sixteen years.31. the learned dr further relied upon the decision of the hon'ble calcutta high court in the case of indian explosives ltd v. cit wherein expenditure for constructing a building on land taken or licence for a period of ten years with an option for renewal for another ten years, ..... , shri y.p. trivedi and shri v.h. patil. according to them, this is to be treated as revenue expenditure and claimed to be allowable under section 37(l) of the act.8. assessing officer rejected assessec's claim on the basis of the decision of the hon'ble supreme court in the case of empire jute co.ltd. v .....

The Morarjee Goculdas Spg. and Vs. Dy. Commissioner of Income Tax,

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... concern dealing with such cylinders was required to be registered under the indian explosives act, but the assessee company did not meet the requirement of indian explosives act. shri mahesh gupta, in fact, expressed his ignorance about the provisions of explosives act. the statement of shri ajay piramal, the chairman of the assessee company ..... these reasons, the learned assessing officer could not hold the claim of depreciation as falling under "undisclosed income" within the meaning of section 158b(b) of the act. for the purpose of assessing income disclosed by the assessee from some lease transactions, the learned assessing officer treated the transactions as properly ..... , and blank cheques only to accommodate the request made by the other parties who promised payment to them. during the course of proceedings under section 158bc, the learned assessing officer confronted the assessee company with the findings of the investigation wing at coimbatore. in his detailed reply, the assessee .....

Morarjee Goculdas Spg. and Wvg. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)98TTJ(Mum.)201

..... concern dealing with such cylinders was required to be registered under the indian explosives act, but the assessee-company did not meet the requirement of indian explosives act. shri mahesh gupta, in fact, expressed his ignorance about the provisions of explosives act. the statement of shri ajay piramal, the chairman of the assessee-company ..... issues raised therein are based on transactions which, by no stretch of imagination can be said to be undisclosed transactions falling under section 158b of the it act, since the transactions in question were disclosed in returns which were the subject-matter of regular assessment. the same ought to have ..... hyderabad, on 12th march, 1997 submitted that npl did not enter into lease transaction with the assessee-company. during the course of proceedings under section 158bc, the assessee was confronted with these findings.the assessee relied upon the elaborate documentation which included inspection certificates, invoices, board resolution of lessees, .....

Star Chemicals (Bombay) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)79TTJ(Mum.)1002

..... not doubted by the ao. the nature of business is manufacture of phosphorous, which is highly explosive and it is claimed that the loader is a necessity in the line of trade. in accordance with the provisions of section 32ab of the it act, 1961, the deduction was allowed to the assessee on the purchase of jcb excavator loader but ..... section 32 of the act and as such the deduction be allowed under section 37 of the act as a matter of commercial expediency as a prudent businessman would do." 4. the learned counsel for the assessee argued ..... . 1 is not pressed by the learned counsel of the assessee, hence dismissed. "cit(a) erred in upholding the disallowance of rs. 8,66,989 under section 32ab of the it act in respect of unserviceable and unusable jcb excavator loader scrapped during the accounting year and the scrap value deducted from the block of assets under .....

Reliance Industrial Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... .33. in keshav mills ltd. v. cit (1953) 23 itr 230 (sc), the hon'ble supreme court held that the provisions of section 13 of 1922 act (corresponding to section 145 of 1961 act) was compulsory on the it authorities and imposed upon them an obligation to accept the method of accounting regularly adopted by the assessee except in ..... writing his books of accounts and yet another method or system of accounting for the return of income filed by him. the provisions of section 13 of 1922 act and section 145 of 1961 act and various judgments of the courts in india give clear legal recognition to the fact that unlike laws of physics, there could be more ..... s name as the sole loss payee for its full replacement value with such insurer as may be approved by the lessor against all reasonable risks, including fire, 'riot, explosion, tempest, flood, earthquake, strike, storm, malicious damage, theft, civil commotion, war and other such risks including third party risks as the lessor may require and pay all .....

Acme Bobbins and Shuttles (P.) Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)44ITD316(Mum.)

..... an offer is to an acceptance what a lighted match is to a train of gunpowder. once the lighted match comes into contact with the train of gunpowder, explosion is inevitable, however, if the gunpowder is dampened due to time factor, the lighted match may not be effective.similarly, if the offer is accepted immediately or ..... . during the relevant assessment year, its manufacturing activities remained suspended. the relevant accounting year ended on 31-12-1982. the assessment was completed under section 143(3) of the it act (hereinafter called the act). a sum of rs. 58,78,814 was added under the head 'capital gains'. vide note to the statement of total income enclosed with ..... ' (bom.) wherein it was held that the right to obtain a conveyance of immovable property falls within the expression "property of any kind" used in section 2(14) of the act, and is, consequently, a capital asset. the payment of earnest money in order to obtain such a right constitutes its cost of acquisition. where such a .....

Johnson and Johnson Limited Vs. Commissioner of Income Tax-ltu

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... is not at arms length. the tpo is to determine the arms length by following one of the method and /or most appropriate method as prescribed in section 92c(1) of the act. the tpo cannot suggest adjustment/disallowance on the basis of his assumptions that the payment is excessive though it is at arms length. similar issue was also ..... deleted similar kind of adjustment suggested by tpo on the ground that tpo cannot make a disallowance which is not within the precinct of specific method prescribed under section 92c(1) of the act. he submitted that no adhoc disallowance can be made under the transfer pricing provisions. 39. on the other hand, ld. dr supported the order of ao ..... assessee as to why the cost of arrangement as emanating from the records, is resulting into the benefit to the parent ae, but not apportioned as per section 92(2) of the act. the tpo stated that the assessee and the parent company jandj us should have shared sales promotion expenses in the ratio of royalty to sales or would .....

Suditi Indusries Ltd, Navi Mumbai Vs. Asst. Cit, Circle - 10(3)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... capital asset/s is insured against a defined loss, and on the same being sustained, compensated against. the same, rather, being only moneys payable, as defined under explanation to section 32(iii), would go to reduce the written down value (wdv) of the relevant block of assets u/s.43(6)(c). 9.3. further, the assessee also claims to ..... (appeals)-22, mumbai ('cit(a)' for short) dated 29.12.2011, partly allowing the assessee's appeal contesting its assessment u/s.143(3) of the income tax act, 1961 ('the act' hereinafter) for the assessment year (a.y.) 2008-09 vide order dated 16.12.2010. the appeal raises five issues per its five grounds, which we shall take up ..... corresponding capital becomes the assessee's own capital. that is, there is a change in character on waiver. the revenue has, thus, in proceeding in the manner it has, acted contrary not only to the facts borne out by material on record, but also to the law as explained by the hon'ble jurisdictional high court. the matter would, per .....

Aayakar Bhavan, Mumbai Vs. Dena Bank, Mumbai

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... 36(2)(v), and is therefore to be allowed as deduction there-under, the balance being debited to the provision account. further, vide explanation 2 to section 36(1)(vii) (inserted by finance act, 2013 w.e.f. 01.04.2014) it has been clarified that the provision for bad and doubtful debts u/s.36(1)(viia) refers to a ..... in catholic syrian bank ltd. (supra), further stating, in light thereof, the manner in which the deductions under reference are to be computed: a). sections 36(1)(vii) and 36(1)(viia) of the act are distinct and independent provisions and operate in their respective fields. there is, thus, no scope for limiting the scope of one with reference to the ..... set aside the impugned order. we are conscious, even as noted by the ld. cit, that the act has been amended by finance act, 2012, so as to include within the ambit of section 115jb, companies to which the proviso to section 211(2) of the companies act, 1956 is applicable. the same, however, is applicable w.e.f. 01.04.2013. though an .....

Mahindra Lifespace Developers Vs. Asst. Cit, Circle 6(3)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... . as such, there is no basis in law for holding an income to be from business under the act on the basis of commercial exploitation of a house property on it being let. so however, at the same time, the law itself, per section 56(2)(iii), provides for a composite letting, i.e., involving machinery, plant, furniture and fixture, etc. besides ..... plant, machinery or furniture, are inseparably connected when let out, but that the letting of one is inseparable from that of the other. that is, the inseparability referred to in sec. 56(2)(iii) is one arising from the intention of the parties to the arrangement. in the instant case, the tribunal has given a definite and clear finding of the ..... jurisdictional high court in the case of godrej and boyce mfg. co. ltd. v. dy. cit [2010] 328 itr 81 (bom). the a.o. computed the disallowance under the said section, which is admittedly applicable in the instant case; the assessee having claimed the dividend income of rs.575 lacs as tax exempt u/s.10(34) of the .....