Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Mar-31-2003
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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Nov-05-2003
Reported in : (2004)91ITD15(Mum.)
..... held not relevant because that work had nothing to do with the assessee's work within india. the assessee was hence held not entitled to deduction under section 80-o of the act.12. in the present case, the assessee is a franchisee of boyden world corporation, new york, one of the oldest international consultancy firms in the ..... professional services' within the meaning of section 80-o of the act, 1961. the revenue, on the other hand, denies this claim.its stand is that the services of the assessee are no different from those of any ..... .1998. "on the facts and circumstances of the case and in law, the learned cit (a) erred in directing the assessing officer to allow deduction under section 80-o of the act, 1961".3. the bone of contention between the parties is the alleged services provided by the assessee. as per the assessee, these services comprise 'technical or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Oct-23-2003
Reported in : (2004)88ITD273(Mum.)
..... or, alternatively, that it should be treated as liability under the sales-tax law and deemed to have been paid by the assessee within the meaning of section 43b of the act. the reasons given by the assessing officer for rejecting the assessee's claim were the same as the reasons given in the assessment order for the a. ..... to as notional sales-tax liability should have been reduced from the revenue receipts as it is embedded in such receipts, though having character of subsidy. section 41(1) of bombay sales tax act states that subject to such condition as it may impose, the state government may, if it is necessary in public interest, by notification exempt any ..... otherwise could be fastened on the assessee and recovered, in the absence of any exemption from the payment of tax. the tribunal also adverted to section 41 of the bombay sales tax act, which empowered the commissioner of sales tax to exempt any dealer from payment of sales tax either wholly or partially. the tribunal also referred to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Oct-17-2003
Reported in : (2004)91ITD9(Mum.)
..... , bonds, etc. it is alleged that the learned cit (a) has failed to appreciate that the definition of the term 'interest' under section 2(7) of the interest tax act, 1974 is an inclusive definition and includes interest received on any loans and advances made in india, excepting those loans which are specifically excluded from ..... securities, bonds and debentures, amounting to rs. 1.97,07,490/- had not been included. the assessee contended before the assessing officer that section 2(7) of the interest tax act defines 'interest' to mean interest on loans and advances made in india and that no mention is made of interest on securities in this inclusive ..... under which it was clarified that interest earned on government securities does not (sic) to interest within the meaning under section 2(7). the assessee filed a revision petition under section 20 of interest-tax act 1974, contending that the government dated securities held by it did not represent moneys lent to the government and, therefore, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Oct-14-2003
Reported in : (2005)95ITD83(Mum.)
..... , the legislature appears to have used the terminology 'received' in clause (b). at this juncture, it is worth mentioning that as per the charging section of the income-tax act capital gain shall be deemed to be the income of the previous year in which the transfer took place. earlier the taxpayers agitated the imposition of capital ..... upholding that all the case laws cited in the course of the proceedings are not applicable, as those cases are decided prior to introduction of section 45(5) of the income tax act with effect from 1-4-1988 without appreciating the law in its proper perspective. the learned cit (appeal) should have appreciated that additional compensation ..... by this common order.the grounds are inter-related and revolve around a single issue of charging of long term capital gain'by invoking section 45(5)(b) of income tax act (hereinafter referred the act). ground nos. 4 to 7 have not been contested being consequential in nature and ground nos. 1 to 3 are reproduced herein .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Oct-14-2003
Reported in : (2005)96TTJ(Mum.)880
..... mind this eventuality the legislature appears to have used the terminology "received" in clause (b). at this juncture it is worth mentioning that as per the charging section of it act capital gain shall be deemed to be the income of the previous year in which the transfer took place. earlier the tax payers agitated the imposition of capital ..... this common order.2. the grounds are inter related and revolve around a single issue of charging of "long term capital gain" by invoking section 45(5)(b) of it act (herein after referred the act). ground no. 4 to 7 have not been contested being consequential in nature and ground no. 1 to 3 are reproduced herein below to ..... in upholding that all the case laws cited in the course of the proceedings are not applicable, as those cases are decided prior to introduction of section 45(5) of the income tax act w.e.f. 01/04/1988 without appreciating the law in its proper perspective. the ld.cit (appeal) should have appreciated that additional compensation .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Sep-30-2003
Reported in : (2005)1SOT17(Mum.)
..... of the income tax rules, 1962 prescribed a rate of 100% depreciation on gas cylinders and in terms of the definition of block of assets contained in section 2(11) of the income tax act, 1961, they formed a part of block of assets. it was further stated that provision relating to complete write off for an asset costing less than rs ..... action of the learned cit(a).ground nos. iv, v and vi relate to the inclusion of the amount of rs. 18,40,000 in assessees income under section 50 of the income tax act, 1961. these grounds read as under : 1 . the learned cit(a) erred in confirming the assessment, of rs. 18,40,000 on sale of cylinders as short ..... their letter dated 30-1-2003, the appellant assessee has filed concise grounds of appeal.ground no. 1 relating to the disallowance of rs. 35,000 under section 37(2) of the income tax act, 1961 and ground no. 11 relating to the disallowance of rs. 15,000 out of misc. expenses were not pressed at the time of hearing. these two .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Sep-23-2003
Reported in : (2005)272ITR53(Mum.)
..... apollo tyres limited v. cit (255 itr 273) contended that the issue that units of uti have to be treated as shares within the meaning of provisions of section 32(3) of uti act stands covered against the assessee. but the ld.counsel pointed out that judgment of supreme court (supra) is dated 2^nd may, 2002 and the cit passed ..... have given a careful consideration to the rival submissions in the light of the material placed before us. we are of the opinion that even though section 32(3) of the unit trust of india act, 1963 creates a fiction to make the uti a deemed company and distribution of income received by the unitholder a deemed dividend for the purposes ..... that the income received by the unit-holder has been deemed as income by way of dividend. the provisions of the uti act has been properly incorporated in the provisions of the income-tax act under section 80l where the income received by the unit-holder is taken at par with income received by way of dividend from indian company. this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Sep-09-2003
Reported in : (2004)88ITD188(Mum.)
..... gabriel india ltd. (supra), the hon'ble bombay high court has laid down the following principle: "the power of suo motu revision under sub-section (1) of section 263 of the it act, 1961, is in the nature of supervisory jurisdiction and can be exercised only if the circumstances specified therein exist. two circumstances must exist to enable the ..... by the various pronouncements of jurisdictional high court that a right to obtain conveyance of immovable property is a "capital asset" within the meaning of section 2(14) of the it act, 1961 (act). these pronouncements have been extracted in the following paragraphs by the hon'ble high court in the case of bafna charitable trust v. cit (1998 ..... title, interests or possession in respect of the said flat. (xi) the assessment framed by the ao has been cancelled by the order of cit under section 263 of it act, 1961 and after discussing the facts and various case laws the cit has come to a conclusion that an amount of rs. 21 lakhs received by the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Sep-09-2003
Reported in : (2004)90ITD739(Mum.)
..... s requisition for further details, the assessee clarified that since the bonus shares were not sold during the relevant previous year, and in view of amendments in section 55 of the act which provides that the cost of acquisition of bonus shares is required to be taken at nil, 'it is mandatory for the assessee to keep lot wise ..... other security where a bonus issue has been made. here the expression 'security' will take its meaning from the definition in clause (h) of section 2 of the securities contracts (regulations) act 1956. the period of holding of the bonus shares will be reckoned from the date of allotment of such asset. these amendments will take effect from ..... . in any event, the assessee had volunteered the fact of his claim in the note accompanying the income tax return and, even under the scheme of section 153(1)(a) of the act, the assessing officer could have completed the assessment, and thus requisitioned related information, till 31^st march 1997 (i.e. within two years from the .....
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