Judgment Search Results Home > Cases Phrase: explosives act 1884 section 4 definitions Sorted by: recent Court: income tax appellate tribunal itat mumbai Year: 2003 Page 2 of about 40 results (0.089 seconds)

The Icici Ltd. Vs. Dy. Cit, Special Range 36

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... term "lease" is not apposite to movable property and that the word "bailment" is the more appropriate word as has been used in section 140 of the contract act, 1872. section 160 of the contract act obliges the bailee to return the goods to the bailor after the purpose of the bailment has been served. contrary thereto, there is no ..... was being provided till date for the purpose of arriving at the actual profit or loss for the year in terms of the provisions of section 59 read with section 63 of the electricity (supply) act, 1648 and that however while working out the taxable income of the board, a decision was taken to add back the realised value ..... tax returns of geb for the assessment years 1991-92 and 1992-93, mr. das has answered as follows : " in accordance with the provisions of section 68 of the electricity (supply) act, 1948 the depreciation is calculated from the beginning of the next financial year after the year of commission of a particular project. the rate of depreciation .....

Mid East Port Folio Management Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD537(Mum.)

..... term "lease" is not apposite to movable property and that the word "bailment" is the more appropriate word as has been used in section 140 of the contract act, 1872. section 160 of the contract act obliges the bailee to return the goods to the bailor after the purpose of the bailment has been served. contrary thereto, there is no provision ..... in the return filed for asst. yr. 1992-93, no valuation was considered necessary. he also referred to the statement of rs. p.k. das under section 131 of the it act relating to the claim of depreciation.in answer to question no. 3 mr. das had stated that the factual position of the exact amount of depreciation claimed in ..... if it is a profit-making company. now the further question would arise as to how to shift the depreciation allowance from company b to company a.under section 32 of the it act, two conditions have to be satisfied before depreciation allowance can be claimed. first, the assessee should be the owner of the asset, and second, the asset .....

Deputy Commissioner of Income Tax Vs. Dwarka Cement Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)95TTJ(Mum.)208

..... incurred by the assessee was no longer in existence, it is desirable to take a look at the broad legal position. we find that in terms of section 72(1)(i) of the act, where a non-speculation business loss is carried forward by the assessee, "it shall be set off against the profits and gains, if any, of ..... of cement constituted a composite business activity of the assessee." 3. briefly, the material facts, during the course of scrutiny assessment proceedings under section 143(3) of the it act, 1961 (hereinafter referred to as 'the act'), the ao noticed that assessee's cement plant was no longer in operation during the relevant previous year whereas the assessee had sought set off ..... , filed by the revenue, is directed against the order dt.14th oct., 1997, passed by the cit(a) in the matter of assessment under section 143(3) of the it act, 1961 (hereinafter referred to as 'the act') for the asst. yr. 1993-94. "on the facts and circumstances of the case and in law, the learned cit(a) erred in .....

The Dcit, Spl. Range 18 Vs. Aakrosh Investment and Leasing P.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)90ITD287(Mum.)

..... also does not help the assessee. in this case, the hon'ble jurisdictional high court was considering whether the assessee was an investment company within the meaning of section 109 of the act. section 109 (it) defined "investment company" as under: - ""investment company" means a company whose gross total income consists mainly of income which is chargeable under ..... form the income from house property, other sources and capital gains.the assessing officer held the company to be an 'investment company' within the meaning of section 109 (ii) of the act. on the basis of that, the income from the aforesaid source was more than 50% of its gross total income. on appeal, the cit (a ..... said figure of loss arose on account of purchase and sale of shares, which will be treated as speculation loss in view of the explanation to section 73 of the act and will be carried forward to be adjusted against the future profits from speculation business. he further recorded the finding that speculation loss of rs. .....

Deputy Commissioner of Income Tax Vs. Borosil Glass Works Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)83TTJ(Mum.)361

..... a flat rate of tax. the calculation of tax at the flat rate is very much subjective and not hypothetical. rather the income computed in the normal other section of it act is simply for comparison which has no effect on assessee as far as levy of tax is concerned. the income of the computation which is subject to tax ..... years." 2. on the difference of opinion between the am and the jm, the issue arising out of this appeal was referred to the third member under section 255(4) of the it act, 1961. the third member by his order dt.28th jan., 2003 agreed with the view expressed by the am. in conformity with the opinion of the majority ..... the entire unabsorbed investment allowance brought forward from earlier years was fully set off against the income as computed under the normal provisions of the it act as such, in the computation made under section 115j, there will be no amount to be carried forward on account of any unabsorbed investment allowance learned am has given the computation as per .....

Comet Foods and Metal Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)95TTJ(Mum.)440

..... and different character and use." for the asst. yr. 1987-88, the assessee-company engaged in decorative printing of glassware claimed deduction under section 80-i of the it act, 1961, on the ground that decorative printing of glassware involved the manufacture or production of an article or thing. the tribunal reversed the finding ..... simpliciter, but a distinct commercial product made for manufacturers of containers as an input material.14. the learned counsel further referred to the provisions of section 80-ia of the act and argued that in order to qualify for deduction, an assessee must be an industrial undertaking and must "manufacture" or "produce" "any article ..... they are different from the original sheets. he also stated that the overall manufacturing process has to be seen for considering the deduction under section 80-ia of the act.11. the learned counsel also brought to our notice that the raw material purchased by the assessee-company and goods manufactured fall under different .....

Walkeshwar Triveni Co-operative Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)88ITD159(Mum.)

..... to be a member, etc. it is only after the committee is satisfied on these points that it has to admit one to membership. as per section 26 of the mcs act, 1960, no rights of membership to be exercised till due payments are made. it was submitted that a person cannot become a member, unless the application ..... participate in the activities of the society. all the contributors are not the participators. as such, the test of mutuality fails.50. further, with reference to section 110 of the mcs act, it was submitted that the surplus when liquidated, the participators are not the same. non-occupancy charges are levied on the members by the society. the ..... ors. v. state of madhya pradesh and ors. air 1974 mp 59 (fb).7. our attention was invited on the prescription of section 4 of the maharashtra cooperative societies act, 1960 (hereinafter called mcs act). it was stated that the registration was granted to the society consequent upon the compliance of all the conditions.8. shri patil submitted, that .....

Walkeshwar Triveni Co-op. Hsg. Vs. Income Tax Officer, Ward 7(7)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)267ITR86(Mum.)

..... person to be a member, etc. it is only after the committee is satisfied on these points that it has t admit one to membership. as per section 26 of the mcs act, 1960, no eights of membership to be exercised till due payments are made. it was submitted that a person cannot become a memebr, unless the application ..... participate in the activities of the society. al the contributors are not the participators. as such, the test of mutuality fails.50. further, with reference to section 110 of the mcs act, it was submitted that the surplus when liquidated, the participators are north same. non-occupancy charges are levied on the members by the society.the nominal member ..... referred to in order to explain that the membership in housing society is a necessary requirement for acquiring the flat.49. shri dave submitted that as per section 2(19) of the mcs act, members could be or four types, viz. member, associate member, nominal member and sympathizer member. in the present case, as per clause 16 of .....

Tivoli Investment and Trading Co. Vs. Acit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)84TTJ(Mum.)198

..... what is the consideration for the user of the property? shri s vaidyanathan, assistant vice president and head - services administration, was examined on 27.08.1992 under section 131 of the act. several questions were put to him. we reproduce here the question and reply of question no. 8. "q.8 in answer to question no. 2 you have ..... interest on such deposit is not any actual rent received or receivable. under sub-clause (b) of section 23(1) of the act, only the actual rent received or receivable can be taken into consideration and not any notional advantage. the rent is an actual sum of money which is ..... is true that no addition is possible with reference to notional interest on interest free deposits. when the alv is determined under sub-clause (a) of section 23(1) of the act, with reference to the fair rent and then to such value no further addition can be made. the fair rent takes into consideration everything. the notional .....

Deputy Commissioner of Income Tax Vs. Abu Dhabi Commercial Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)83TTJ(Mum.)345

..... paper can be subjected to interest-tax, would depend on whether the discount on commercial paper is covered by the definition of 'interest on securities' under section 2(28b) of the it act. in case, it is covered by the same, following the view taken by a co-ordinate bench in the case of punjab national bank v. dy ..... (2001) 73 ttj (all) 930 : (2001) 79 itd 56 (all), have consistently taken the view that interest on debentures will however not be covered by section 2(7) of the act and, accordingly, not be exigible to interest-tax. in coming to this conclusion various benches of the tribunal have taken the view that the connotations of the expression ..... been heard, material before us perused and the factual matrix of the case as also the applicable legal position deliberated upon.14. we find that section 2(7) of the interest-tax act, 1974 defines interest as "interest on loans and advances made in india and includes-- (a) commitment charges on unutilised portion of any credit sanctioned .....