Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jun-11-2003
Reported in : (2004)90ITD776(Mum.)
..... not leviable. however, this decision also does not advance the case of the assessee as in that case, the return was revised after impounding of books under section 131(3) of the act whereas in the case at hand, the revised return was filed after enquiry made by the ao proving the falsity of the statement contained in the original ..... the land sold by him on 30.6.94 was agricultural land which did not fall within the exclusion as per item(b) in clause(iii) of section 2(14) of the act. this is amply proved by the fact that nodoubt, the assessee purchased agricultural land in the year 1990 for rs. 1.80 lakhs and got himself declared ..... arising on sale of such land was exigible to capital gains tax as the agricultural land in question was covered under the exclusionary clause (iii)(b) of section 2(14) of the act. he invited our attention to the explanation furnished by the assessee in response to the query raised by the ao during assessment proceedings wherein the assessee categorically stated .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : May-27-2003
Reported in : (2004)90ITD525(Mum.)
..... limitation for appeal or an application for leave to appeal or for revision or for review of a judgment. in may be mentioned that sub-section (1) of section 12 of the limitation act also refers to the period of limitation for any suit, appeal or application. the learned cit/dr has argued that the word 'appeal' ..... in this connection, reliance is placed on the following cases : 32. in the above-mentioned cases, the courts have consistently held that provisions of section 5 of the limitation act are applicable to income tax as well as wealth tax proceedings and accordingly any appeal or any application may be admitted after the prescribed period of limitation ..... spend in the disposal of the appeal before the supreme court is liable to be excluded not because of this undertaking but because of explanation 1 to section 153 of the act. this undertaking, however, cannot protect department for the period from 24.03.1969 when the supreme court dismissed the appeal, till notice reviving proceeding was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : May-26-2003
Reported in : (2004)90ITD654(Mum.)
..... not entitled for any deduction for this uncertain liability. the very fact that the department did not allow this liability on the basis of non-payment under section 43b of the act supports this view that the liability was not exactly known to the assessee, therefore, the same was not paid. if the liability would have been exactly ..... is bad in law and the same deserves to be quashed.10. the learned department representative contended that the provisions of clause (i) of the explanation to section 115ja of the act are not applicable to the instant case. he mainly relied on the order of the learned cit(a) and contended that explanation (i) provides for reduction ..... year only. the learned counsel argued that the facts of this case are undisputed as has been confirmed by the assessing officer in his order passed under section 154 of the act. the assessing officer has confirmed that there was a waiver of rs. 418 lakhs out of the existing liability of the assessee towards the said financial .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : May-12-2003
Reported in : (2004)84TTJ(Mum.)208
..... the paintings that were sold by the assessee during the year were articles of personal effect and hence sale of those articles will not attract the provisions of section 45 of the act.20. on perusal of the facts and decision given in the cases on which both he sides have placed reliance, we find that the decisions on which id ..... . the relevant observation and decision of hon'ble supreme court in reproduced below: for a proper decision of the point in question, it is necessary to refer to section 2(4a) of the act, the relevant portion whereof runs thus : "2(4a) 'capital asset' means property of any kind held by an assessee, whether or not connected with his business, ..... of heirloom jewellery for rs. 13,80,000/-. it was claimed by the assessee that it constituted personal effect of the assessee within the meaning of section 2(14) of the i.t. act, 1961 and therefore the sale of these jewellery did not give rise to any taxable capital gains, the same was not accepted by the tribunal. however .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : May-08-2003
Reported in : (2003)87ITD181(Mum.)
..... worked out on each asset separately. the concept of block of assets came into operation from asst. yr. 1988-89. the term "block of assets" is defined in section 2(11) of the it act. as per the definition as it existed at the relevant time, the "block of assets" means "a group of assets falling within a class of assets, being ..... gains. the ao was, however, of the view that since assessee had claimed depreciation on the said asset in the earlier years, the transaction was hit by section 50 of the act and the profit arising out of the sale of the premises was accordingly taxed as short-term capital gains. the learned cit(a) upheld the order of the ..... allowed from asst. yr. 1986-87 onwards. 4. he failed to appreciate the facts that the asset under review never entered the stock of assets as defined under section 2(11) of the it act 1961." 4. shri v.h. patil, the learned counsel for the assessee, neatly identified the following two issues emanating out of the aforesaid four grounds, to which .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : May-08-2003
Reported in : (2004)90ITD630(Mum.)
..... , produced or processed by a person other than that company and whose income attributable to such business included in its gross total income (as defined in section 80b of the income tax act) is not less than fifty one percent of the amount of such gross total income." as far as the above two definitions are concerned the facts ..... issue involved, the case law cited by id. ar has altogether different set of facts, therefore, not applicable on facts of the instance case. for the purpose of section 147 where an assessment has been made but the income has been assessed at a lower rate the the same shall be deemed to be a case where income chargeable ..... in any other case the rate of tax is to be applied at 45%. the finance (no.2) act also defines "investment company" as follows. "investment company" mean a company whose gross total income (as defined in section 80b of the income tax act) consists of mainly of income which is chargeable under the head "income from house property", "capital gains" .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Apr-23-2003
Reported in : (2004)85TTJ(Mum.)821
..... , they could have summoned the concerned bankers and other financial institutions with whom the shares have been pledged by resorting to the provisions of section 131 of the act for producing such documents. the approach of the department in this connection appears to be quite casual. under the circumstances, the department has ..... dealing in shares should be through any recognised broker of stock exchange. the learned counsel rightly invited our attention to the provisions of section 108 of the companies act which provide that the shares of listed company shall be freely transferable hence it was not necessary that the transactions under consideration should have ..... that the dealing in shares should be through any registered broker of the stock exchange. the learned counsel referred to the provisions of section 108 of the companies act which provides that the shares of, listed companies shall be freely transferable and hence it was not necessary that the transactions under consideration .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Apr-23-2003
Reported in : (2004)90ITD107(Mum.)
..... provisions of chapter vi (aggregation of income and set-off or carry forward of loss) are to be excluded while computing the income under section 158bb otherwise the other chapters of it act have to be applied if not expressly mentioned otherwise.9. now we have to consider the effect of the amendment in the definition of " ..... in the case of search cases has been laid down. the undisclosed income is to be assessed, as per this section, in accordance with the provisions of chapter-iv. chapter-iv of it act starts from section 14 up till section 59 of it act. this chapter covers 'heads of income', 'computation of salary', 'house property', 'business income', 'capital gains' and ..... is the income earned or received from whatever source and that income is to be computed in the manner laid down in this act.chapter xiv-b also defines "undisclosed income" as per section 158b(b) under the head 'definitions': at this juncture it is pertinent to mention that under the definition of "undisclosed income" .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Apr-23-2003
Reported in : (2004)90ITD605(Mum.)
..... of technical services and not related to designs, therefore, he has mentioned that the said citation was not applicable. further according to him provisions of this section have been amended by the finance act, 1997 and accordingly the deduction now available only with respect of income received for patent, invention, design or registered trade mark and not for "professional ..... -o should be totally distinguishable and identifiable design.with these observations he has held that the claim of the assessee did not qualify for the deduction under section 80-c of it act.3. in first appeal ld.cit(a) has discussed the facts of the case of mentioned in above para by a.o. according to him the word ..... of the case and in law learned cit (appeals) erred in confirming the view taken by a.o. that appellant is not entitled to claim deduction under section 80-o of i.t. act 1961. 2. reasons given by cit (appeals) for confirming the view taken by a.o. that appellant is not entitled to claim deduction under .....
Tag this Judgment!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 .....
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