Judgment Search Results Home > Cases Phrase: explosives act 1884 section 4 definitions Sorted by: recent Court: income tax appellate tribunal itat mumbai Year: 2006 Page 1 of about 82 results (0.180 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 .....

Udan Research and Flying Vs. Joint Cit, Special Range-2

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... ,24,544; and(&) disallowance of deduction of rs. 34,771 under section 35d of the act, for amortization of preliminary expenses.3. as regards the main quantum addition, the assessing officer disallowed depreciation on aircraft on the ground that the lease agreement under ..... be acceptable in the course of assessment of income but that certainly by itself does not make claim liable to be visited with penalty under section 271(1)(c) of the act. the second limb of the related quantum addition is somewhat consequential in nature because once the claim of aircraft being part of assets is to ..... justified in upholding penalty of rs. 13,56,000 on the assessee. the relevant assessment year is 1993-94 and the impugned penalty was imposed under section 271(1)(c) of the income tax act, 1961.2. the quantum additions, on the basis of which impugned penalty is imposed, consist of (a) disallowance of depreciation of rs. 23 .....

Shri Kiran Nagji Nisar Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)300ITR286(Mum.)

..... respectfully agree with the view taken by the allahabad high court and jammu and kashmir high court, as it is in conformity with the provisions of section 143(3) and section 159 of the act.18. hon'ble delhi high court in the case of intar craft india v. cit (supra), also took the same view and held as under ..... is the issuing of the notice. therefore, non-following of the prescribed procedure, would only result in a procedural mistake. this is what has been amplified by section 292b of the act. there is subtle difference between irregularity and illegality. an irregular action can be cured, but an illegal action would not contain any cure in any statute. the ..... to the assessing officer with a direction to consider the matter afresh, particularly the objection given by the assessee for reopening and to issue notice under section 143 (2) of the act and after providing opportunity to the assessee of being heard.24. at this stage, it may be mentioned that if the legislature can confer the .....

Life Insurance Corpn. of India Vs. Joint Cit, Special Range-36

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)108ITD471(Mum.)

..... the answer to such question is no more res integra. the hon'ble supreme court had to consider this question with reference to section 2(6a) of 1922 act corresponding to section 2(22) of the act of 1961. their lordships held as under 'dividend', in its ordinary connotation, means the sum paid to or received by a shareholder ..... by reiterating the reasonings given by the assessing officer as well as learned commissioner (appeals). according to him, the definition of the expression 'dividend' in section 2(22) of the act and does not cover all types of payment failing within the meaning of the word 'dividend'.therefore, general meaning of the same has to be taken for ..... as dividend.6. before parting with his order, the learned commissioner (appeals) referred to some other arguments of the assessee as under: (i) under section 37 of the lic act, the sums assured by all policies issued by the corporation are guaranteed by the central government. the payment in question is not in consideration of the .....

Usv Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106TTJ(Mum.)535

..... expediency to facilitate carrying on the business to protect business assets, reputation, fair name and goodwill and that the expenditure incurred satisfied all the ingredients of section 37 of the act. he held it was incurred solely to give share in the assets to three family members and the assessee is unfairly trying to claim this expenditure ..... on record. thus he rejected assessee's claim vide para 15 of his order, observing as under: 15. to sum up, for the purpose of section 37(1) of the it act, the cumulative effect of the evidence as discussed above when distilled through the judicial rulings also referred above, is that there was no business or commercial ..... the order of the cit(a), confirming exclusion of interest of rs. 67,482 while computing profits of the eligible undertakings for the purpose of deduction under section 80hh of the act.16. learned counsel for the assessee submitted, he is under instruction not to press this ground. hence, this ground is dismissed as not pressed.17. .....

Sunash Investment Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106TTJ(Mum.)855

..... taxable income and others do not and business is one indivisible, the entire expenditure of this indivisible business would be deductible, the legislature has inserted section 14a by the finance act, 2001 with retrospective effect from 1st april, 1962, according to which, for the purpose of computing the total income under this chapter, no ..... assessee. whatever case laws were relied on by the assessee, it were rendered without taking into account the scope and object of section 14a of the it act. the legislative intent of introducing section 14a has been made emphatically clear through various board circulars.14. in the instant case, the assessee was admittedly engaged in the ..... funds, which were invested in finance as well as purchase of shares, against the interest income of the assessee, after invoking the provisions of section 14a of the it act. during the course of hearing, the learned counsel for the assessee has invited our attention to the various judgments, which were referred to by .....

General Glass Co. (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)108TTJ(Mum.)854

..... in terms covenanted thereunder. willingness to perform the roles ascribed to a party, in a contract is primarily a mental disposition. however, such willingness in the context of section 53a of the act has to be absolute and unconditional. if willingness is studded with a condition, it is in fact no more than an offer and cannot be termed as willingness. ..... facts and in the circumstances of the case and in law, the learned cit(a) erred in holding the reopening of assessment under section 147 of the it act, 1961, was proper and thereby erred in confirming the reopening of assessment. looking to the facts and in the circumstances of the case and in law, the appellant ..... appeal is filed by the assessee and is directed against the order dt.8th nov., 2004 passed by the cit(a) in the matter of assessment under section 143(3) r/w section 147 of the it act, 1961, for the asst. yr.1996-97. grounds of appeal, as set out in the memorandum of appeal, are as follows: 1. on the .....

In Re: Satellite Television Asian

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... questions, whether income is liable to tax or not and whether tds is to be deducted from the payment made, without reference to sections under section 195(2) and 197 of the income-tax act stands concluded. there was no conflict between decisions of different benches of the tribunal or higher courts and the assessee has approached the president ..... the following substantial questions of law: (i) whether on the facts and in the circumstances of the case and in law, provisions of section 195 and section 40(a)(i) of the income-tax act, 1961 are attracted? (ii) whether, the finding of the tribunal that the applicant and the sipl are agents of the channel companies and ..... and in the circumstances of the case, disallowance of expenditure in the shape of payment to a non-resident by invoking the provisions of section 40(a)(i) read with section 195 of the income-tax act, 1961 is justified? 3. the special bench may modify, change the questions or add other questions as are deemed relevant and necessary .....

Asstt. Cit Vs. Crystal Granite and Marble Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... may be prescribed by the finance act every year.sub-section (2) of section 4 mandates that income-tax shall be deducted at source or paid in advance where it is so deductible or payable under any provisions of the income ..... a specified percentage of book profit shall be deemed to be the total income of the assessee and that the other provisions of the income tax act shall apply to an assessee falling under the said section.10. as regards the decision of the honble karnataka high court in kwality biscuits ltd. (supra) against which the appeal filed before the honble ..... 234b and 234c are also satisfied.7. we shall now turn to the issue whether the total income of the assessee falling under section 115ja is chargeable to advance tax.section 4(l) of the income tax act creates charge of income-tax in respect of the total income of the previous year of every person at the rate or rates, which .....

Asstt. Cit, Range 10(1) Vs. Citicorp Finance (India Ltd.)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)108ITD457(Mum.)

..... v. sg investments & industries ltd. (2004) 89 itd 44 (cal.), the calcutta bench of this tribunal has laid down two propositions: one, in view of section 14a inserted in the income tax act with retrospective effect from 1-4-1962, pro rata expenses on account of interest relatable to investment in shares for earning exempt income from dividend are to ..... of the claim of the assessee in respect of such expenditure in relation to income which does not form part of the total income under this act.- (3) the provisions of sub-section (2) shall also apply in relation to a case where an assessee claims that no expenditure has been incurred by him in relation to income ..... proceedings, the assessing officer noticed that the assessee had earned dividend of rs. 4,85,24,362 which was exempt from tax. taking note of section 14a of the income tax act, he called upon the assessee to furnish the details of expenditure incurred in earning the aforesaid dividend and also to explain as to why expenditure on .....