Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Aug-31-2006
Reported in : (2007)106TTJ(Pune.)137
..... arises.46. in the case of khan carpets v. cit it was held by the allahabad high court that 'reasonableness' within the meaning of sub-section (2) of section 40a of the act was to be determined after taking into account the legitimate needs of the business or profession of the assessee and the 'fair market value of the services ..... films only in godowns constructed strictly in conformity with the specifications laid down in the said rules and in a place to be approved by the chief inspector of explosives, government of india. a place at mahim in mumbai was approved and the assessee company, after purchasing a plot of land there, constructed 13 units thereon, 12 ..... 4, is whether the lease rent and the warehousing charges received by the assessee are to be assessed under the head 'income from house property' under section 22 of the act. the annual value of property consisting of any buildings or land appurtenant thereto of which the assessee is the owner, other than such portions of such property .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Dec-29-2006
Reported in : (2007)112TTJ(Pune.)437
..... and engg. co. v. cit observed as under: the assessee which is a private limited company, is a distinct assessable entity as per the definition of "person" under section 2(31) of the act. therefore, it cannot be stated that when the vehicles are used by the directors, "even if they are personally used by the directors" the vehicles are used for ..... of allotment was finalized on 28th may, 1995. in connection with the public issue a sum of rs. 2,55,07,817 was incurred which was claimed under section 37(1) of the act. the details are as under:9. other expenses 9,19,338 total 2,55,07,817 11. during the assessment proceeding before the ao, the assessee madfe an ..... -off of a capital expefiditure against a revenue receipt. the total income of an assessee is chargeable to tax under section 4 and the total income has to be computed in accordance with the provisions of the act. sec. 14 of the act lays down that for the purpose of computation, income of an assessee has to be classified under five heads: 14 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Dec-14-2006
Reported in : (2008)110ITD591(Pune.)
..... another decision by itat, calcutta bench in the case of s.g. investments and industries, 89 itd 44 though in the context of the applicability of provision of section 14a of i.t. act. to arrive at a right conclusion, we also draw support from the analogy given by hon'ble calcutta high court in the case of bajoria properties pvt. ..... retirement or leaving the service of the company. on the basis of this factual background, we have examined the definition of "net wealth" as prescribed in section 2(m) of w.t. act, according to which, the amount by which the aggregate value computed of all the assets belonging to the assessee in excess of the aggregate value of all ..... vehicles had been allotted and ultimately will be sold to them. the a.o. has arrived at the conclusion that the assessee was not entitled for deduction under section 2(m) of w.t. act. relying upon the decision in the case of associated cement co., 128 itr 626 (bom), the a.o has mentioned that "the expression 'debt owed' within .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Nov-24-2006
Reported in : (2008)301ITR247(Pune.)
..... other words, the explanation of the assessee if found to be false, that would attract penalty as envisaged in clause (a) of explanation 1 to section 271(1)(c) of the act. it is also clear that merely because the assessee has not been able to substantiate his explanation, penalty would not automatically be attracted, if the ..... in other words, the explanation of the assessec if found to be false would attract penalty as envisaged in clause (a) of explanation 1 to section 271(1)(c) of the act. vi) merely because the assessec is not able to substantiate its explanation, penalty would not automatically be attracted if (i) such explanation is found ..... given the same to the same company on lease. the assessee has claimed that in original assessment proceeding his claim for deprecation was accepted under section 143(3) of the income tax act therefore the matter has obtained finality. the assessee has further submitted that though the assessing officer has referred the matter to ddit(inv), jabalpur .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Sep-29-2006
Reported in : (2007)109ITD241(Pune.)
..... any business carried on by the assessee. therefore, the property in question is also not covered by sub-clause (3) of clause (i) of sub-section(ea) of section 2 of the act. from the point of user of this property being used by the national eggs research institute of indian council of medical research, new delhi for the ..... covered by expression "any property in the nature of commercial establishment or complexes" as used in sub-clause (5) below to clause (i) of sub-section (ea) of section 2 of the act. for the purpose of the aforesaid clause, the property must be of commercial nature implying thereby that the very nature of the property must be commercial and ..... of building which were used for commercial purposes and, as such, the same is not covered by sub-clause (5) to clause (i) of sub-section (ea) of section 2 of wealth-tax act, 1957 and as such, the assessee's claim has been rightly rejected by the learned authorities below. the reasons given by the authorities below were reiterated .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Sep-29-2006
Reported in : (2007)108ITD626(Pune.)
..... job of purchases assigned to the employee, the said transactions were duly covered under clause (i) of rule 6 dd, hence out of the ambits of applicability of section 40a(3) of it. act.7. parties heard and case records perused. facts are not in dispute.the admitted position is that the purchases have been made in cash exceeding rs. 20,0007-. ..... to the supplier in cash on behalf of the appellant for purchases of goods. thus, in my opinion all the fundamental requirements for not making a disallowance under section 40a(3) of the it act are covered in the case of the appellant i.e. (i) the payees are identifiable, (ii) the payments have been made not to the payees but ..... accept the above contentions of the assessee because of the following reasons: (i) it is well settled law that cash purchases for goods come under the purview of section 40a(3) of the it act, 1961. these are treated as expenses by the supreme court as well as various high courts. (ii) it is stated that cash was deposited on the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Sep-07-2006
Reported in : (2007)111TTJ(Pune.)310
..... facie evidence of the fact that the land was used and held for agricultural purposes and agricultural activity were carried thereupon. 7) as per provisions of section 2(14) of the act, agricultural land situated in all the rural areas were not brought within the tax net and did not automatically become capital asset.6. after considering ..... -92. the sale was effected by three registered sale deeds. while filing her return of income, she claimed exemption from levy of capital gains under section 54b of the act on the ground that the land sold by her was agricultural land and the sale proceeds were invested in the purchase of agricultural land within two years ..... that the agricultural land sold by the assessee with an intent to purchase another land within two years had also been permitted to claim exemption under section 54b of the income-tax act, 1961. in the instant case, even though there was no sale as such, the assessee owned agricultural land within the limits of tirunelveli corporation .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Aug-28-2006
Reported in : (2008)303ITR278(Pune.)
..... that order of ito prejudicial to interests of revenue-commissioner not debarred from exercising his revisional jurisdiction i the absence of his final conclusion in matter- income-tax act, 1961 section 263.in addl. cit v. mukur corporation 111 itr 312, the hon'ble gujarat high court held: held, that the words 'prejudicial to the interests of ..... an enquiry, the order cannot be treated as erroneous for lack of enquiry and this cannot be a ground for setting aside the order passed under section 143(3) of the act. coming to the finding of the cit that books account were not verified, the id accountant member held that this is unfounded. particularly, he noted ..... member and the judicial member in regard to the following question, the issue was referred to a third member by the hon'ble president, itat, under section 255(4) of the act: whether on the facts and circumstances of the case. commissioner of income- tax. nashik is justified in setting aside the assessment for assessment year 1999- .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Jul-31-2006
Reported in : (2007)104ITD141(Pune.)
..... examine the facts of the case for deciding the issue involved, we consider it necessary to enunciate the legal position in this regard in the following paragraphs.14. the section 5, of the act brings within the fold of chargeable total income, all income which is 'received' or is deemed to be received or which 'accrues' or 'arises' or is deemed to ..... , rs. 1,57,51,180 (rs. 2,08,98,653-rs. 51,47,473) on account of excess collection of levy sugar price and interest there on under section 41(1) of the act.3. the cit(a) confirmed the ao's action and his order has challenged by the assessee in the present appeal.4. the grounds of appeal filed with ..... of the income, although non-receipt may, in appropriate cases, be a valid ground for claiming deduction. [82 itr 835) 17. the controversy about the accrual of interest under section 28 of the land acquisition act 1894 was set at rest by the supreme court in the case of 181 fashatunnissa begum v. cit , where the court ruled that interest payable under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Jul-28-2006
Reported in : (2007)109TTJ(Pune.)350
..... cit v. reliance international corporation (p) ltd. . in this decision, the hon'ble court has considered the definition of "transfer" as prescribed under section 2(47) of the act. the hon'ble court has considered the amendment of 1985 and 1988 and held that the same were substantive in nature and not clarificatory. the court has ..... of allowance of depreciation during this intervening period was concerned, that too has been examined by the ao following the instructions of the learned cit under section 263 of the it act, however, decided in favour of the assessee by not disturbing the claim of depreciation. in addition to these two reasons now before us, series of ..... so recovered was to be reduced from the actual cost of the asset. his second reason was that considering the applicability of section 53a of transfer of property act r/w section 2(47)(v) of the it act, the assessee has transferred the property to the employees and in support he has narrated seven conditions as required for "part .....
Tag this Judgment!