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Hindustan Zinc Ltd Vs. Inspecting Asstt Cit

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2004)89TTJ(JP.)986

..... claim received cannot be brought to tax. for taxing of such a receipt an amendment has been introduced by the finance act, 1999, with effect from 1-4-2000 and the purpose (sic) sub-section (ia) of section 45 has been introduced. therefore, we hold that the capital gain or balancing charge arising out of the claim ..... of expenditure incurred we have no doubt in holding that the expenditure incurred was of capital nature. therefore, this expenditure is neither allowable under section 35e nor section 37(1) of the act. we decline to interfere with the order of the commissioner (appeals) on this score.ground no. 4 is regarding the assessee's claim ..... , but with utter impractically.the learned departmental representative relied upon the orders of the authorities below.we have considered the rival submissions. initial depreciation under section 32m0) of the act is allowable in respect of building newly erected after 31-3-1961, and used solely or mainly for the welfare of such persons as hospital, .....

S. Gurucharan Singh Anand Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1993)45ITD299(JP.)

..... is a case of long term capital gain. apart from the above, the definition of the term "transfer" as given in section 2(47) was suitably modified w.e.f.1-4-1988 with the insertion of clause (v) by finance act, 1987. section 2(47)(v) reads as under :- 2(47) transfer, in relation to a capital asset, includes-(i) * * *(ii) ..... * * *(iii)* * *(iv) * * * (v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53a of ..... value would stand transferred from one person to another only upon the registration, of the conveyance deed as required by section 17 of the indian registration act, 1877 (act 3 of 1877). but section 47 of the said act clearly says that registered document shall operate from the time from which it would have commenced to operate if no .....

income-tax Officer Vs. Dr. B.K. Jain

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1995)52ITD367(JP.)

..... , 1990 with effect from 1-4-1991. the other conditions laid down under this section are that the individual concerned should have been in the employment of the central government or any state government and ..... section 80rra shall be 50 per cent of the remuneration received or 75 per cent if such remuneration is brought into india in accordance with the foreign exchange regulation act, 1973 and any rules made thereunder. in any case the period of continuous service outside india should not exceed thirty six months. this restriction has since been withdrawn by finance act ..... contemplated to be given to an assessee. the first condition is that the assessee should be a resident in india as per term defined in section 6 of the act. the second condition is that the income which has accrued or arisen outside india to such resident in india should not be deemed to .....

Assistant Commissioner of Income Vs. Mohinder Kumar and Party; (Mohind ...

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1995)53TTJ(JP.)258

..... only in respect of tax or duty and not of other items like "cess or fee by whatever name called" which terms were added by finance act, 1988, w.e.f. 1st april, 1989 only. we have, therefore, to consider strictly whether the term "issue price" was tax ..... the assessee by the court and there is a cessation of liability the amount may be taxed according to the provisions of the it act. however, so far as the present appeal is concerned, the disallowance of rs. 2,39,527 is directed to be deleted.8 ..... filed before us a copy of a notification no. 15795/lic. 3, dt.22nd march, 1985, through which rules under the up excise act, 1910, have been framed. since according to us, for reasons to be discussed in the following paragraphs, the disallowance of this amount cannot ..... had not actually paid the amount, according to the assessing officer it was covered by the provisions of s. 43b of the it act and since he disallowed assessees claim and added the amount of rs. 2,39,527 to the income of the assessee.3. .....

income-tax Officer Vs. Smt. Shakuntala Devi Ajmera

Court : Income Tax Appellate Tribunal ITAT Jaipur

..... 4. in view of the above there being no transfer within the meaning of s. 2(47) of it act, 1961, no capital gain assessable under it act, 1961 was arisen to assessee and the same could not be assessed in her hands. however, by the finance act, 1987, sub-cls. (v) and (vi) and explanation thereto was inserted in s. 2(47) ..... w.e.f. 1st april, 1988. clause (v) covers cases where possession of any immovable property is taken in part-performance of a contract of the nature referred to in s. 53a of the transfer of property act, 1882. clause ..... building which is either being constructed or which is to be constructed. transaction of the nature referred to above are not required to be registered under the registration act,. 1908. such arrangements cover the privileges of ownership without transfer of title in the building and are a common mode of acquiring flats particularly in multi-storeyed .....

Assistant Commissioner of Vs. Dr. L. M. Singhvi.

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1995)55ITD84(JP.)

..... in filling the appeals was, therefore, condoned.4. the dispute common to all the four appeals is with regard to assessees claim for exemption under section 5(1)(xxii) of wt act, 1957 (since omitted by finance act, 1992 w.e.f. 1-4-1993) in respect of the books belonging to him as on the relevant valuation dates. the assessee-respondent is ..... manual operation. the books of a lawyer, therefore do not fall within the purview of the expressions "tools" and "instruments" used in the language of section 5(1)(x) of the act.9. clause (xii) of section 5(1) clearly refers to the word "book". a plain reading of that clause goes to show that the word "books" has been used in ..... . exemption from wealth-tax in respect of such tools and instruments is governed by section 5(1)(x), as it stood at the relevant time, and not by section 5(1)(xii). we, however, find no force in this argument.6. the relevant provisions of section 5 of the act ran as under at the relevant time : "5. (1) subject to the provisions .....

income Tax Officer Vs. Smt. Shakuntala Devi Ajmera

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2000)68TTJ(JP.)663

..... in section 2(47) with effect from 1-4-1988. clause (v) covers cases where possession of any immovable property is taken in part-performance of a contract ..... 4. in view of the above there being no transfer within the meaning of section 2(47) of income tax act, 1961, no capital gain assessable under income tax act, 1961 was arisen to assessee and the same could not be assessed in her hands. however, by the finance act, 1987, sub-clauses (v) and (vi) and explanation thereto was inserted ..... the allowing of the possession of any immovable property to be taken or retained in part-performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882." the assessing officer, therefore, treated the transaction as if having taken place during the accounting period relevant to the assessment year under .....

Assistant Commissioner of Income Vs. Swami Complex (P) Ltd. and K.S.

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2007)111TTJ(JP.)531

..... 459 : (1995) 210 itr 250 (raj) has also been referred. the learned authorised representatives submitted that recently amended law unders. 50c by the finance act, 2000 w.e.f.1st april, 2003, i.e., asst. yr. 2003-04 has also made the position clear, though at a later ..... of fair market value or full value for consideration in the case of a purchaser as it is in section 45 r/w section 55a of the act.in the case of a purchaser, only tiling is to be seen is that if any proof or ..... complex (p) ltd., the revenue has questioned first appellate order deleting the addition of rs. 1,26,000 made under section 68 of the act on account of unexplained cash credit.14. in support of this ground, the learned departmental representative submitted that the learned ctj ..... 2005 on the issue is, thus, allowed.12. in the case swami complex (p) ltd., one more issue regarding the addition under section 68 made on account of unexplained cash credits by the ao has been raised and in the case of shri bal mukand parihar, the .....

Modern Threads (i) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1999)69ITD115(JP.)

..... defined in explanation 2 is only for the purposes of clause (vi). the said meaning assigned to royalty cannot be made applicable in an agreement which is made under section 90 of the act. in this regard we conclude that in case of inconsistency between the terms of the agreement and the taxation statute, the agreement alone would prevail.we have also ..... finds ample support from the decision of the hon'ble supreme court in the cases of bajaj tempo ltd. v. cit [1992] 196 itr 188/62 taxman 480 and shaan finance (p.) ltd.'s case (supra).6.43 having regard to the facts, material on records arid ratio of various decisions cited 1 come to the only irresistable conclusion that the ..... may now go back to the regular bench which heard the appeal for disposal in accordance with the opinion of majority as per provisions of sub-section (4) of the section 255 of the income-tax act.1. this appeal was filed by assessee against the order of the cit(a) dated 11-3-1997 relevant to assessment year 1997-98. the .....

Assistant Commissioner of Income Vs. Jaipur Stock Exchange

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2007)108TTJ(JP.)393

..... present assessee, the learned cit(a) has held that it is not entitled to exemption under section 11 of the act. in that case the assessee had distributed suitcases to the shareholders despite there being a letter from ministry of finance prohibiting the giving of presents of the value of rs. 200 to the members as such ..... yr. 1988-89 (supra) and consistency thereafter, we are of the view that the assessee is a charitable institution under section 2 sub-section (15) of the act and is eligible to exemption under section 11 of the act. the main decisions relied upon by the ao were in respect of delhi stock exchange, madias stock exchange, and ahmedabad stock ..... was asked why this claim of depreciation should not be disallowed as it is not allowable because there is no business income. the claim of depreciation under section 32 of it act is allowable only when there is business income. the assessee vide reply dt. 26th march, 2003 stated that in assessee's case, the depreciation is allowable .....