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Pondy Metal and Rolling Mills (P) Vs. Deputy Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... in the circular of cbdt no. 6p(lxxxvi-66) of 1968, dated 6-7-1968 in which in paras 72 and 74, it is stated para 72: the finance act, 1968, has introduced a new section 40a in the income tax act with effect from 1-4-1968. under sub-section (2) of new section 40a, expenditure incurred in a business or profession for which payment ..... assessee. in the facts and circumstances of the case, we are of the view that the assessing officer is not justified to invoke the provisions of section 40a(2) of the act in the case of the assessee.hence, we direct to delete the same.10. the second and third grounds of appeal relate to the order ..... to the income of the assessee. on appeal, the learned commissioner (appeals) has confirmed the addition made by the assessing officer by invoking the provisions of section 40a(2) of the act by observing as under: 7. i have carefully considered all the relevant records and the arguments of the learned authorised representative of the appellant company. regarding .....

Assistant Commissioner of Income Vs. Eicher Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101TTJ(Delhi)369

..... one of the aspects of the legal contention urged before the tribunal and in this connection reliance was made on the amendment placed to section 80m by section 10 of the finance act, 1968. the high court examined the contention with reference to the statement of objects and reasons and the notes on clauses of the ..... finance bill and found that the reason for omitting certain words from the section was different from what was sought to be urged on behalf of the department. therefore, ..... high court from which the appeal arose, these controversies were not before the supreme court.19. section 80aa introduced by the finance (no. 2) act, 1980 with retrospective effect from 1st april, 1968 as well as section 80ab which was inserted by the same finance act, but w.e.f. 1st april, 1981, have the same effect. the only difference .....

Jeevan Thread Mfg. Pvt. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1992)40ITD152(Delhi)

..... 1986] 157 itr 253, wherein it was said to have been held that stitching of readymade garments amounted to processing of goods within the meaning of section 2, sub-section (6)(d), of the finance act, 1968. the learned commissioner of income-tax (appeals) confirmed the assessment order on the point with the following observation : " similarly, in cit v. ..... the learned commissioner of income-tax (appeals) no doubt, has noted the facts and relation, but did not comment upon the operation of section 40a(2) of the act. this 'section was specifically applied by the income-tax officer and thus absence of this aspect by the learned commissioner of income-tax (appeals) is not ..... that the payment was made due to business expediency. the learned income-tax officer, taking note of the situation and keeping in view the provisions of section 40a(2) of the act, made a disallowance of rs. 75,000, with the following observations ; "there appears discrimination between the sales made to messrs. navin bharat co .....

Punjab National Bank Vs. Surtax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1985)14ITD450(Delhi)

..... chargeable under the income-tax act under the head 'interest on securities' derived from any ..... under the income-tax act under the head 'capital gains' ; (ii) any compensation or other payment as is referred to in clause (ii) of section 28 of the income-tax act; (iv) any income referred to in sub-section (2) of section 41 of the income-tax act; (v) [omitted by the finance (no. 2) act, 1967, with effect from 1-4-1968 ;] (vi) income ..... us to place on this provision would make it anomalous. under rule 1(xi)(a), the reserve to be deducted is as provided in section 17(1) of the banking companies act. that section provides that every banking company shall create a reserve fund out of its profits by transferring a sum equivalent to not less than 20 per .....

Farrukhabad Investment (i) Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2003)85ITD230(Delhi)

..... principal officer. so the notice itself as well as the services thereof was invalid.16. learned counsel further argued that sections 269ss and 269t were brought on the statute by finance act (no. 2), 1984. the scope and object of these sections was explained by the board in its circular no.387, dt. 6th july, 1984. the reading of the objectives ..... that no hardship should take place in the genuine cases. in this connection, it was explained that penalty under section 271(1)(c) of the act was relatable to the tax up to 31st march, 1968. subsequently, the penalty under section 271(1)(c) was relatable to the concealed income. but as the hardships were being faced by the taxpayers, ..... make it. our observations find support from the decision of the hon'ble supreme court in vishnu pratap sugar works (p) ltd v. chief inspector of stamps air 1968 sc 102. the legislation in a modem state is actuated with some policy to curb some evils or to some public benefits. a bare mechanical interpretation of the .....

Bharatiya Janata Party Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)80ITD89(Delhi)

..... 1990 was a redeemable non-debt security of the face value of rs. 10 each and interest income arising therefrom would normally be assessable under sections 18 to 21, which were deleted by the finance act, 1988 w.e.f. 1st april, 1989 and thereafter i.e., from asst. yr, 1989-90 onwards interest on securities was assessable ..... of rs. 10 each. the interest income therefrom would normally be assessable under sections 18 to 21, deleted by the finance act, 1988 w.e.f. 1st april, 1989. from the asst. yr.1989-90, interest on securities is assessable as business income under section 28 where such interest forms part of business profits. in other cases, it ..... the case of political parties which are registered or deemed to be registered with the election commission of india under the election symbols (reservation and allotment) order, 1968. the exemption will not be allowed unless the political party maintains proper books of account; records the name and address of every person who has made a voluntary .....

Dy. Commissioner of Income-tax Vs. M/S. Honeywell International India ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... transactions with its associated enterprises and as the value of international transaction was more than rs.15 crores after following the procedure laid down in sec. 92ca of the act the international transaction entered into by the assessee with the associated enterprises was referred to the transfer pricing officer for determining the arms length price. ..... there should be parity in the items included in the export turnover and the total turnover whilst applying the formula prescribed for computing the deduction under section 1oa of the act. thus, if a particular item of expenditure/ income is sought to be excluded from the export turnover of the undertaking, applying the principle ..... correct in holding that computer peripherals an accessories are eligible for depreciation @ 60% ignoring the fact that the apex court in the case of citi corp maruti finance ltd. observed that there is a question of law involved therein? 3. whether on the facts and circumstances of the case and in law, the ld. .....

M/S Filatex India Ltd. and Another Vs. Dcit and Another

Court : Income Tax Appellate Tribunal ITAT Delhi

..... aforesaid: provided that where an addition to or deduction from the actual cost or expenditure or cost of acquisition has been made under this section, as it stood immediately before its substitution by the finance act, 2002, on account of an increase or reduction in the liability as aforesaid, the amount to be added to, or, as the ..... in the aforesaid liability taken into account at the time of making payment." 11.2 we find that the above said section 43a was substituted by the finance act, 2002 w.e.f. 1.4.2003. prior to its substitution section 43a read as under:- "43a. special provisions consequential to changes in rate of exchange of currency. - (1) notwithstanding ..... case may be, deducted under this section from, the actual cost or expenditure or cost of acquisition at the time of making the payment shall be .....

M/S United Leasing and Industries Ltd. Vs. Dy. Commissioner of Income ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... overseas branch, new delhi, which was dishonoured and the assessee company has filed criminal complaint against m/s crest export pvt. ltd. u/s 138 r/w section 142 of the negotiable instruments act, 1981. 6. the ar submitted that the authorities below ignored the above dispute between the assessee and m/s crest export pvt. ltd. and made the disputed ..... a direction that he would decide the issue de novo in the light of directions of hon'ble jurisdictional high court of delhi given in the case of motor general finance ltd. (supra) after giving reasonable opportunity of hearing to the assessee. 12. accordingly, the appeal of the assessee is disposed of with a direction to the assessing ..... that advance which had been made without carrying any interest is to be disallowed u/s 36(1)(iii) of the act. 10. the hon'ble jurisdictional high court of delhi in the case of cit vs motor general finance ltd. (2005) 272 itr 550 has held that in respect of advances made by the assessee to its sister concern, .....

Sumitomo Corporation India Private Limited Vs. Deputy Commissioner of ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... , rendering the order of the tpo as unsustainable both in law and on facts: a) as none of the pre-conditions laid down under section 92c(3) of the act were satisfied,. there was no occasion for determination of arm's length price by the ao and the value of the international transactions ought to ..... aes. 23. we agree with the assessee's proposition that the nature of indenting transaction is different from the trading transactions. the trading transaction involves risks and finances, whereas in the indenting transaction the assessee has not to incur any such financial obligation or carry any significant risk. moreover, we note that in respect of ..... contentions in light of the material produced and precedent relied upon. ld. counsel of the assessee submitted that the activity of purchase and sale involves risks and finances; whereas in the activity of 'indenting transactions' which are undertaken by the assessee, the assessee has either not to incur any such financial obligation or carry any .....