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indo Asian Switchgears (P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1985)12ITD65(Delhi)

..... import entitlements at market value as stock-in-trade was, therefore, irrelevant. there were no doubt decisions in which the term 'derived' occurring in the annual finance acts has been interpreted in the context of allowing rebate thereunder on export profits, but the revenue's case was not based on any contention that the sale proceeds ..... learned judicial member. firstly, what was being interpreted by the gujarat high court was the term 'derived from the exports of any goods' appearing in the finance acts.the question of taxability of the sale consideration for import entitlements under section 28(i) was not before the court at all.secondly, even within the narrow sphere ..... for both the parties have placed certain material before us in this regard and we would draw upon this in this regard. under the export policy resolution, 1970 (passed by the parliament), the government of india took a close look at its foreign trade policy. in the context of the objectives, strategies and priorities of .....

D.K. Gupta Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... limited purpose of proceedings under ss. 132(5) and 132(11) and cannot be invoked by the ao for making such additions in block assessment under chapter xiv-b as inserted by the finance act, 1995, w.e.f. 1st july, 1995, prescribing special procedure for assessment of such cases by ignoring the provisions of ss. 68, 69, 69a ..... tax liability @ 60 per cent thereof at rs. 1,78,30,062. the appellant is engaged in the business of real estate, including builders and developers besides financing business. the sources of income include income from house property and other sources.2. the assessee has challenged the validity of the assessment and has also contested all ..... different picture. this, according to him, is not justified. according to him, an insignificant mistake could not entitle the ao to make the impugned addition. he relied on (1970) 76 itr 718 (sc) (sic).9.1 on the other hand, the learned departmental representative relied on findings given by the ao and submitted that admittedly rs. 47 .....

Jai Pal Sharma Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)72ITD485(Delhi)

..... discuss the respective contentions of the ld.representatives of both the parties, it will be beneficial to point out that provisions of section 80cca of the act were brought to the statute through the finance act, 1987 with a view to provide incentive to the net savings to be made by different types of assessees. the language used by the legislature in ..... natural meaning of the word, the specially provided meaning of the word will also have to be attributed for the purpose of interpretation of that particular statute or that particular chapter as laid down in the case of cit v.premanand industrial co-operative services society ltd. [1980] 124 itr 772 (guj.). not only this, in the case of tai ..... hand without bringing amendment to section 2(24). in the end, reliance was placed on the decision of apex court in the case of cit v.india discount co. ltd. [1970] 75 itr 191 which was reiterated in kedarnath jute mfg. co. ltd v. cit [1971] 82 itr 363 in which it was laid down that a receipt which in .....

Salora International Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... applied retrospectively.8.12 it is further submitted that in order to bring to tax the gain, accruing or arising to an assessee, section 50b of the act has been introduced by the finance act, 1999 w.e.f. 1-4-2000 in respect of computation of capital gain in the case of slump sale. it is submitted that had the ..... lordships after following the decision of hon'ble supreme court in the case of j.k. (bombay) p. ltd. v. new kaiser-i-hind spinning & weaving co. ltd. [1970] 40 comp. cas.689 (sc) had laid down that once a scheme becomes sanctioned by the court, it ceases to operate as a mere agreement between the parties and becomes ..... aforesaid provisions were introduced as a result of amendment made by the companies amendment act 31/65 to give effect to the recommendation of daftri shastri committee based on the vivion ghosh commission of enquiry. the said chapter made it obligatory that every company before entering into comprise, arrangement etc. has to obtain the sanction of company board and .....

Wimco Seedlings Ltd. Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)293ITR216(Delhi)

..... the activity is exempt from taxation however, a new section i.e. section 14a has been inserted by finance act, 2001 retrospectively which provides as under: section 14a : for the purpose of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which ..... for the year under appeal. the conclusion of the learned jm, with which i respectfully agree, seems fortified by the amendment made to section 14a by the finance act, 2006, with effect from 1.4.2007 by introducing the following sub-sections: (2) the assessing officer shall determine the amount of expenditure incurred in relation ..... that proportion of it which is referable to taxable income; is unsustainable.12. it is with a view to nullify the effect of such judgments that the finance act, 2001 has introduced a new section 14a with retrospective effect from 1st april, 1982, which has been reproduced by my learned brother in his proposed order. .....

Moser Baer India Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... which has already been overwhelmed by sections 115j, 115ja and 115jb. this reconciles the alleged incompatibility pointed out by the revenue that the deduction available to an assessee under chapter vi-a is subject to section 80-ab. therefore, we find that the deduction under section 80hhc in a case of mat assessment is to be worked out on ..... the assessing officer has relied upon the decisions of hon'ble gujarat high court in the cases of praful chunilal patel v. mj. makwana, asstt. cit and that in gruh finance ltd. v. jt. cit (2002) 123 taxman 196. both these decisions have not been approved by the jurisdiction of delhi high court in the case of cit v. ..... dated 25-4-2006. in ground nos.1 and 2 the assessee challenges validity of assumption of jurisdiction for framing reassessment under section 147 of the income tax act income tax act. in ground nos. 3 to 3.5 the assessee challenges manner of computing book profit under section 115 jb whereby the action of assessing officer in computing .....

Dharmarth Trust Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)37ITD86(Delhi)

..... officer was of the opinion that this income was liable to tax by virtue of the provisions of section 11(4a) of the income-tax act, 1961, which were introduced by the finance act, 1983 with effect from 1-4-1984. the reply of the assessee was that it was not carrying on any business on the ground ..... the decision given by the supreme court interpreting the definition of 'agricultural income' under the 1922 act will apply with equal force to the 'agricultural income' as defined in the income-tax act, 1961. in 1970 by taxation laws (amendment) act, 1970, some modifications were made with retrospective effect from 1-4-1962 but they do not impinge very ..... adopted for the purposes of the constitution the definition of the expression 'agricultural income' as given in the income-tax act. we have already noticed that sub-section (2) of the taxation laws (amendment) act 1970 introduced some important changes with retrospective effect from 1-4-1962. the effect of this amendment was explained by the board .....

Ms. Payal Kapur Vs. Asstt. C.i.T.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)104TTJ(Delhi)690

..... venture agreement, it was exigible to tax. under section 28(i) of the act. it was. further held that members of jain group through the instrument of joint venture agreement, not only contributed to the formation, promotion and financing of joint venture company but also made substantial contribution on a continuous basis to ..... its own account and also to operate, manage and administer hotels belonging to others for a fee. in terms of an agreement dated november 2, 1970, the company agreed to operate the hotel known as hotel oberoi imperial, singapore for which the assessee-company was to receive a certain fee called management ..... shares would constitute material breach of jva.23. the joint venture agreement further provided for blending of two concerns and stated terms and conditions in respect of financing of joint venture business, insurance of shares, constitution of boards, management, accounting, technical know assistance consequences of termination of agreement, material breach etc. etc .....

Jhalani Tools (i) (P.) Ltd. Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1989)31ITD81(Delhi)

..... as revenue receipts and therefore, taxable.8. the cit(a) traced the history from july 1963 when the government of india had constituted a market development fund for financing schemes and projects for the development of foreign market for indian products and commodities. he held that the following was the nature of the 7 criteria on the ..... union of india v. anglo afghan agencies air 1968 sc 718. it was held that the motivation of the government was spelt out in the export policy resolution of 1970. the decision of the hon'ble calcutta high court in the case of jeewanlal (1929) ltd. v. cit [1983] 142 itr 448 was held to be not ..... president, senior vice-president or the vice-president, as the case may be, directs otherwise.it would suffice to say that in the present case since the president, acting in his administrative capacity, had directed that these reference applications be placed before the present special bench consisting of only 3 members, the requirements of rule 40 were satisfied .....

Godore Tools (India) (P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1988)25ITD193(Delhi)

..... that the assessee had filed a writ petition before the hon'ble supreme court challenging the validity of the retrospective amendment of section 80-j by finance (no. 2) act of 1980 which had been admitted.the assessee's assertion that, if, at a later stage, the hon'ble supreme court upheld the retrospective amendment ..... and the procedural bottlenecks, which, along with the non-price factors such as quality and the product profile, have adversely affected the competitiveness of our exports....in chapter iii, the committee considered export promotion policy and strategy to be adopted for that purpose. it pointed out in paragraph 3.1 that "over the next decade ..... more. it also refers to the build up of the export potential and to earn and sustain the confidence of overseas customers. the export policy resolution, 1970 referring to the inadequacies of the existing infrastructure for exports emphasised that shipping facilities needed to be improved. the fact that the infrastructure for exports was .....