Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1984)9ITD488(Ahd.)
..... under consideration, provided funds to the corporation by way of loans and subsidies with a view that the main object of the corporation was not defeated for want of finance. the said loans and subsidies were granted by the government for different objects and aims in various resolutions passed by the government. in some cases the government had ..... the true effect and character of the payment made by the consumers have to be examined.the supreme court in the case of cit v. india discount co. ltd. [1970] 75 itr 191, 192 have stated "that the receipt being one which in law could not be regarded as income, it could not become income merely because the ..... industry. the amounts granted by the government, thus, was for encouraging capital project in form of setting up training centres, museum, etc. thus, the assessee was only acting in a representative capacity or on behalf of the government so to say as a trustee qua grants and subsidies granted by the government. it was fully accountable to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1987)23ITD570(Ahd.)
..... . at the first level there were to be the organising concerns whose work would be to purchase land, to formulate the housing scheme and to mobilise the finances. at the second level there were to be certain concerns to work as first contractors. the work of these first contractors was to get contracts for construction ..... relying mainly on the ratio of supreme court decision in the cases of cit v. bagyalakshmi & co. l1965] 55 itr 660 and agarwal & co. v. cit [1970] 77 itr 10, the respondent firm asserted that its representative partners may successfully hold dual capacities without affecting their rights and liabilities in the firm. it was claimed that ..... firm.4. apprehending that the ito may possibly refuse registration, the respondent firm approached the iac as well through its reference application under section 144a of the act drawn on almost the same lines. however, the iac declined to issue the desired instructions requiring the ito not to refuse registration to the respondent.the income .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1997)63ITD110(Ahd.)
..... the iac for the assessment year 1983-84 while approving the draft order of the assessing officer. the iac for that year found out that the assessee-company has financed construction of a posh complex on the agricultural land belonging to shri prayasvin b. patel who was son of shri bhanubhai i. patel, chairman and managing director of ..... by various high courts, the provisions of section 104 are penal in nature and the decisions of the hon'ble supreme court in the case of cit v. anwar ali [1970] 76 itr 696 and hindusthan steel ltd. v. state of orissa [1972] 83 itr 26 have to be taken into consideration. reliance of the department on the decision ..... not declare dividends without obtaining the prior permission from the bank. (c) that the assessee approached the bank inviting their attention to the provisions of section 104 of the act and submitted that in case it does not declare any dividend, it was liable to be penalised with additional income-tax. (d) the current liabilities as per the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)90TTJ(Ahd.)1024
..... v. khushlal chand nirmal kumar (2003) 263 itr 77 (mp) wherein their lordships have examined the impact of the amendment in the provisions of section 158bb made by finance act, 2002.their lordships held as under : "if the provisions of section 168bb are read in proper perspective, we are inclined to respectfully agree with the view expressed by ..... 2002) 258 itr (st) 131 which has been referred to above in para 61.3.2 has laid down as under (p. 58) : '61.3.2. the finance act, 2002, has amended section 158bb to clarify that the block assessment of undisclosed income is to be based on the evidence found in the search and material or information gathered ..... other material or information as are available with the assessing officer and relatable to such evidence as provided in section 158b(6). block assessment under chapter xiv-b of the income tax act, 1961, is not intended to be a substitute for regular assessment. its scope and ambit is limited in that sense to material unearthed during search .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1983)6ITD612(Ahd.)
..... but shall not exceed one and a half times the amount on which interest is payable under section 217.the said clause (ii) was amended by the finance act, 1969, with effect from 1-4-1970, and such amended clause reads as follows : which, in the case referred to in clause (b), shall not be less than ten per cent but shall ..... section 212".no assistance can, therefore, be had from chandrakant damodardas's case (supra) either.13. sub-section (5) of section 215 of the act which was inserted by the finance act, 1969, with effect from 1-4-1970 reads as follows : in this section and sections 217 and 273, 'assessed tax' means the tax determined on the basis of the regular assessment [ ..... so far as such tax relates to income subject to advance tax and so far as it is not due to variations in the rates of tax made by the finance act enacted for the year for which the regular assessment is made.the above provisions define 'assessed tax' as tax determined on the basis of regular assessment reduced by tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1986)17ITD691(Ahd.)
..... . he further relied upon by the decisions in the cases of shiv parkash janakraj & co. (p.) ltd. v.cit v. cit [1978] 112 itr 872 (punj. & har.), cit v. ferozepur finance co. (p.) ltd. v. cit [1980] 124 itr 619 (punj. & har.) at page 623 and cit v. motor credit co. (p.) ltd. [1981] 127 itr 572 (mad.). he also ..... that the said films had been proved to be flops and so there was hardly and security. the loans to smt. saraswati r. tanna and bhogilal tanna was given in 1970 and to shri v. k. shah and shri vinodchandra in 1972.all these three loans were given on securities of immovable properties.the suits were filed and preliminary decrees obtained ..... dixit, judicial member - both the above appeals arise out of the order of the commissioner passed in exercise of his revisional powers under section 263 of the income-tax act, 1961 (the act). the ito had not added the interest on certain loans advanced by the assessee, to the income of the assessee on accrual basis. the commissioner was of the view .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1997)58TTJ(Ahd.)168
..... , 1986 by incorporating rr. 57a to 57j in the central excise rules, 1944.(b) covers only those included final products classifiable under the specified chapters of the central excise tariff act, 1985, as contained in the table of the said notification.(c) as originally introduced, the scheme also did not cover capital goods used by ..... payment on account of excise duty nor the recovery on account of excise duty enters into the computation of trading results and hence while valuing stocks in finance records the company has never considered excise duty element. the method is being followed by our client consistently since last several years and hence the question of ..... gets "set off" while making payment of excise duty on its sales. the portion of the bill for purchase, relating to excise is being debited in finance record to "central excise deposit account".further, the company recovers central excise from its customers on sales and this recovery is being credited to "central excise recovery .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)75TTJ(Ahd.)728
..... relied upon by the learned counsel. the calcutta bench in the case of asstt. cwt v. park hotel (p) ltd. (supra) has held that section 40 of the finance act, 1983 is "a self contained code" for the purpose of levy of wealth-tax for closely held companies and it is not possible to look into the provisions of wealth ..... the appellant under the tax credit scheme only in respect of excise duty for cement levied under the central excise and salts act, 1944, and not in respect of special excise duty levied under section 80 of the finance act, 1965. on a parity of reasoning from the aforesaid decision of supreme court, it was contended by the learned counsel that ..... of ito v. mewalal dwarka prasad (1989) 176 itr 529 (sc) and v. jagmohan rao v. cit (1970) 75 itr 373 (sc). it has been held in the later judgment that once the proceedings under section 34 of income tax act, 1922 (equivalent to section 147) are validly initiated, the jurisdiction of the assessing officer is not restricted to portion .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2007)111TTJ(Ahd.)556
..... (p) ltd. (supra) is also on different facts as in that case liability to pay interest on service-tax was extended by way of amendment to finance act with retrospective effect, which in the present case it is not so.12. parties are heard and rival submissions considered. section 195 under which liability to deduct ..... an opportunity cannot be sustained and as such should be determined afresh after giving opportunity to the assessee by the officer presently having jurisdiction in relation to chapter xvii-b. therefore, in respect of the assessment year 1985-86, the order is set aside and the appropriate authority currently having jurisdiction is directed to ..... interest under that section. therefore, this case does not involve any substantial question of law for admission. the appeal is, therefore, dismissed.cit v. darshan trading & finance (p) ltd.(guj), grindlays bank ltd. v. cit and grindlays bank ltd. therefore it was concluded section 201(1a) postulates mandatory liability to pay interest at .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1986)18ITD177(Ahd.)
..... thus that 'we, therefore, do not consider it necessary to examine in detail the contention of the learned counsel for the revenue that explanation 5 inserted by the finance act, 1976, has retrospective application. further, in that very paragraph the hon'ble high court has clearly observed that section 80g is attracted only if the donation is in ..... relevant evidence it finds that the donation is of a sum of money, it may grant rebate sought by the assessee. the insertion of explanation 5 by the finance act, 1976, with effect from 1st april, 1976, was merely to clarify this doubt which had arisen on account of an erroneous reading of the judicial pronouncements on ..... by the gujarat high court in its decision in the case of cit v. saurashtra cement & chemical industries ltd. in this case, in which the assessment years 1970-71 and 1971-72 were involved, the assessee, which manufactures cement, had donated cement of a particular value to the collector of surat and arya kanya mahavidyalaya for .....
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