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Acit Vs. Mahavir Spinning Mills Limited

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2008)110ITD211(Chd.)

..... out of export profits under section 80hhc and with a view of providing further incentive for earning foreign exchange, a new section 10b had been inserted by the finance act, 1988 so as to secure that the income of 100% equ shall be exempt from tax for a period of five consecutive assessment years falling within the block ..... 100% equ had been claimed to be exempt under section 10b, it was not eligible to claim any other deduction or allowance under any provision of the act, specially under chapter vi-a.according to the assessing officer, if the claim of the assessee was accepted in respect of section 80hhc, then the assessee could also make claim ..... not eligible to claim any other deduction or allowance under any other provision of it act specially under chapter via. of it act. he referred to the provisions of section 80 a b of it act and stated that the said provisions clearly states that the deduction under chapter vi-a are to be made with reference to income included in the gross total .....

Rbf Rig Corpn. Lic (Rbfrc) as Agent Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)297ITR228(Delhi)

..... the appropriate stage hereinafter.12. in the background of above decisions, shri tulsiyan drew our attention to provision of clause (10cc) of section 10 introduced in the statute by finance act, 2002 w.e.f. 1.4.2003: 10. in computing the total income of a previous year of any person, any income falling within any of the following clauses ..... effect from ist april, 2003 and will, accordingly, apply in relation to the assessment year 2003-04 and subsequent years. 64.6 necessary changes in various provisions of chapter-xvii relating to collection and recovery of taxes have been made to give effect to the new scheme. amendment in section 192 has also been made, so as to ..... sub-section (1 a) of section 192, where under an agreement or other arrangement, the tax chargeable on any income referred to in the foregoing provisions of this chapter is to be borne by the person by whom the income is payable, then, for the purposes of deduction of tax under those provisions such income shall be increased .....

Dcit Vs. Nits Softech Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... circumstances it is quite clear that the revenue should not exercise its powers in a mechanical power but should be circumspect while taking action under the provisions of chapter xiv-b of the act. that has not happened in so far as the present case is concerned and, therefore, we have no hesitation in giving a finding in favour of the assessee ..... compare the notice issued under section 158bd in the present case with the notice issued in the case of manish maheshwari (supra) and in the case of new delhi auto finance (p) ltd. (supra), we find that the notice in the case of the present assessee issued under section 158bd is identical to the notice issued in the case of new ..... delhi auto finance (p) ltd. (supra). in fact in this notice also even the date of search conducted in the case of manoj agrawal has not been mentioned nor any other detail .....

income-tax Officer Vs. Vickers Sperry of India

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)3ITD739(Mum.)

..... sections 27 to 30 and onwards, we find that the assumption perhaps did not survive. it is significant that sub-section (4) of section 20 of the uk finance act, 1944, reads as under: (4) where a deduction is allowed for any year under this or the last preceding section in respect of expenditure represented wholly or partly ..... may be direct or remote. it may mean related in some manner or the other. the word 'related' has been defined in webster universal dictionary (unabridged international edition 1970) as having a casual or logical connection, etc. in the premises we find it difficult to accept that the expression 'for the purposes of business' covers within it ..... expenditure represented wholly or partly by any assets there shall not be made or allowed- (a) any written down allowance under chapter i of part 1 of this act, or (b) except under this part of this act, any allowance or deduction in respect of wear and tear, obsolescence or depreciation of those assets. for any chargeable period .....

Andhra Pradesh State Financial Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)18ITD515(Hyd.)

..... the following reasons : (a) section 36(1)(viii), which corresponded to section lo(2)(xiva) of the indian income-tax act, 1922 underwent subsequently many amendments-please see finance act, 1966, finance (no. 2) act 1967, finance act, 1970, finance (no. 2) act 1971, finance act, 1974, finance act, 1977, finance act, 1979, finance act, 1981 and lastly finance act, 1985 by which the crucial words 'this clause and' were inserted with effect from 1-4-1985. (b) in a ..... not is another point, with which we are not concerned. however, similar difficullics as detailed above would be encountered if 'total income' is construed as income before allowing deductions under chapter vi-a, but after making deduction under section 36(1)(viii). section 2 dealing with the definitions is prefaced by the words 'unless the context otherwise requires'. section 36(1 .....

Mahaveer Kumar JaIn Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1993)45ITD634(JP.)

..... ), finds it difficult to agree with his further views that "mere fact that section 5 would be applicable does not automatically mean that all the provisions of it act and the finance act would be applicable". in the opinion of this bench once the provisions of section 5 are found applicable to the case of a person computation of his total ..... does not apply for the obvious reason that the income in question had not earlier been included in the total income of the assessee. the provisions contained in chapters iii and ix are obviously not applicable hereto. thus the inclusion of the income in question in the total income of the assessee for the year under consideration ..... income-tax from the sikkim state employees. the scope of rule 12 seems to have been widened by notification no. 155-500/it & st, dated 21-4-1970 whereby it was inter alia provided that income accruing or arising directly or indirectly from the salaries received either from the services rendered to the sikkim government or to .....

Ellenbarrie Industrial Gases Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2002)83ITD111(Kol.)

..... assessee added that in the present case also the assessments were already completed could not be reopened to be assessed in view of the provisions under section 158bc of the it act under chapter xiv-b. he reiterated that in the course of search no undisclosed income either in the form of money, bullion, jewellery or other article or thing were found ..... and hence the addition made in this regard is invalid, the learned counsel for the assessee has relied on the judgment of the tribunal in the case of kirloskar investments & finance ltd. (supra) and also on two other judgments viz., in the cases of smt rajrani gupta v. dy. cit (2000) 66 ttj (mumbai) 582 and agarwal motors v. ..... cylinders was much less or much higher than what had been charged by the assessee nor that the lease rent fixed was not in the vicinity of the net finance received and interest thereon as per the agreement for 38 months.5. the ao concluded from certain other facts like that the lease transactions in both the cases were .....

W.C. Shaw Pvt. Ltd. Vs. A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)93ITD535(Kol.)

..... order under section 250/254/263 or 264, we have to refer to the relevant provisions provided elsewhere in the it act. at this stage, it is pertinent to note that new chapter xiv-b containing section 158b to 158bh was introduced by the finance act'95 w.e.f.1-7-95 laying down special procedure for block assessment for search cases, where a ..... of an order under section 250 or 254 or 263 or 264 setting aside or which such order was received by the chief commissioner/commissioner to one year by the finance act'01 w.e.f.1-6-01, and as such the fresh assessment order in the present case should have been made before the expiry of 31.3.02. he ..... search is initiated under section 132 or books of account or other documents or any assets are requisitioned under section 132 on or after 1st july, 1995. the scope and effect of chapter xiv-b (containing section .....

Bj Services Company Middle East Vs. Asstt. Cit (Osd), Range-1,

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)4SOT633(Delhi)

..... single stage grossing up, the responsibility for payment of such tax is also undisputedly of the assessee. the provisions of the section 195a were inserted in the statute by the finance act, 1987 with effect from 1-6-1987. it shall be relevant to reproduce hereunder the provisions of section 195a which read as under : [in a case other than ..... in sub-section (1a) of section 192, where under an agreement] or other arrangement, the tax chargeable on any income referred to in the foregoing provisions of this chapter is to be borne by the person by whom the income is payable, then, for the purposes of deduction of tax under those provisions such income shall be increased ..... present cases as in the case relied upon by the assessee, profit was to be computed as per deeming provisions of section 44bb of the income tax act, 1961 (in short 'the act'). in the present case, the income was admittedly taxable under the head 'salary'. the assessing officer also relied on the decision of delhi high court in .....

Punjab State Co-op. Milk Producer Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)104ITD408(Chd.)

..... is also pertinent to mention that section 14a has been incorporated in the income-tax act, 1961 by the finance act, 2001 with retrospective effect from 1.4.72. the said section reads as under: 14a.for the purposes 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 does not form part of the total income under this act: provided ..... of the said amount as can be called total income attributable to activities defined in clause (5) of section 80b. section 10ab introduced in the income-tax act by the finance (no. 2) act, 1980, with effect from april 1, 1981, was adverted to by his lordship to buttress the view so taken, in that it read (at page .....