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Dy. Cit Vs. Beer Shiva Educational Social

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)103ITD403(Delhi)

..... then. the section does not contain any words to the effect "not involving the carrying on of any activity for profit", as these words were omitted by the finance act, 1983, with effect from 1-4-1984. it may also be pointed out that plethora of case law existed that the aforesaid words qualified only the residuary activity ..... in taking a different view only in respect of the assessment for assessment year 1993-94, when such exemption was consistently allowed to the assessee right from assessment year 1970-71. thus, it was argued that the assessee is also entitled to exemption on the basis of rule of consistency.6. in the rejoinder, the learned departmental ..... involving the carrying on of any activity of profit", finding place in the section at the end of the words "objects of general public utility", were omitted by the finance act, 1983, with effect from 1-4-1984. therefore, the cases relied upon under the old definition will not come to the aid of the revenue. this definition does .....

Anjuga Chit Funds (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)113ITD67(Chennai)

..... /mds/2004 is that the cit(a) ought to have allowed the loss of rs. 95,222 and the same is allowable as per amended provision of the act by the finance act, 2002.the brief facts of the case are that the ao has computed the undisclosed income as follows: now, the assessee is telling that the ao has not ..... in the regular books of accounts and, therefore, it cannot be treated as undisclosed income of the assessee, because the same was contrary to the provisions of chapter xiv-b of the act and the undisclosed income was found on the basis of material seized and, therefore, should be treated as undisclosed income of the assessee as per the scheme ..... as undisclosed income of the assessee. the provisions of section 68 for assessing cash credit are specifically incorporated in section 158 bb (2) of the act for making assessment under chapter xiv-b of the act. this section is reproduced below: in computing the undisclosed income of the block period, the provisions of sections 68, 69, 69a and 69c shall .....

Joint Cit, Special Range-45 Vs. Hari K. Taneja and Rohan P. Shah

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... ), only the cost of acquisition was eligible for deduction from sale proceeds for working out capital gain and no indexation benefit was allowed. as per the amendment by finance act, 1992, the assessee is entitled to benefit of indexation from 1-4-1993. if the method adopted by assessing officer is approved, the assessee is not getting benefit ..... be restored.as against this, it is submitted by the learned counsel for the assessee that the definition of gti (gross total income) for the purpose of chapter vi-a does not require reduction of ltcg (long-term capital gain) as interpreted by income tax officer. it is submitted that deduction under section 80g must ..... relevant and hence the same is also reproduced below : gross total income' means the total income computed in accordance with the provisions of this act, before making any deduction under this chapter.11. from the above definition of word gti as per section 80b(5), we find that it refers to total income computed in accordance with .....

Shri Shetty G.D. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)112ITD103(Pune.)

..... of section 22 was held to be not warranted. the hon'ble supreme court only derived a strength and support from the subsequent amendment to section 27 of the act by the finance act, 1987 whereby the old clause (iii) was substituted by new clauses (iii), (iiia) and (iiib) with effect from april 1, 1988, which have ..... a period of two consecutive years, he shall be liable to be evicted under the provisions of this section. explanation i. - for the purpose of this chapter, the expression 'unauthorised occupation' in relation lo any person authorised lo occupy any authority premises includes the continuance of occupation by him or by any person claiming ..... compensation or amount. the amount of such penalty shall not exceed 10 per cent. of such rent, compensation or amount. (7) notwithstanding anything contained in this chapter including this section, if any person fails lo vacate the premises required by the board for the purpose of demolition of building containing such premises which are unfit .....

Western Geo International Ltd. Vs. Assist. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the claim of the assessee is that multi-stage grossing up cannot be resorted to in view of the insertion of section 10(10cc) in the income tax act by the finance act, 2002 with effect from assessment year 2003-04, which provides that tax on income being a perquisite, not provided for by way of monetary payment, which has ..... the said section reads as under: 195a. 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 ..... in accordance with section 44bb. there is no need to refer to section 28(iv). section 195a comes under chapter xvii of the income tax act which deals with collection and recovery of taxes whereas section 44bb comes under chapter iv which deals with computation of business income. therefore, section 195a cannot be evoked to apply the concept of .....

Dy. Commissioner of Income Tax Vs. Lurgi India Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)114ITD1(Delhi)

..... pointed out that subvention payment related to the deficit, expressly made in an agreement between the paying company and the payee company, governed by section 20 of the finance act, 1953 (u.k). it was further pointed out that there was no corresponding legislation in india. it was also pointed out that if the debts in respect ..... mexico for its parent company. in the case of handicrafts & handloom exports corporation of india, the business activity of the export of the subsidiary company was wholly financed by the holding company. the losses were incurred in the export business from year to year, which were recouped by the holding company.such was not the case ..... recouped by another person. further, hee referred to the decision in the case of handicrafts & handloom export corporation of india 140 itr 532, relating to assessment year 1970-71.the holding company agreed to recoup the losses and give a further cash assistance @ 6% of the foreign exchange earning. the hon'ble court held that the .....

Supreme Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... , so that the successor in business cannot claim to carry forward the loss incurred by his predecessor.14. the finance act, 1977 has inserted a new section 72a in the income tax act relaxing the aforesaid provisions relating to carry forward and set off of a accumulated business loss and unabsorbed depreciation allowance ..... had not allocated the expenses incurred at head office and non-manufacturing branches to manufacturing units, primarily because the assessee was not claiming benefits under chapter vi-a. the assessee had started allocating the expenses from the financial year 1997-98, during which its pondicherry ii unit commenced production and the ..... assessee also started claiming benefits of chapter vi-a. during the assessment proceedings for the previous year relevant to the assessment year under appeal, the assessee submitted revised working of eligible deduction .....

income-tax Officer Vs. R.M. Nayar

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1982)1ITD841(Delhi)

..... allowance will fall within the explanation to section 10(74) and was not exempt from tax. the explanation to section 10(74) was inserted retrospectively by the finance act, 1975. he submitted that in spite of the insertion retrospectively of the explanation to section 10(74) the aforesaid judgment of the bombay high court was still good ..... 1122, kohinoor mills co. ltd. v.cit [1963] 49 itr 578 (bom.), cit v. sandersons & morganas [1970] 75 itr 433 (cal.), bijli cotton mills (p.) ltd. v. cit [1971] 81 itr 400 (all.) and cit v. motor & general finance ltd. [1974] 94 itr 582 (delhi). he very fairly conceded that the argument before the aac regarding the ..... that the amount belonging to the quota-holders could not be recovered by them must be regarded as one of little importance. in cit v. motor & general finance ltd. (supra) the assessee carried on business of film distribution.certain amounts were received towards deposit and advance from sub-distributor. the amount received from the sub .....

Sivasundar Heat Treatment Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1983)3ITD216(Mad.)

..... matter if there still be any doubt as to the interpretation, which, according to us, is clearly in favour of the taxpayer. the present chapter via was introduced by the finance (no. 2) act, 1967, when there was similar relief given under section 80h in respect of new industrial undertaking employing displaced persons. there was a relief under ..... , therefore, in second appeal. the learned counsel argued that the validity of the retrospective amendment authorising the exclusion of borrowed capital for capital base in the finance (no.2) act, 1980 is pending adjudication before the supreme court and the other high courts. as for the view of the ito that he would allow either relief under ..... section 80j(1) at the final stage took a different form, even as mentioned by the finance minister in his speech dated 24-7-1967 [65 itr (st.) 13].section 80j(1) at the final stage in the finance (no. 2) act, 1967 reads as under: 80j. deduction in respect of profits and gains from newly established industrial .....

State Bank of Patiala Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1984)8ITD396(Chd.)

..... to the provisions of section 40a in considering this claim. section 40a came on the statute book by way of insertion by the finance act, 1968, with effect from 1-4-1968. section 40a(7) was inserted by the finance act, 1975 with effect from 1-4-1973.in other words, it has retrospective effect from the assessment year 1973-74 and this supersedes ..... in the case of indo-commercial bank ltd. v.cit [1962] 44 itr 22 and another judgment of the supreme court in the case of investment ltd. v. cit [1970] 77 itr 533.12. the learned counsel for the assessee argued with regard to the switched over transactions of the assessee for each of the assessment years under appeal and ..... made by the bank towards gratuity fund approved by the cit vide his letter judl/i/gratuity/fund/shp/72-73/31616, dated 11-12-1972 effective from 1-1-1970 and in terms of rule 104 read with section 36(1)(v) it would be admissible being initial contribution towards an approved gratuity fund because the same represented the .....