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Dgp Windsor (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)84ITD641(Mum.)

..... ); m.k. mathivathanan (supra); nishan housing development (p) ltd. (supra) and sharma associates (supra). it is also submitted that the proviso to section 69c of the act was inserted by the finance act, 1998, which is not applicable to the facts of the present case because the said proviso was brought on the statute book w.e.f. 1st april, 1999 ..... the learned counsel for the assessee further relied on the circular no. 2 of 2001, dt. 9th feb., 2001. which also mentioned the criteria laid down in instruction no. 1978, dt. 31st dec., 1999 regarding the examination of sale and lease-back transaction in view of the principle laid down by the supreme court in the case of mcdowell & ..... acquisition to written down value in the hands of the previous owner. the cbdt, vide its instruction no. 1978, dt. 31st dec., 1999, has pointed out that it has come to its notice that in some of the finance lease agreements, lease assets had never existed or purchase price for the lease assets came back to the lessor .....

Sharyans Resources Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)83ITD340(Mum.)

..... (supra), relied upon by the assessee's counsel, the learned dr argued that this judgment had not been delivered in the context of income-tax act. the only word common in that judgment was "finance lease". otherwise, the entire judgment had been delivered in a different context. furthermore, the judgment of hon'ble supreme court in the case of podar ..... facts of the assessee's case were rather superior.9. the learned departmental representative argued that the assessee was not entitled to place any reliance on cbdt instruction no. 1978 because the same was internal instructions and not a public circular. as far as circular no. 2 of 2001 was concerned, that too also clarified that the ownership ..... also referred to cbdt circular no. 2 of 2001 and pointed out that para 2 reads as under : 2. the central board of direct taxes vide instruction no. 1978 dated 31-12-1999 f. no. 225/190/98/it (a-ii) has laid down the line of investigation in such cases. in cases where assets are factually nonexistent .....

Wall Street Finance Ltd. Vs. Commissioner of Customs (Prev.)

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (2000)(69)ECC109

..... to the above, it is argued by shri chatterjee that sections 121 and 120 were first time introduced under the provision of 1962 act. there was no comparable provisions in the set off existing customs act 1978. the tribunal should understand, he argues, the circumstances under which this provision viz. section 121 has been enshrined. the object of ..... of india will promote sales in india throughout its branches who are licensed by the central bank to conduct such sales of visa travellers cheques. wall street finance ltd. further understands that time travels & cargo will sell visa travellers cheques only to bona fide travellers at their counters and are required to perform the ..... p. sheldons book in law of banking halsburys laws of england, american jurisprudence and corpus juris secondum. he also quoted reference from modern banking law by ellinger chapter 6. in s.n. gupta's book it reads as under: it has now been well settled that the first and foremost relationship between the customer and .....

income Tax Officer Vs. AlhusaIn Constructions (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1999)68ITD390(Mum.)

..... s. 206(1), namely, "shall, within the prescribed time after the end of each financial year, prepare and deliver or cause to be delivered" were, no doubt, inserted by finance act (no. 2), 1999, w.e.f. 27th september, 1991. but, before 27th september, 1991, r. 37(2c) of the it rules prescribed the date within which form no ..... said that there is no prescribed time-limit within which form no. 26c should be filed by the assessee. in regard to notes on clauses while introducing finance (no. 2) act of 1991 explaining the significance and necessity for inserting the words "shall, within the prescribed time after the end of each financial year, prepare and deliver or ..... circulars, vol. iv (1995 edition), the following is explained : 61. the provisions of s. 206 provide that the person responsible for deducting income-tax under chapter xvii of the act is to prepare, within the prescribed time after the end of each financial year, and deliver or cause to be delivered the return of such tax deducted at .....

Devang S. Desai Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)90ITD107(Mum.)

..... thereto and the definition of undisclosed income as per section 158b vis-a-vis with the inserted language as per finance act, 2002, the total undisclosed income has to be computed in accordance with the provisions of chapter-iv, i.e. after allowing the deductions provided therein if such deductions or allowances are not found to be false ..... excluded while computing the income under section 158bb otherwise the other chapters of it act have to be applied if not expressly mentioned otherwise.9. now we have to consider the effect of the amendment in the definition of "undisclosed income" provided in section 158b(b). the finance act, 2002 has inserted w.r.e.f. 1st july, 1995 ..... to be computed in the manner laid down in this act.chapter xiv-b also defines "undisclosed income" as per section 158b(b) under the head 'definitions': at this juncture it is pertinent to mention that under the definition of "undisclosed income" certain words have now been inserted by finance act, 2002 which are w. r. e. f. .....

Deputy Commissioner of Income Tax Vs. Syncome Formulations (i) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106ITD193(Mum.)

..... book profit is considered for the computation of section 80hhc.48. the concept of "minimum alternate tax" was introduced by the finance act, 1987 w.e.f. 1st april, 1988, through section 115j under chapter xii-b of the it act, 1961. this provision remained in the statute book for the period from the asst. yrs. 1988-89 to 1990-91.section ..... 115j as originally introduced by the finance act, 1987 did not provide any exemption to export profits under section 80hhc. at the same ..... in similar terms in the relevant circulars and notes on clauses and the memorandum explaining the objects of amending the provisions. in the case of section 115jb, the finance act has made it very clear that the deduction under section 80hhc would be available in its entirety to an assessee even if the relief under section 80hhc is .....

income-tax Officer Vs. Vickers Sperry of India

Court : Income Tax Appellate Tribunal ITAT Mumbai

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

..... iv containing 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 by ..... as they continued to be used for scientific research.for this purpose, shri joshi strongly relied on a special bench decision of the itat, madras bench 'a' dated 26-4-1978 in the case of ito v. h.s. sheo shankar [it appeal no. 1828 (mad.) of 1976-77] where all earlier division bench decisions of the itat are ..... of 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 during any .....

NagIn Das M. Goradia Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)83TTJ(Mum.)151

..... evidence. this is as provided under the amended provisions of section 158bb(1), such amendment having been made applicable retrospectively w.e.f. 1st july, 1995, by the finance act, 2002. before the said amendment, section 158bb(1) read: "158bb(1)--the undisclosed income of the block period shall be the aggregate of the total income of ..... the tax payable by such person on the basis of such assessment.18. as noted above, the legislature has provided, by way of enactment of chapter xiv-b of the act, a special procedure for the assessment of search cases. in search cases, the assessment has to be done only and only in accordance with the ..... to such evidence. the determination of income was to be done after considering the evidence found during the search and called for during the assessment proceedings under the chapter. even under those unamended provisions, it cannot be gainsaid that the computation was to be done on the basis of the material gathered comprising evidence found during .....

Avaya Global Connect Ltd. Vs. Acit Range 7(3)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... learned cit(a) held as follows: it is seen that the assessing officer has applied section 50b that came into effect only from 1.4.2000 inserted by the finance act, 1999. besides, the section is a special provision for computation of capital gains in the case of slump sale. thus, the normal provisions for capital gains computation ..... itr 609, wherein it has been held that transfer of the property in an amalgamation is not a contractual transfer; and therefore, the provisions of chapter xx-c of the it. act is not applicable in the case of amalgamation of companies.24. reference was also made to the decision of the bombay bench of itat in the ..... of 'apparent consideration' given in clause (b) and transfer' given in clause (1) of section 269ua of the income tax act, 1961, would unmistakably indicate that the transfer to which the provisions of chapter xx-c are intended to apply, are transfers under agreements or contractual transfers and not statutory transfers or transfers effected by orders of .....

Niphad Sahakari Sakhar Karkhana Ltd. and Others Vs. State of Maharasht ...

Court : Mumbai

..... charge ? and it shall be deemed to have been substituted with effect from 1st october, 1995. then, mr. joshi would submit that the maharashtra tax laws (levy and amendment) act, 2002 in chapter i entitled 'preliminary', particularly section 1(2)(a) thereof stated that sections 1 to 8, 10 to 12, 14, 15, 17, 18, 20 to 27 and 29 shall ..... by the report of the field mukadam, the factory in question would issue a certificate on the basis of which the cultivator, if he so desires, can obtain the finance from the bank which is known as crop loan so that he can meet the expenses of cultivation including the cost of fertilizers, pesticides, wages to workers etc. as ..... (1998) 1 scc 458. (iii) chengalvarayan co-operative sugar mills ltd. vs.state of tamil nadu, (1997) 105 stc 497. (iv) hindustan sugar mills vs. state of rajasthan and ors. (1978) 4 scc 271. (v) e. i. d. parry (i) ltd. vs. asstt. commissioner of commercial taxes and anr. and connected cases, (2000) 2 scc 321. (vi) jiwajirao sugar company .....