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Assistant Commissioner of Income Vs. Nishith M. Desai

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)116TTJ(Mum.)681

..... . after taking note of the dictionary meanings of the expression 'remuneration' and cbdt circular setting out the intended purpose of introducing deduction under section 80rra by way of finance act, 1975, the co-ordinate bench concluded as follows: ...it is to be understood that the language of provisions in sections 80-o and 80rra is different. the ..... incurred for earning that income. the issue of allocation of indirect expenses has come up before several co-ordinate benches in the context of another deduction under the same chapter i.e.80m. in the recent special bench decision in the case of punjab state industrial development corporation ltd. v. dy. cit , it is held that ..... aggregate of deductions under sections 80c to 80u cannot exceed gross total income of the assessee, and that, in terms of the provisions of section 80ab, deductions under chapter vi-a, part c, which includes section 80rra as well, are to be made only with respect to income included in gross total income. the ao then .....

K.R.C.D. (i) Pvt. Ltd. Vs. Commissioner of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (2004)(176)ELT427Tri(Mum.)bai

..... when the goods are manufactured by the job worker has no merits. at this stage we would like to take note of new section 4 of the central excise act, 1944, as substituted by section 94 of the finance act, 2000 which has come into force on the first day of july 2000 which reads as follows:- "4.(1) where under this ..... 1. the appellants are engaged in the manufacture of recorded audio and video compact disk (cd) on job work basis. the said goods are classifiable under chapter 85 of central excise tariff and chargeable to duty of excise on ad valorem basis. the dispute in the present appeal relates to the correct assessable value of the ..... the hon'ble supreme court have observed as under:- "consistent with the provisions of section 4 and the central excise (valuation) rules, 1975, framed under section 37 of the act, it cannot be said that the assessable-value of the processed fabric should comprise only of the processing-charges. this extreme contention if accepted, would lead to and create more .....

Mahindra and Mahindra Vs. Commissioner of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Reported in : (2005)(186)ELT216Tri(Mum.)bai

..... was heard. lot of interesting and learned plea were made by both sides on the interpretation of rule 6b, the levy of education cess under finance act and catena of decision were relied upon. the ld.dr. is in the last sentence of the written submission stressed with a plea as follows- ..... than an order of a commissioner at the best.2.3 an appeal under section 35b of the central excise act, 1944 be entertained against an order of a commissioner as an adjudicating authority. in this case the commissioner has applied his mind but not ..... acted as such. commissioner disposal of a representation made even in term of an allahabad high court order was not held to ..... 1.1 appellants are an assessee manufacturing and clearing "tractors" falling under chapter heading 8701 of the central excise tariff.tractors are exempt from duty vide notification 23/2004 ce dated 8.07.2004. .....

Kodak Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)18ITD213a(Mum.)

..... not confer any benefit or amenity or perquisite to the employee within the meaning of section 40(c)(iii) (which was repealed by finance act, 1968 with effect from 1-4-1969). thus, the calcutta high court's decision was based on finding of fact by the ..... was assessable to tax as a trading receipt in the hands of the assessee. the bombay high court had followed decisions in cit v.motor & general finance ltd. [1974] 94 itr 582 (delhi) and pioneer consolidated co. of india ltd. v. cit [1976] 104 itr 686 (all). in ..... to treat those amounts as its income. similar were the observations of the allahabad high court in indian motor transport co.v. cit [1978] 114 itr 677.33. the punjab and haryana high court in cit v. earyana co-operative sugar mills ltd. [1985] 154 ..... trading corpn. [it appeal no. 4080 (bom.) of 1983] for assessment year 1978-79 wherein paras 11-12, it was held that terminal allowance under section 32(1)(iii) of the act is not an allowance for the user of the car but was an allowance .....

Nusli N. Wadia Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)46ITD31(Mum.)

..... and mfg.ltd. to sial itself. the conclusion to be drawn was that the said sial purchased the shares of bombay dyeing and mfg. ltd. from out of the finances provided by the assessee himself. the amount advanced to the said nepal co. sial was not disclosed by the assessee in his wealth-tax returns thereafter because the status of ..... to a concern called m/s. sterling industrial agencies pvt. ltd. (hereinafter referred to as "sial"), a concern which is shown to be incorporated in kathmandu, nepal. this advance was financed primarily by sale of 26,965 shares of bdmc out of 27,536 shares held by the assessee in earlier years to sial itself. this means that 26,965 shares ..... purchases. pages 240 to 249 of the assessee's paper book are copies of the assessment orders of sial under the provisions of the income-tax act, 1961, and these relate to the assessment years 1978-79 onwards up to 1983-84. copies of the assessment orders of the nepal company for the assessment years 1984-85 to 1987-88, have also .....

Visveswaraya Industrial Vs. Deputy Commissioner

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1996)59ITD156(Mum.)

..... the transfer is always relatable to the execution of the lease deed and not on mere giving of possession.he considered the amendment to section 2(47) of the act by the finance act, 1987 which added clause (vi) to the said section along with an explanation which amendment was operative from 1-4-1988. he noted that because of the amendment which ..... to anyone who was willing to pay the charges.4.12 he noted the decisions of the various courts including that of the supreme court in dharmaposhanam co. v. cit [1978] 114 itr 463 where it was held that "if there are several objects of a trust, some of which are charitable and some non-charitable, and the trustees in their ..... that each of the objects are invested with the attribute of charity, i.e., must result in a benefit to others rather than to oneself. he observed the very act of self-financing of the construction of the space indicated sharing by the members in the scheme in the ratio of space taken by them. he noted that the lease rights were .....

Rhythm Exports (P) Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)2SOT429(Mum.)

..... officer is required to disallow expenditure incurred in relation to earning of dividend income which is exempt under section 10(33) of the income tax act, 1961.section 14a was inserted by the finance act, 2001, with retrospective effect from 1-4-1962. the itat, kolkata bench, had occasion to explain the phrase "in relation to" in ..... be upheld.having heard both the sides carefully i have gone through the orders of authorities below. but section 14a of income tax act provides that for the purpose of computing total income under chapter-iv (i.e., sections 1459) no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income ..... which does not form part of total income under the income tax act. admittedly, dividend is exempt under section 10(33) of the income tax act, 1961. in view of .....

B. Sorabji Vs. Ito, Ward 20(1)(2)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)95ITD540(Mum.)

..... the business. this circular is at page 185 of the apb.reference has also made to cbdt circular no. 621 of 19-12-1991, explaining the provisions of finance (no. 2) act, 1991 with regard to section 80hhc (pages 190 to 193 of the apb).with regard to duty drawback, it is submitted that this is derived from exports. attention ..... 2000) 243 itr 26 (sc).it has been pointed out that in view of these decisions, section 80ab will have an overriding effect over all other sections in chapter vi-a of the act, under the heading'c', which contains section 80hhc also. it is also stated that if there is loss, the exporter would not be eligible to any deduction ..... for the purpose of computing profits. section 80ab has been given an overriding effect over all other sections contained in chapter vi-a, including section 80hhc. if the income has to be computed in accordance with the provisions of the act, not only profits but also losses have to be taken into account. the term 'profit' means a positive profit .....

The A.C.i.T., Special Range 15 Vs. Eastern International Hotels

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... , there is a delay of merely one day. we find that after amendment of first proviso to section 43b and the deletion of the 2nd proviso by the finance act 2003 w.e.f. 1.4.2004, the itat. mumbai benches have consistently held that these amendments are retrospective in effect and after this amendment, if any ..... madras high court that interest earned from fixed deposit by investing surplus fund is income from other sources and not income from business. the question of deduction under chapter vi-a was not involved in this case. in the case of nirma industries ltd. (supra), the itat, ahmedabad special bench held that interest from delayed ..... include interest receipt while calculating the deduction under section 80hhd the relevant facts, briefly stated, are that the assessee is entitled to deduction under section 80hhd of the it act. the ao computed allowable deduction in the following manner: particulars amount (rs.) amount(rs.)total turnover 64,34,23,313/-foreign exchange earinings 28,53,58,302 .....

M/S.inox Air Products Limited Vs. the Commissioner of Central Excise a ...

Court : Mumbai

..... received by the assessee and, therefore, such cost would have to be included in the value of the taxable services. 8. section 67 of the finance act, 1994, reads thus: 67. (1) subject to the provisions of this chapter, service tax chargeable on any taxable service with reference to its value shall, - (i) in a case where the provision of service is for .....