Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2004)89ITD289(Rajkot.)
..... not being a company referred to in sub-clauses (i) to (iii)) which carries on, as its principal business, the business of providing finance, whether by making loans or advances or otherwise; (v) a mutal benefit finance company, that is to say, a company which carries on, as its principal business, the business of acceptance of deposits from its members and which is declared by the central government under section 620 of the companies act, 1956(1 of 1956), to be a nidhi or mutual benefit society; (va) a residuary non-banking company (other than a ..... in the nest three grounds, the assessee the challenged the levy of interest tax under the interest tax act, 1974 (the act) by holding the assessee to be a credit institution under section 2(5a) of the act.since the assessee had (sic) filed its returns of chargeable interest under the act, notice under section 10(a) was issued to the assessee.no returns were filed in response to the notice, however, written submission were made by the assessee claming that it was not a credit ..... . in the third tenure, the scope was further widened by amending the charging section 4 to include credit institutions and make them liable to tax ..... in this connection reference was made to the letter dated 26-6-1987 (page 4 of the paper-book) issued by the reserve bank of india (rbi) classifying the assessee as an "equipment leasing company" as defined in paragraph 2(1)(dd) of the rbi directions, 1977. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2003)87ITD588(Rajkot.)
..... question before the delhi high court was whether the assessee-company running a cold storage could be held to be an industrial company for purposes of section 2(7)(c) of the finance act, 1973 and the first schedule thereto. ..... as a result of long storage, scientific examination might indicate loss of moisture content, that is not sufficient for holding that the stored articles have undergone a process within the meaning of section 2(7)(c) finance act, 1973. ..... , bag or article as the case may be; (h) provisions of section 194-i relate to tenancy by whatever name called; and (i) the payment is not in the nature of rent but is for the use of plant of the cold storage building.in short, distinction was sought to be made, between preservation ..... which is as follows: (b) the payments made are in substance preservation charges, though loosely it may be referred to as rent; (d) payment made is for services rendered and not for user of property; (e) payment is not controlled by rent control act and no tenancy right is vested in the payer of the charges; (f) control of the cold storage rests with the cold storage operator and the payer has no access to it; (g) cold storage charges are determined per piece ..... the preamble to the factories act, it is mentioned to be an act to consolidate and amend the law regulating labour in factories .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2006)103ITD251(Rajkot.)
..... an intimation to this effect shall be sent to the assessee.6.1 it is crystal clear from the plain reading of above section that the power of ao while processing return under section 143(1), after its amendment by finance act, 1999 w.e.f. ..... referred by the learned authorised representative pertain to the power of rectification with reference to scope of section 143(1) prior to its amendment by the finance act, 1999. ..... of section 143(1) have been amended by the finance act, 1999 ..... the assessee claimed that it was an industrial company as defined in clause (c) of section 8 of the finance act, 1975, engaged in the manufacture and processing of brassware articles and entitled to the ..... of ao under section 143(1) has undergone tremendous changes by the finance act, 1999, w.e.f ..... tax paid on self-assessment and any amount paid otherwise by way of tax or interest, then, without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this act shall apply accordingly; and (ii) if any refund is due on the basis of such return, it shall be granted to the assessee and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2006)100TTJ(Rajkot.)337
..... the revenue's argument related to the provisions of section 14a, which has been inserted by the finance act, 2001 with retrospective effect from 1st april, 1962. ..... so far as departmental representative's argument of filing of return after the original return was processed under section 143(1), we are of the considered opinion that by the finance act 1999, w.e.f. ..... the provisions of section 94(7) have been brought on the statute book by the finance act, 2001 w.e.f. ..... in support of this, it was further argued by the authorised representative that prior to 1st june, 1999, section 143(1)(a) of the it act expressly permitted the ao to carry out certain adjustments, as specified at the first proviso to that section, at the very stage of processing the return of income, so as to practically re-calculate the income or the loss declared by the assessee, without subjecting the return to the scrutiny. ..... attention was accordingly drawn to the provisions of section 139(5) of the act, as per which the return can be revised at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.the processing of the ..... as regards the applicability of section 14a of the it act, to the case of the assessee, it is the submission of the assessee that provisions of section 14a are not applicable to the case. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2006)100ITD265(Rajkot.)
..... in order to avoid repetitive revision and to avoid contingency, sub-section (5) was introduced in section 45 by finance act, 1987 with effect from 1-4-1988 making such receipt liable to tax in the year of actual receipt. ..... before parting with the matter it is very pertinent to mention that while exercising its wide powers under section 251, the cit(a) has to act as quasi judicial officer and has to respect the decisions rendered by the hon'ble supreme court, jurisdictional high court etc. ..... the land acquisition proceedings begin with issue by land acquisition officer (normally collector) a public notification under section 4 of the land acquisition act, 1894 (la act) proposing to acquire some particular land for public purpose. ..... chander sen , has held that in view of section 4 of the hindu succession act, 1956, income from the asset acquired by a son from his father can be assessed as income of the son individually and under section 8 of the hindu succession act, 1956, the property of the father devolves on his son in the individual capacity and not as karta of hindu undivided family.21. ..... interest on enhanced compensation is payable under sections 28 and 34 of the land acquisition act and enhanced compensation awarded on reference under section 18 of the said act or further appeal to high court and/or supreme court. ..... after considering the report, the government issues declaration under section 6 of the la act to the effect that the specified land is needed for public purpose. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2005)98TTJ(Rajkot.)518
..... the decision cited by the learned authorised representative in this context relates to the pre-amended position, therefore, not applicable to the facts and circumstances of the instant case in view of the amendment brought in by the insertion of section 142a with retrospective effect.however, there is no dispute to the well-settled legal proposition that the valuer's report as referred under section 131(1)(d) is only by way of guidance and before using the same, the ao should give full opportunity to the ..... first is the legality of reference made to the dvo, second is justification in making the addition on the basis of dvo's report without pointing out defects in the books of account and/or rejecting the books of account by invoking provisions of section 145, and third is deduction to be allowed on account of unexplained investment which has ultimately resulted into unexplained expenditure, thereby increasing the total cost of construction.40. ..... he further submitted that in view of the amendment brought in the statute book by way of section 142a with retrospective effect, the ao was justified in making a reference to the valuation officer for the purpose of making an assessment under the it act. ..... furthermore, the proviso to section 69c had been inserted in the statute book by finance (no. ..... so far as reference to the valuation officer is concerned, section 142a has been introduced in the statute book by finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2001)78ITD308(Rajkot.)
..... out by the hon'ble high courts that if any omission in respect of any income is pointed out by the audit party, it would be "information", satisfying the requirement of section 147(b) of the act.in the present case, the auditors have not interpreted the law, they have simply made aware of the facts, which were overlooked by the assessing officer at the time of original ..... of the note of an audit party, which mentions the law which escaped the notice of the ito constitutes "information" within the meaning of section 147(b), the part which embodies the opinion of the audit party in regard to the application for interpretation of the law cannot be taken into ..... in addition to the above, the following further conditions have necessarily to be satisfied before the assessing officer can act under section 147(b), namely, (i) the assessing officer has certain information in his possession, (ii) he forms a belief that a certain income has escaped assessment, and ( ..... the hon'ble supreme court in the case of maharaj kumar kamal singh (supra) observed that the word "information" in section 147(b) includes information as to true and correct state of law and would cover information as to the relevant judicial decision.regarding the contention of the learned ..... there was a firm of four partners and three minors were financing another firm 'b' in which an outsider was partner at 50 per cent share and four partners of the ..... ) of 1985 dated 16-9-1987].the learned departmental representative, however, fully .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2006)8SOT429(Rajkot.)
..... clear distinction between depreciation actually allowed and depreciation which would have been allowed if the profits and gains of the business had to be computed for assessment of income-tax, and under section 43(6) the written down value is calculated after deduction from the original cost, only that depreciation that has actually been allowed in the computation of the profits and gains of the business ..... the matter is that as there is no computation of income and its assessment under income tax act, up to the assessment year 2002-03, there has no question of allowing depreciation under the said act.he further drawn our attention to the definition of depreciation as contained under section 32(1)(ii) read with section 43(6)(b) of the income tax act which defines written down value and submitted that only depreciation "actually allowed" has to be considered for ..... by virtue of amendment under section 10(20) of the income tax act, 1961 in the finance bill, 2002, in income of port trust has become taxable ..... today also.in view of the above discussion, we are inclined to agree with the learned authorised representative that the assessee is entitled to claim depreciation as per subclause (b) of section 43(6) according to which written down value of the assets acquired before the previous shall be actual cost of the assets less depreciation actually allowed in respect of that assets under income tax ..... cited above pertains to block period from 1987-88 to 1997-98 and rampur distillery & ..... 1987) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2007)104ITD1(Rajkot.)
..... clear distinction between depreciation actually allowed and depreciation which would have been allowed if the profits and gains of the business had to be computed for assessment of income-tax, and under section 43(6) the wdv is calculated after deduction from the original cost, only that depreciation that has actually been allowed in the computation of the profits and gains of the business during ..... actual cost to the assessee less all depreciation actually allowed to him under this act, or under the indian it act, 1922, or any act repealed by that act, or under any executive orders issued when the indian it act, 1886, was in force: provided that in determining the wdv in respect of buildings, machinery or plant for the purpose of clause (ii) of sub-section (1) of section 32, "depreciation actually allowed" shall not include depreciation allowed under sub-clauses (a), ..... by virtue of amendment under section 10(20) of the it act, 1961 in the finance bill, 2002, the income of port ..... to agree with the learned authorised representative that the assessee is entitled to claim depreciation as per sub-clause (b) of section 43(6) according to which wdv of the assets acquired before the previous year shall be actual cost of the assets less depreciation actually allowed in respect of that assets under it act, 1961, if any, and not the depreciation provided by way of book entry, without any relevance of computation of ..... above pertains to block period from 1987-88 to 1997-98 and rampui distillery .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2001)78ITD117(Rajkot.)
..... part of the assessee and the hon'ble gujarat high court held that it was not disputed that the interest paid to the partners' deposit account was bona fide expenditure and hence, explanation to section 271(1)(c) was not applicable and no penalty could be levied.but in the present case, it was not a bona fide mistake, the assessee diverted its profits to its partner for evasion of payment of tax as ..... counsel referred to the various cases of high court and contended that there was difference of opinion about the applicability of the provisions of section 10(b) of the act.according to him, the opinion made vary from court to court and the controversy may be let to rest by the final decision of the hon'ble supreme ..... has itself recognised the validity of issuing of the notice and the reasonable opportunity given for filing the explanation in the following words :-- "please refer to your notice under section 271(1)(c) dated 25-3-1989 and reminder letter dated 10-7-1992 calling on them to show cause as to why penalty under section 271(1)(c) is not imposed on them for concealing the particulars of income or furnishing inaccurate particulars of income for the assessment year 1985-86. ..... he also brought to our notice that the finance paid by the firm is debited in these two ..... he pointed out that the finance supplied to the proprietary concerns of the partner was independent of the contract of capital to be supplied by the ..... has been paid for the finance supplied by the respective parties. .....
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