Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2003)87ITD588(Rajkot.)
..... 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. the three-judge bench decision must be taken to have overruled the view of the allahabad high court in addl. cit v. farrukhabad cold storage (1977 ..... factory building as was held in the case of yamuna cold storage (supra).9. the above decision of the delhi high court has been affirmed by the supreme court in (1991) 191 itr 656 (sc) (supra). the supreme court also referred to its decision in the case of chowgule & co. (p) ltd. (supra) and made pertinent observations as follows : ..... the facts of the case.the cit(a) also placed reliance on the decision of the supreme court in the case of delhi cold storage (p) ltd. v. cit (1991) 191 itr 656 (sc) to hold that no processing, and by implication no manufacturing was involved in a cold storage. the cit(a) took note of the fact that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2004)89ITD289(Rajkot.)
..... . it was revived from 1-7-1980 and continued upto 31-3-1985. finance (no. 2) act, 1991 again brought into force the act with effect from 1-10-1991.the operation of the act has again been suspended since 1-4-2000. in its last re-incarnation in 1991, the act was put into operation with added vigour and vitality. during the first tenure of ..... e. interest on loans, admittedly, the income has arisen to the assessee out of its business of providing finance as envisaged in sub-clause (iv) of section 2(5b) of the act. no further discussion is necessary on this issue.14. as regards finance charges on hire-purchase transactions, it is simply stated by the ld. counsel that they are not subject to ..... are not in dispute at all. we have earlier held that leasing is not an activity which falls under any of the sub-clauses from (i) to (v) of section 2(5b). in that event, it cannot be said that the company is carrying on exclusively, or almost exclusively, two or more classes of business referred to in sub- .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2006)100TTJ(Rajkot.)337
..... net result of the computation in relation to the assessee's transactions of purchase and sale of units of mutual funds. the provisions of section 94(7) have been brought on the statute book by the finance act, 2001 w.e.f. 1st april, 2002. in other words, the parliament did not deem it fit to intervene in the ..... 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. 1st june, 1999, section 143(1)(a) has been substituted by the new section 143(1), whereby the powers of the aos have been further restricted so as ..... the returns on investment received in the meantime. 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. on a plain reading of the provisions of section 14a, it is clear that if any part of the expenditure claimed by the assessee as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2006)103ITD251(Rajkot.)
..... directions were given to the artisans to modify and polish the same. 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 concessional rate of tax. held, that a processor of goods need not himself ..... 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. 1st june, 1999, is limited to ask for any shortfall in the tax amount or interest ..... cannot be said to be mistake much less a mistake apparent on record in its order passed under section 143(1) which could be rectified by recourse to section 154. furthermore, the power of ao under section 143(1) has undergone tremendous changes by the finance act, 1999, w.e.f. 1st june, 1999 and thereafter the powers of the ao while .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2006)100ITD265(Rajkot.)
..... so that every time whenever additional compensation was received the original assessment required revision. 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. thus, as per clause (b) ..... further submitted that the cit(a) has also grossly erred in directing the assessing officer to exclude such interest income from the tax net even during the assessment years 1991-92 to 1999-2000.14. on the other hand, the learned senior authorized representative mr.j.c. ranpura, ca, strongly objected the action of the cit(a ..... assessment year 1999-2000, during which, the interest was actually received. he further held that interest was also not liable to be taxed during the assessment years 1991-92 to 1999-2000 on the plea that prior to the receipt of interest during the assessment year 1999-2000 no interest can be said to accrue for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2005)98TTJ(Rajkot.)518
..... placed on the decision of ruby builders v. ito (1999) 63 ttj (ahd) 202, nishant housing development (p) ltd. (supra). furthermore, the proviso to section 69c had been inserted in the statute book by finance (no. 2) act 1998 w.e.f. 1st april, 1999. thus the effect of this proviso will alter the position only w.e.f. asst. yr. 1999-2000 ..... and gains of business and profession", in the asst. yr. 1992-93.61. thus, as against addition of rs. 25.71 lakhs made by the ao under section 69c in the asst. yr. 1991-92, an addition of rs. 5.90 lakhs is directed to be retained. an addition of rs. 12.71 lakhs as against addition of rs. 50.71 lakhs ..... labour work have been prepared by mayur construction co. running from serial nos. 1 to 6. the bills have been prepared on three dates namely, 4th dec., 1991, 2nd march, 1991 and 29th march, 1991. the six bills relate to the total labour payments made during the previous year. on going through the bills, it was observed that the contract for labour has .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2001)78ITD308(Rajkot.)
..... ) that income chargeable to tax, (iii) has escaped assessment. 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 (iii ..... it is not competent to give interpretation of law. the learned counsel of the assessee relied on the following court cases to support his contention :-- (iii) rajath leasing & finance ltd. v. asstt cit[1996]217 itr 115(guj.) (iv) indian & eastern newspaper society v. cit[1979] 119 itr 996 (sc).7. the learned counsel further ..... 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 counsel that audit can only point out facts and not law, we would like to refer to the case of a.l.a. firm v. cit [1991] .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2006)8SOT429(Rajkot.)
..... . it is having status of local authority.the income of the port trust was exempted under section 10(20) of the income tax act till 31-3-2002. 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 for the first time with effect ..... should be taken on the original cost of the assets as reduced by the depreciation actually allowed under the income tax act. for this purpose provisions contained under sections 32(1)(ii) and 43(6) are very much pertinent.section 32(1)(ii) provides that depreciation is to be allowed and computed at a prescribed percentage on the written down ..... , "depreciation actually allowed" shall not include depreciation allowed under sub-clauses (a), (b) and (c) of clause (vi) of sub-section (2)of section 10 of the indian income tax act, 1922, where such depreciation was not deductible in determining the written down value for the purposes of the said clause (w) (c) in the case of any block .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2007)104ITD1(Rajkot.)
..... . it is having status of local authority.the income of the port trust was exempted under section 10(20) of the it act till 31st march, 2002. by virtue of amendment under section 10(20) of the it act, 1961 in the finance bill, 2002, the income of port trust: has become taxable for the first time w.e.f. 1st april, 2002. in ..... or it should be taken on the original cost of the assets as reduced by the depreciation actually allowed under the it act. for this purpose provisions contained under sections 32(1)(ii) and 43(6) are very much pertinent.10. section 32(1)(ii) provides that depreciation is to be allowed and computed at a prescribed percentage on the wdv of ..... cost, as the depreciation actually allowed in respect of such asset within the meaning of section 10(5)(b) of the 1922 act [corresponding to section 43(6)(b) of the it act, 1961] is nil. what is required to be deducted from the original cost under section 10(5)(b) is the depreciation which has been allowed to the assessee under the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Rajkot
Reported in : (2001)78ITD117(Rajkot.)
..... partners in the firm. the assessing officer disallowed the amount of rs. 2,93,053 treating the same as commission paid to the partners under the provisions of section 40(b) of the act. this addition has been confirmed by the ld. cit(a) and also sustained by the itat on the ground that inaccurate particulars have been furnished in the return ..... have been assessed by the same assessing officer. therefore, there could be no concealment of facts from the point of view of the assessing officer. 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 partners. according to him, there was a separate account of ..... firm has shown the amount of rs. 70,453 as paid to the partner on 27-10-83.he also referred to the case of mysore bangle works v. cit[1991] 187 itr (st.) 75 (sc) wherein the hon'ble supreme court dismissed the slp by stating that commission paid by the firm to a partner in his capacity of a .....
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