Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2002)80ITD251(Delhi)
..... book.according to him, it is nothing but the price of the property transferred which was paid in instalments along with interest. this arrangement was stated to be a financing arrangement and, therefore, it was pleaded that it could not be considered as lease.20. proceeding further he also pointed out that the sealing unit at bhiwadi had ..... 2(47) is only the definition of immovable property and the definition of the word 'transfer' in section 269ua(f) has to be restricted for the purpose of chapter xx-c and cannot be incorporated or extended to section 2(47). therefore, the contention of assessee's counsel that lease for less than 12 years is excluded from ..... .s. bist & sons v. cit (1984) 149 itr 276 (del) have applied the provisions of evidence act in income-tax proceedings. he also referred to the tribunal decision in the case of pmanmall narayan prasad kedia (huf) v. asstt cit (1994) 48 itd 439 (cal) wherein such principle has been applied. hence, it was strongly submitted by him that .....
Tag this Judgment!Court : Delhi
Reported in : [2002]254ITR449(Delhi)
..... tax due on the returned incomewhere such shortfall is on account of increase in therate of surcharge under section 2 of the finance act,2000 (10 of 2000), as amended by the taxationlaws (amendment) act, 2000, and the assessed haspaid the amount of shortfall on or before the 15th dayof march, 2001, in respect of ..... determined undersub-section (1) of section 143 or on regularassessment as reduced by the amount of taxdeducted or collected at source in accordance withthe provisions of chapter xvii on any income whichis subject to such deduction or collection and whichis taken into account in computing such totalincome. explanationn 2. -- where in relation to ..... relevant date has to beestablished by the assessed.'furthermore, the bombay high court in phaltan sugar works ltd. v.commissioner of wealth tax reported in : [1994]208itr989(bom) has held:-'... the business of the subsidiary companycannot be considered in law as the business of theassessed. the finding of the tribunal based oncommercial .....
Tag this Judgment!Court : Delhi
Reported in : (2002)173CTR(Del)123
..... due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000), as amended by the taxation laws (amendment) act, 2000, and the assessed has paid the amount of shortfall on or before 15-3-2001, in respect of the installment of ..... sub-section (1) of section 143 or on regular assessment reduced by the amount of tax deducted or collected at source in accordance with the provisions of chapter xvii on any income which is subject to such deduction or collection and which is taken into account in computing such total income.explanation 2.where in relation ..... actual financial liquidity position on the relevant date has to be established by the assessed. 'furthermore, the bombay high court in phaltan sugar works ltd. v. cit : [1994]208itr989(bom) has held :'............the business of the subsidiary company cannot be considered in law as the business of the assessed. the finding of the tribunal based on commercial .....
Tag this Judgment!Court : Delhi
Reported in : 2002IIIAD(Delhi)569; 96(2002)DLT269; [2002]254ITR755(Delhi)
..... have said so in explicit terms. 32. we can take judicial notice of the fact that the legislature has enacted section 271f w.e.f. 01.04.1999 by finance (no.2) act of 1998, providing for a penalty, in case of a person, who is required to furnish a return of his income as required under sub-section (1) of ..... . the interpretation clause also beings with the word 'unless the text otherwise requires'. advance-tax has been defined to mean the advance-tax payable in accordance with the provisions of chapter 27c. such a definition is not an exhaustive one. if the word 'advance-tax' is given a literal meaning, the same apart from being used only for the purpose ..... through one of us (hon. bharucha, j.) in the case of v.v.s. sugars v. government of a.p. : [1994]3scr746 reiterated the proposition laid down in the india carbon ltd's case (supra) in the following words: 'the act in question is a taxing statute and, thereforee, must be interpreted as it reads, with no additions and no subtractions, on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2002)80ITD89(Delhi)
..... non-debt security of the face value of rs. 10 each and interest income arising therefrom would normally be assessable under sections 18 to 21, which were deleted by the finance act, 1988 w.e.f. 1st april, 1989 and thereafter i.e., from asst. yr, 1989-90 onwards interest on securities was assessable as business income under section 28 ..... with this issue, we would like to observe that (i) circular in para 21 of the order of the learned vice president speaks of non-applicability of provisions of chapter iv-d to income of a political party specified in 13a more specifically voluntary contributions; and (ii) in a year in which there is a surplus in the publication ..... of a right. hence, an extinguishment of right not brought about by transfer was outside the purview of section 45. (2) bharat forge co. ltd. v. cit (1994) 205 itr 339 (bom)--in this case it was held that the phrase "extinguishment of rights" takes colour from the associated words and expressions and will have to be restricted .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi
Reported in : (2002)(80)ECC518
..... the apex court. this position is admitted even in the latest circular no. 601/38/01-cx dated 20.11.2001 of the ministry of finance which is published at 2001 (47) rlt m/58-59. this circular is reproduced below: 1. it is directed to refer to board' ..... on which no central excise duty is being discharged. it is averred that the said rmc falls under chapter heading no. 3824.20 of the schedule to the central excise tariff act and is subject to central excise duty. it is stated that all the three parties are adopting the same ..... we have considered the submissions made before us. the demand in dispute before us can be split into two periods--the one from april 1994 to 1.3.97 and the other from 1.3.97 to may 1997. the demand for the period up to 1.3.97 ..... , reliance is placed on the judgment of the hon'ble supreme court in the case of tamilnadu housing board v. c.c.e. madras 1994 (74) elt4 (sc). it is contended that the commissioner in his order has not recorded any finding as to the time bar of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2002)83ITD11(Delhi)
..... the words "other than a payments for providing spares, facilities or services in connection with the operation of leased aircraft" in definition clause (15a) of section 10 as substituted by finance act, 1995, w.e.f. 1st april, 1996. however, the ao did not accept this stand of the assessee since he was of the view that the payments by the assessee ..... to payments made to m/s aar aviation for lease of spare parts. the assessee had made two payments of us $ 1,99,370 each on 22nd april, 1994 and 14th nov., 1994 to it as lease rent under the terms of the lease agreement dt. 24th aug., 1993, appearing at page wo. 325 of the paper book. the assessee had ..... source or after deducting fails to pay such tax as required by or under the act. the provisions for deducting the tax at source are incorporated in chapter xvii of the act. in the present case, we are concerned only with the provisions of section 195 of the act, relevant portion of which, for the benefit of this order, is being reproduced as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2003)85ITD230(Delhi)
..... : "nextly, the commission has elaborately discussed the object of introduction of chapter xiv-a in the act, the history behind the introduction and schematic rationalisation of the provisions of chapter xix-a brought about through the finance act, 1987 to hold that in exercising its power under chapter xix-a, it has almost unbridled power to arrive at a settlement. ..... and 271e being independent of assessment proceedings, there was no legal flaw in the initiation nor any delay.28. in respect of asst. yrs. 1992-93 and 1994-95, assessments were, undoubtedly, made under section 143(3). the ao omitted to initiate proceedings under sections 271d and 271e even though he had initiated proceedings under ..... asst. yr. 1996-97 before the cit (a), the ao issued separate notices of hearing under sections 271d and 271e for asst. yrs. 1992-93, 1993-94, 1994-95, 1995-96, 1997-98 and 1998-99 on 1st nov., 1999. in the aforesaid factual context, it would not be proper to regard the initiation of proceedings .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2002)81ITD127(Delhi)
..... or declaratory to the existing provisions. it was further noted that there appeared to be some ambiguity to even the explanation added by finance (no. 2) act, 1991 and which was cured by the subsequent finance act, 1994 which provided for a proportionate amount to be taken into account on which deduction could be claimed by tout operators, agents of foreign ..... the assessee had not included that amount on this conversion of foreign exchange into indian currency to their p&l a/c. section 80ab of the act provides that deduction under chapter vi-a can only be allowed if the income of the nature specified in that section in which claim is made, is included in the gross ..... amount had passed through p&l a/c. further inviting our attention to section 80ab, the learned departmental representative pointed out that all the deductions under chapter vi-a of the act are to be claimed if that income is included in the gross total income of the assessee. the assessee had not included the above referred to .....
Tag this Judgment!Court : Delhi
Reported in : 2002VAD(Delhi)713; 98(2002)DLT151; 2002(63)DRJ756
..... complainant.43. learned counsel for the petitioner then suggested that action could have been taken against his client under the provisions of the cantonments act. this is true. chapter xi of the cantonments act concerns itself with the 'control over buildings, streets, boundaries, trees, etc.' section 178a thereof prohibits the erection of any building in ..... by the supreme court in several decisions including m/s mahalakshmi oil mills v. state of andhra pradesh, : 1988(38)elt714(sc) , reserve bank of indian v. peerless general finance & investment co. ltd., : [1987]2scr1 and p. kasilingam and others. v. p.s.g. college of technology and others., : air1995sc1395 . 17. taking this into ..... was appointed as an estate officer in respect of the land in question.7. the petitioner then submitted that the act was made applicable to cantonment lands only with effect from 1st june, 1994 and as such, the notification dated 21st july, 1978 was void ab initio.8. the relevant extract of the notification .....
Tag this Judgment!