Judgment Search Results Home > Cases Phrase: finance act 1994 chapter 5a advance rulings Sorted by: old Court: income tax appellate tribunal itat mumbai Page 3 of about 53 results (0.104 seconds)

The Icici Ltd. Vs. Dy. Cit, Special Range 36

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... . no. 3 in the statement recorded u/s. 131. we have consulted these provisions. they appear in chapter vi of the aforesaid act, which is titled, "the board's finance, accounts & audit". section 59 lays down the general principles for the board is finance. it inter alia says that the board shall carry on its operations and adjust its tariffs so as to ..... the inference is that it is a paper transaction entered into with the sole aim of claiming depreciation at 100%. b) it was only a finance transaction. the reserve bank of india in a circular dated 14.2.1994 has stipulated that leasing activity is to be treated on par with loans and advances. c) the fact that it is only a ..... finance transaction is strengthened by various clauses in the lease agreement such as clauses (5), (6), (8), (9), (10), 13 (c), etc. these clauses show .....

Mid East Port Folio Management Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD537(Mum.)

..... no. 3 in the statement recorded under section 131. we have consulted these provisions. they appear in chapter vi of the aforesaid act, which is titled, "the board's finance, accounts & audit", section 59 lays down the general principles/for the board's finance. it inter alia says that the board shall carry on its operations and adjust its tariffs so as ..... it is a paper transaction entered into with the sole aim of claiming depreciation at 100 per cent. (b) it was only a finance transaction. the reserve bank of india in a circular dt. 14th feb., 1994, has stipulated that leasing activity is to be treated on par with loans and advances. (c) the fact that it. is only ..... the rule of ramsay was considerably whittled down.these are craven v. white (inspector of taxes) (stemphen) (1990) 183 itr 216 (hl), ensign tankers (leasing) ltd. v. stokes (1994) 209 itr 231 (hl) and macniven (supra). passages from irc v. burmah oil company ltd. (1982) simon's tax cases 30, were also read out to show that the .....

Asstt. Cit, (inv.) Cir. 1(1) Vs. Prime Securities Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)95ITD249(Mum.)

..... were conflicting decisions on the interpretation of the contracts regarding on period and off period salary. ultimately the legislature stepped in to clarify the position by the finance act of 1999. during the assessment year 1992-93 the position was not clear and while bona fide dispute was pending the assessee had to estimate his current income ..... , the same indicates that so far as the payment of statutory interest is concerned, the same is outside the purview of the settlement contemplated in chapter xixa of the act." the learned counsel for the assessee has argued that the aforesaid judgment does not cover the issue as to if the assessee correctly paid advance tax ..... section 47(v) by passing a rectification order under section 155(7b). in response the assessee referred to its writ petition 112 of 1993 and 1621 of 1994 and requested the assessing officer to keep the notice of rectification under section 155(7b) in abeyance. the learned assessing officer noted that the dispute in the .....

The Asst. Cit Vs. Prime Securities Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96TTJ(Mum.)553

..... there were conflicting decisions on the interpretation of the contracts regarding on period and off period salary. ultimately the legislature stepped in to clarify the position by the finance act of 1999. during the a.y. 1992-93 the position was not clear and while bona fide dispute was pending the assessee had to estimate his current income ..... , the same indicates that so far as the payment of statutory interest is concerned, the same is outside the purview of the settlement contemplated in chapter xix-a of the act." the learned counsel for the assessee has argued that the aforesaid judgment does not cover the issue as to if the assessee correctly paid advance tax ..... under section 47(v) by passing a rectification order under section 155(7b). in response the assessee referred to its writ petition 112 of 1993 and 1621 of 1994 and requested the assessing officer to keep the notice of rectification under section 155(7b) in abeyance. the learned assessing officer noted that the dispute in the .....

Deputy Commissioner of Income Vs. Manjara Shetkari Sahakari Sakhar

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)91ITD361(Mum.)

..... "aop"? these questions were argued before us. it is pertinent to note that the term "aop" could include within its ambit company or firm also. moreover, each finance act prescribes a separate and concessional rate of income-tax for co-operative societies from that levied on a company or firm or aop. this clearly implies that co-operative society ..... cannot be taken into consideration for determination of the price of levy sugar. this will be evident from paragraphs 2.17, 2.20, 2.21 and 2.39 of chapter ii of bhargava commission report. they are extracted below: 2.39. after considering all these facts we have decided that the extra realisations on the sale of sugar ..... the colour of another. reliance was also placed on the decision of the hon'ble bombay high court rendered in the case of cit v. thana electricity supply ltd. (1994) 206 itr 727 (bom). our attention was invited on the observation quoted from the decision of supreme court in mumbai kamgar sabha v. abdulbhai faizullabhai, air 1976 sc .....

Morarjee Goculdas Spg. and Wvg. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)98TTJ(Mum.)201

..... make disallowance in question in the impugned order under section 158bc.76. the finance act of 1995 has inserted a new chapter xiv-b in the it act. it provides a new concept for assessment in relation to searches conducted under section 132 of the act or requisition made under section 132a after 30th june, 1995. the purpose ..... went on merits of the case and observed that the assessee entered into 14 lease transactions during the block period of the period commencing from the asst. yrs. 1994-95 to 1997-98. pithy documentation was made, including, suppliers' bills, lease agreements, board resolution, delivery document, installation certificates and no lien certificates, etc., ..... equipment and pollution control and oil extraction system. rcop never sold any machinery to m/s agri commercial products, guntur. board resolution dt. 30th june, 1994 was fabricated. even on lease agreement the signature of the director, mrs.g. jayalakshmi who was the wife of shri g. venkateswaralu was forged.the bank .....

Niranjan Thakur Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)94TTJ(Mum.)253

..... . m.k.e. memon (2001) 248 itr 310 (bom). in this regard he also referred to the explanation to section 158ba(2) inserted by the finance (no. 2) act, 1988 with retrospective effect from 1st july, 1995 and submitted that this amendment clarifies the position as mentioned above, therefore, the learned counsel submitted that rs. 1 ..... to consider the income in the computation of undisclosed income. the tribunal also held that in that case, for the purpose of assessment to be made under chapter x3v-b, it is necessary undisclosed income should only be considered and furthermore that section 158bb only prescribes the method of computing the undisclosed income for block ..... money abroad through hawala route. this figure is inclusive of the four distributors payments mentioned above. (viii) shri r.r. modi stated that during the period 1994-95 he had made payments of about rs. 20 crores in cash to shri niranjan thakur. the relevant documents were not forwarded by enforcement directorate since the .....

Goa Carbon Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)2SOT152(Mum.)

..... higher rebate in respect super-tax available in relation to the profits and gains attributable to the business of manufacture and production of' mineral oil under the finance act, 1964, and the finance act, 1965, provided the other conditions specified in this behalf are fulfilled.2. on a parity of reasoning, the business of refining of crude oil will ..... appellate order and assessing officer at the time of passing assessment orders.the moot point is whether the assessee is entitled for deduction under chapter 80hhc or not. the perusal of provisions of chapter 80hhc shows that any indian company or resident of india, who is engaged in the business of exporting out of india any, goods ..... exchange and to prevent export of natural wealth of the country.the brief facts emerge from above discussion are that the appeal in assessment years 1993-94, 1994-95 are against the respective orders under section 263 while appeal for assessment years 1995-96, 1997-98, 1998-99 and 2000-01 are arising from the .....

Mr. Parashuram D. Patil Vs. Asst. Commissioner of I.T.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the gains earned by the assessees are taxable as per the amendment of section 55(2) by the finance act, 1994 w.e.f 1-4-95. as the assessee acquired the plot prior to 1974 and transferred the same in june 1994. the gains are taxable as long term capital gains. as we have held that the amounts received by ..... of section 112 as far as income under the head "capital gain" was concerned. it was immaterial that aforesaid income was "undisclosed income" and assessed under chapter xiv b of the it. act.in the alternative, shri trivedi submitted that in case two reasonable views of the matter are possible, then a view in favour of assessee has to be ..... for computation and assessment of such undisclosed income may under any head such as "property income", "capital gain" etc. however, the "undisclosed income" as defined in this chapter means such income which is detected as a result of search. undisputedly the capital gain in the instant appeal is a result of such detection only after the search operation .....

The Morarjee Goculdas Spg. and Vs. Dy. Commissioner of Income Tax,

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... disallowance in question in the impugned order under section 158bc.76. the finance act of 1995 has inserted a new chapter xivb in the i.t.act. it provides a new concept for assessment in relation to searches conducted under section 132 of the act or requisition made under section 132a after june 30, 1995. the purpose ..... from idbi for selling the assets and the transactions in question had not been reflected in rfl's annual audited accounts and other statements for the year 1994-95. a letter was issued to the registrar of companies. copies of deeds of hypothecation registered with the registrar of companies, karnataka established that the ..... went on merits of the case and observed that the assessee entered into 124 lease transactions during the block period of the period commencing from the assessment years 1994-95 to 1997-98. pithy documentation was made, including suppliers bills, lease agreements, board resolution, delivery document, installation certificates and no lien certificates etc, .....