Judgment Search Results Home > Cases Phrase: finance act 1994 chapter 5a advance rulings Sorted by: old Court: income tax appellate tribunal itat mumbai Page 4 of about 53 results (0.180 seconds)

Assistant Commissioner of Income Vs. Concord Commercials (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)94TTJ(Mum.)913

..... or in the manufacture or processing of goods or in mining would fall within the purview of "industrial company" as defined in section 2(6)(c) of the finance act, 1969, notwithstanding the fact that its income from the specified activity is less than 51 per cent of its total income. the explanation to the section applies only ..... revenue regarding gross total income in the light of the definition given under section 80b is not a sound one. if the definition under section 80b is applicable to chapter vi-b alone, the law would have provided another definition for the purposes of section 73. it has not been so provided. in such circumstances, the meaning of ..... of shares against the other income. the said view is well supported by the decided case of hon'ble calcutta high court in eastern aviation & industries ltd. v. cit (1994) 208 itr 1023 (cal)." 2. when the court was assembled, shri k.c. naredi, the learned cit (departmental representative), sought the attention of the bench to the adjournment .....

Sun Pharma Exports Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96TTJ(Mum.)415

..... of claims made by the assessee towards expense, deduction or allowance has been brought into the definition of "undisclosed income" by the finance act, 2002. the amendment brought in by the finance act, 2002, has stated that the enlargement of the definition of undisclosed income is made with retrospective effect from 1st july, 1995. but ..... incriminating evidences were found in the course of search to suggest that the assessee had earned undisclosed income by way of wrong claim of deductions made under chapter vi-a. he submitted that in the course of search, wage registers, excise applications, certificates issued by various authorities were found. all those documents ..... in the respective regular assessments. the assessee-firm was a recognised export house and had been regularly claiming deduction under section 80hhc since its inception in 1994. the deductions have been regularly allowed by the department.8. it is the above deductions claimed by the assessee-firm and allowed by the assessing .....

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

Court : Income Tax Appellate Tribunal ITAT Mumbai

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

..... of 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 in ..... 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 with ..... construction equipments ltd. (2000) 246 itr 429 (bom), was disapproved. this view is in accordance with their lordships' earlier judgments in the cases of h.h. sir rama varmav. cit (1994) 205 itr 433 2 (sc), and motilal pesticides (i) (p) ltd. v. cit (2000) 243 itr 26 (sc).it has been pointed out that in view of these decisions, section .....

Wallfort Shares and Stock Brokers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96ITD1(Mum.)

..... tax by operation of the provisions of section 14-a.the main provision of section 14a inserted by the finance act, 2001 with retrospective effect from 1.4.1962 read as under: "14a for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which ..... . it is unsafe to make bad laws out of hard facts and one should avoid subverting the rule of law." in the case of nayantara g. agrawal v. cit (1994) 207 itr 639 (bom.), the assessee entered into partnership with a company. the assessee brought her land valued at rs. 10 lakhs as her share of capital contribution in ..... and the tribunal was right in holding that there was a transfer of capital asset from the assessee to the limited company.in the case of cit v. s. kanan (1994) 210 itr 585 (kar.), honble karnataka high court quoted at length from the judgment of chinnappa reddy j. in the case of mcdowell & co. ltd. (supra) and applied .....

Parshuram D. Patil Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD241(Mum.)

..... hold that the gains earned by the assessees are taxable as per the amendment of section 55(2) by the finance act, 1994 with effect from 1-4-1995. 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 the ..... long-term capital gain is subject to tax at the rate of 60 per cent as provided under section 113 being part of the undisclosed income assets under chapter xiv-b of the it act or the same is subject to tax at the rate of 20 per cent under section 112 which lays down the rate of tax on long-term ..... undisclosed income relating to the block period shall not include the income assessed in any regular assessment as income of such block period; (c) the income assessed in this chapter shall not be included in the regular assessment of any previous year included in the block period.] thereafter section 158bb provides for computation of income. the said section is titled .....

Wall Street Construction Ltd. and Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)101ITD156(Mum.)

..... 2 declares that the cost of construction includes cost of land, development rights, construction, development, administration, marketing and finance. during the course of assessment proceedings, the authorised representatives of the assessees had categorically admitted that the assessees are following ..... 1)(iii) read with section 43(2), which defines the word 'paid'. both these sections form part of chapter iv--computation of business income. in this case, we are concerned with payment of rs. 55 being interest of ..... bombay high court. the learned cit-departmental representative submitted that the tribunal while deciding this issue for asst. yr. 1994-95 in the case of wall street construction ltd. (supra) followed the bombay high court decision in the case ..... in-progress. shri maheshwari submitted that the phrase 'method of accounting' referred to in section 145 of the it act indicates the method adopted by the assessee while maintaining regular books of account and not the method of computation .....

Sterlite Industries (India) Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102TTJ(Mum.)53

..... to tax, duty, cess, fee, interest on loan, etc. and other concerning the payment with regard to provident fund, superannuation fund or gratuity fund, etc. the finance act, 2003, omitted second proviso and the 1st proviso is made applicable with regard to all the payments including the payment for pf, superannuation fund, gratuity fund, etc. ..... 100 ttj (ahd) (sb) 532--ed.]. in this judgment, it is held by the special bench of the tribunal that for the purpose of computing deduction under chapter vta, depreciation, which though is allowable but not claimed in the return for normal computation of income, has to be allowed. respectfully following this judgment, this issue ..... followed in the subsequent years. learned assessee in the written submissions contended that this issue was considered by the tribunal in ita nos. 692 and 3850/bom/1994, wherein issue has been set aside to the file of ao for fresh adjudication. he placed on record copy of the tribunal order. learned departmental representative .....

Parshuram D. Patil Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)103TTJ(Mum.)765

..... the gains earned by the assessees are taxable as per the amendment of section 55(2) by the finance act, 1994 w.e.f. 1st april, 1995. 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 ..... section 112 as far as income under the head "capital gains" 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 ..... construed. as regards circular no. 636 referred to by counsel for the assessee, the learned departmental representative submitted that the same had no application in this case as chapter xiv-b had not been brought on statute book when the circular was issued.8. the learned departmental representative also relied upon commentaries of shri g.p. singh .....

Dy. Cit Vs. Sarabhai Piramal

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the case of cit v.anglo french drug co. (eastern) ltd. , their lordships have held that to fall within the definition of "industrial company" in the relevant finance act and be entitled to the rebate of income-tax, it is not necessary that company must manufacture the goods by itself own plant and machinery at its own factory. if ..... if he gets the products manufactured or processed by some other agency. the object of the introduction of these provisions can be gathered from the budgetary speech of the finance minister reported at 152 itr (st.) 76 and the notes on clauses reported at 152 itr (st.) 138 at page 142 in which it has been made ..... jvc and trading activities considered one and single business only. in support of this plea, he placed reliance upon the case of bbc industries ltd. v, dy. cit (1994) 48 itd 292 (hyd.).14. the observation of the assessing officer that jvc was neither manufacturing nor processing the pharmaceutical products and only dealing in trading activities is based .....

Pallonji Shapoorji and Co. (P) Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD101(Mum.)

..... in that case, it was held by the learned members constituting the bench that leasehold rights held by the assessee-company is assessable under section 40(2) of finance act, 1983 because the expression "belonging to" does not denote absolute title. the bench further held, the possession of an interest less than full ownership is sufficient to ..... the charging provisions of section 40 of the finance act, section 4(7) cannot be applied in the case of the assessee. again for the above proposition assessee relied upon the decision of the tribunal in assessee's own case for the asst. yr. 1991-92 in wta no. 1165/bom/1994; mohan exports india (p) ltd. v. ..... transfer or charge of share or interest, learned counsel submitted, the real right lies with the society and not with the assessee. again he brought our attention to chapter iv, which deals with incorporation, duties and privileges of societies, particularly section 36. it reads as under: 36. societies to be bodies corporatethe registration of a .....