Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2002)82ITD720(Pune.)
..... the assessee cannot be called a loan company having its principal business as that of providing finance, whether by making loans, advances or otherwise and hence, it cannot be a 'finance company' as contemplated in section 2(5b)(iv) of the interest-tax act, 1974 and interest income on loans and advances, etc. disclosed by the assessee-company ..... erred in facts and in law in holding that the company's principal business was that of providing finances and in that sense, it was a "loan company" as defined in section 2(5b)(iv) of the interest-tax act, 1974.it was further submitted that the assessee was a leasing company and from the analysis of ..... are generally in the nature of finance transactions entered into by the companies engaged in the business of financing 4. the board are of the view that the finance charges accruing or arising to hire-purchase finance companies are in the nature of interest as defined in section 2(7) of the interest-tax act and, therefore, chargeable to interest-tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2003)86ITD256(Pune.)
..... edition). in this circular, it has been stated that with a view to providing further encouragement for indigenous scientific research, the finance act, 1985, has inserted new section 35ab in the income-tax act. the section provides that any lump-sum consideration paid by the taxpayer for acquiring any know-how for use for the purpose of his ..... section 35ab of the act. since the assessee was not a manufacturer, section 35ab was not applicable. according to him, consideration of rs. 2,82,307 ..... c. budharaja and co. [1993] 204 itr 412 will apply and the expression manufacture or produce used in section 35ab will not include construction of structures. he further held that the definition of industrial company as given in the finance act, 1984, has the word manufacture or produce is to be considered in the context of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2006)102TTJ(Pune.)882
..... of promotional scheme of the central government and hence it could not be considered as profits of industrial undertaking eligible for deduction under section 80-ia.7.1 the sub-section (1) of section 80-ia, before its amendment by the finance act, 2001 w.e.f. 1st april, 2002 read as under: (1) where the gross total income of an assessee includes any profits ..... this issue was covered in favour of the assessee- company by the decision of gujarat high court in the case of cit v. india gelatine and chemicals ltd. (2005) 194 ctr (guj) 492 : (2005) 275 284 (guj); that this issue was also covered in favour of the assessee-company by the decisions of tribunal in the following cases:a.p. industrial components .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2007)111TTJ(Pune.)310
..... of agriculture. the contention of the assessee is not acceptable to me. v) it is to be noted that by an amendment introduced to section 2(14) of the i. t. act, 1961, by finance act, 1970, agricultural land situated in all the rural areas are not brought within the tax net and do not automatically become capital assets within ..... the meaning of the provisions of section 2(14) of i. t. act, 1961. a reference to this effect may please be made to the memorandum explaining the provisions of finance act, 1970, issued by cbdt wherein it has been clarified by the cbdt vide para no. 30 as ..... facie evidence of the fact that the land was used and held for agricultural purposes and agricultural activity were carried thereupon. 7) as per provisions of section 2(14) of the act, agricultural land situated in all the rural areas were not brought within the tax net and did not automatically become capital asset.6. after considering the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1993)44ITD58(Pune.)
..... clause (a) of section 43b of the income tax act, 1961 which is effective from 1-4-1989. therefore, he urged that the market cess or fee would attract ..... state list which deals with taxes on the entry of goods into a local area for consumption, use or sale therein. in any case, the amendment made by the finance act, 1988 is applicable only from 1-4-1989 and therefore not applicable prior to assessments for 1989-90. in the facts and circumstances of the case, we uphold ..... the nature of either tax or duty and therefore, provisions of section 43b were not applicable to "market cess". he further contended that the ambiguity or uncertainty that prevailed as to whether market cess or fee could be considered as tax or duty was statutorily cleared by the finance act, 1988 which has inserted the words "cess or fee" under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1994)49ITD73(Pune.)
..... of persons or at the rate of 65%, whichever course would be more beneficial to the revenue. the amendment effected by the finance act, 1980, has done away with the deeming provisions whereby a trust, under section 164(1), could be assessed as though it were an association of persons. where, however, a case falls under sub ..... the said provision only prescribes the rate of tax and has no connection with the computation of income, which has to be done under section 143(3) or section 144 of the income-tax act. section 164, therefore, creates a fiction. it is settled law that the legal fictions are created only for some definite purpose and these must ..... krishna bandar trust should be assessed taking the status of the assessee as 'individual' and not 'association of persons' and, consequently, the deduction under section 80l of the income-tax act, 1961, should be allowed? dealing with this question, the calcutta high court rendered the decision in favour of the assessee and held that the status .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2002)74TTJ(Pune.)224
..... holding that the assessee cannot be called a loan company having its principal business as that of providing finance, whether by making loans, advances or otherwise and hence, it cannot be a finance company as contemplated in section 2(5b)(iv) of the interest tax act, 1974 and interest income on loans and advances, etc. disclosed by the assessee-company in the return cannot ..... that the assessing officer erred in facts and in law in holding that the companys principal business was that of providing finances and in that sense, it was a "loan company" as defined in section 2(5b)(iv) of the interest tax act, 1974. it was further submitted that the assessee was a leasing company and from the analysis of the income, earned .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2001)71TTJ(Pune.)518
..... of assets amounts to transfer of a going concern. the reliance placed by the learned counsel on the definition of 'slump sale' in section 2(42c) which was brought on the statute book by finance act, 1999, with effect from 1-4-2000 is also of no assistance to the assessee, because according to the definition 'slump sale ..... .before us, it has been submitted that the expenses were incurred out of business expediency and for the purpose of business and are accordingly admissible under section 37 of the act. reliance has also been placed on the following decisions : the learned departmental representative strongly supported the orders of the authorities below.we have considered the ..... assessee to manufacture opi) was held for more than three years and, therefore, it was long-term capital asset within the meaning of section 2(42a) read with section 2(29a) of the act. the learned counsel further emphasised that what was sold by the assessee in the given case was not individual items forming part of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1997)60ITD629(Pune.)
..... , shall for the purposes of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisions of parts ii and iii of schedule vi to the companies act, 1956." this provision was not on the statute originally. it was enacted later on by the finance act, 1989 with effect from 1-4- ..... separate profit and loss amount, inasmuch as accounting period was fixed as a financial year by way amending in both the acts, i.e., income-tax act and the companies act, 1956. that is why, in the explanation to sub-section, the words "profits as shown in the p & l a/c for the relevant previous year" were used. however ..... profits under the head 'profits and gains of business or profession' as is apparent from the provisions of section 29. the provisions of section 115j are non obstante vis-a-vis the act. therefore, the contention of the revenue that section 43a provides for disallowance of such expenditure and, therefore, the same has to be disallowed for the purpose .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2004)89TTJ(Pune.)393
..... gujarat high court in the case of cit v. girish bhagwat prasad (2002) 256 itr 772 (guj) wherein it has been held that after the amendment, to section 36(1)(vii) by the finance act with effect from 1-4-1989, the assessee is not required to establish that a debt had become bad debt in the previous year and mere writing off ..... to be allowed. if at all something is recovered out of the same, the same is to be taxed in the year of recovery as provided in section 41(4) of the income tax act.in this regard the assessee relied on the decision of the calcutta bench of the tribunal in the case of jayanti commerce ltd. v. asstt.commissioner and ..... to justify the claim of bad debts.according to the assessee, since the amount was written off in the books of account as per the amended provision of section 36(1)(vii) of the act, the same has to be allowed automatically in view of the amended provisions of law with effect from, 1-4-1989. the assessing officer was of the .....
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