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Additional Commissioner of Vs. Hilton Roulunds Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)97TTJ(Delhi)490

..... grounds of appeal" contained at pp. 1 and 2 of its paper book-i that in view of the retrospective amendment brought about by finance act, 2001 with retrospective effect from 1st april, 1989, interest under section 234b is to be levied on the assessed tax.8. in this view of the matter, allowing ground no. 2 raised by the ..... fund contribution amounting to rs. 6,07,388, paid under section 43b of the it act within the grace period of 5 days beyond the prescribed date, is allowable or not. ..... and circumstances of the case, the learned cit(a) erred in directing that interest under section 234b charged in view of the decision of apex court in the case of cit and ors. v. ranchi club ltd., ignoring the retrospective amendment proposed by the finance act, 2001." 2. apropos the first ground, the issue is as to whether provident .....

Ravi Textile (P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1986)15ITD49(Delhi)

..... completed on 29-3-1972 and, therefore, in respect of each of the assessment years in question, the assessee-company was a new assessee within the meaning of section 212(3) of the act as it stood before its omission by the finance act, 1978, with effect from 1-6-1978. he, therefore, held that the assessee was liable to penalty under ..... section 273(b) as it stood before its amendment by the finance act, 1969, with effect from 1-4-1970. finding that the penalty imposed was the minimum, the learned commissioner (appeals) confirmed the penalty.6. that is how the assessee ..... the learned iac giving effect to the decision of the tribunal, by treating the said order passed by the iac as a fresh order of assessment under section 143(3) of the act. he submitted that the tribunal had not set aside the original assessment as a whole but had merely desired recomputation of the allowable deduction for interest and, .....

Steel Authority of India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)38ITD193(Delhi)

..... in 1987 it was felt that section 80vva has not produced the desired results. by the finance act of 1987, section 80vva was withdrawn and a new chapter xii b was inserted to be operative with effect from 1-4-1988 i.e., ..... profitable companies should contribute- at least a small portion of their profits to the national exchequer, when other and less better off sections of society were bearing a burden, section 80vva was introduced by the finance act of 1983 providing that the fiscal incentives and concessions available to the companies would not be more than 70% of the profits. ..... consideration unabsorbed depreciation of the past years, was less than 30% of the book profits for the year.section 115j of the income-tax act, 1961 was in voked by the assessing officer.2. section 115j inserted by finance act of 1987 with effect from 1-4-1988 provides that where the income of a company as computed under .....

Honeywell International (India) Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)108TTJ(Delhi)924

..... cannot exceed the gross total income. the resultant figure is the 'total income', with reference to which the tax is payable under the provisions of the act.section 10a of the act, as substituted by the finance act, 2000, w.e.f.1st april, 2001, provides for deduction in respect of profits and gains derived by the eligible industrial undertaking from export of ..... 1. this appeal by the assessee is directed against the order of learned cit(a)-xv, new delhi dt. 21st dec, 2006. the assessee has raised the following ground of appeal: that the cit(a) erred on facts and in law in confirming the action of the ao in denying ..... ) ltd. v. asstt. cit (2006) 102 ttj (bang) 691.4. the learned departmental representative on the other hand, strongly relied upon the appellate order.5. we have considered the relevant facts, arguments advanced and the case law cited. the lower authorities have incorrectly appreciated the scheme of deduction under section 10a of the act, as amended and have completely erred in .....

Western Geo International Ltd. Vs. Assist. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... is an accepted position. however the claim of the assessee is that multi-stage grossing up cannot be resorted to in view of the insertion of section 10(10cc) in the income tax act by the finance act, 2002 with effect from assessment year 2003-04, which provides that tax on income being a perquisite, not provided for by way of monetary payment, ..... monetary payment made to others, will not be a case of perquisite provided for by way of monetary payment. it was also submitted that the finance act, 2002 had inserted a new sub-section (1a) to section 192 as per which "the person responsible for paying any income in the nature of a perquisite which is not provided for by way of ..... 1. these appeals filed by western geco international ltd. as agent of foreign technicians employed by it are directed against the order dated 14-7-2006 of commissioner (appeals) for the assessment year 2003-04. as common issue is involved, all these appeals are being disposed off by a single consolidated order for the .....

M/S Filatex India Ltd. and Another Vs. Dcit and Another

Court : Income Tax Appellate Tribunal ITAT Delhi

..... aforesaid: provided that where an addition to or deduction from the actual cost or expenditure or cost of acquisition has been made under this section, as it stood immediately before its substitution by the finance act, 2002, on account of an increase or reduction in the liability as aforesaid, the amount to be added to, or, as the ..... in the aforesaid liability taken into account at the time of making payment." 11.2 we find that the above said section 43a was substituted by the finance act, 2002 w.e.f. 1.4.2003. prior to its substitution section 43a read as under:- "43a. special provisions consequential to changes in rate of exchange of currency. - (1) notwithstanding ..... income tax (a) on this issue and decide the case against the assessee. 6. another common issue raised in the revenue appeals asstt. year 2003-04 to 2006-07 is that ld. commissioner of income tax (a) has erred in deleting the disallowance on account of foreign exchange fluctuation loss which remained included in the wdv in .....

Dy. Cit Vs. Vijay Mehta (Huf)

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)88TTJ(Delhi)280

..... beneficially entitled to 20 per cent of the income of such concern." finally, therefore, we hold that the conditions laid down in section 2(22)(e) and explanation 3 to section 2(22)(e) as amended by finance act, 1987, with effect from 1-4-1988, are satisfied in the case as under : "(i) all the above companies are ..... order for the assessment year 1991-92 and similarly uphold the commissioner (appeals)'s order for assessment year 1990-91 cannot be accepted.the amended provisions (amendment by finance act, 1987, with effect from 1-4-1988) are applicable in a case where a shareholder held 10 per cent on more of equity capital. further, deemed ..... indirectly releasing their profits to the concerns where substantial shareholders and the owner of these companies were beneficially interested. this attracted the provision of section 2(22)(e) of the act. under section 2(22)(e) dividend includes any payment made by a company not being a company in which the public are substantially interested of any .....

Anil Sanghi Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2003)85ITD73(Delhi)

..... is made to the cit (appeals) and the tribunal.3. a special procedure for assessment of search cases was evolved by inserting chapter xiv-b consisting of sections 158b to 158bh, inserted by the finance act, 1995 with effect from 1st july, 1995. this newly inserted chapter pertained to the assessment of search cases where : (ii) the books of account, other documents or ..... , which pertained to "appeals to the appellate tribunal". a new clause (b) was inserted after clause (a) of section 253(1) and which provided that an assessee aggrieved by an order passed by an assessing officer under section 158bc(c), newly inserted by the finance act, 1995 could appeal within 30 days to the appellate tribunal against such an order. it is quite apparent .....

Mohan MeakIn Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)84TTJ(Delhi)1

..... of the supreme court judgment in the case of allied motors (p) ltd v. cit (1997) 224 itr 677 (sc) wherein it has been held that proviso to section 43b invoked by finance act, 1987 was retrospective and would apply to earlier years also. proceeding further, it was stated that by inadvertence, the tribunal failed to consider the said judgment and issued the ..... . initially, there was a dispute as to whether outstanding liabilities of sales-tax could be allowed as deduction in view of section 43b. in order to remove the hardship causing to the assessee, the legislature inserted the proviso to section 43b by finance act, 1987 which allowed deduction if such liability was discharged on or before the due date of filing it return. this .....

Bharat Carpets Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1982)2ITD278(Delhi)

..... entitlements. the receipt from the sale of import licences was hence held as attributable to the activity of manufacturing carpets within the meaning of section 2(6)(c) of the finance act, 1974.11. it cannot also be disputed that the import entitlement, in the light of the aforesaid import replenishment licence scheme, is a ..... (supra) the allahabad high court while considering the question whether a company would be deemed to be an 'industrial company' within the meaning of section 2(6)(c) of the finance act, 1974, has observed that the import entitlement or its sale proceeds, though, received from sources other than the actual manufacturing and export of carpets, ..... . cit [1980] 126 itr 851, held that the sale proceeds of import entitlements constitute the assessee's trading receipt and is business income under section 28(0 of the act.5. in the appeal before the tribunal, the departmental representative for the assessee, mr. pradeep dinodia, urged that the assessee had imported machinery for .....