Judgment Search Results Home > Cases Phrase: finance act 2006 section 2 income tax Court: income tax appellate tribunal itat delhi Page 15 of about 3,812 results (0.252 seconds)

Kanha Vanaspati Ltd. Vs. Additional Cit, Range-50

Court : Income Tax Appellate Tribunal ITAT Delhi

..... financial charges paid by the assessee to the financiers for the said short-term loan arrangements logically fell under the definition of interest under section 2(28a) of the act. the cost of finance which is certainly in the nature of interest had been debited under the head 'discounting charges' by the deductors in the books of ..... fact neither during the course of appeal against order passed under sections 201(1) and 201 (1 a) nor in the course of penalty proceedings under section 271c of the act. the assessee has treated the finance charges or interest as discount charges.16. in the case finance charges/interest a person simply pays the interest for the period ..... account with the intention to avoid deduction of tax at source under section 194.when the fact was confronted to the assessee shri amitabh agarwal, the .....

Goodwill India Ltd. Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... lease income and then claim higher depreciation as per income tax rules for computing total income. in any case, as mentioned above, the income tax act does not distinguish between finance lease and operating lease. since the ownership of the asset remain vested with the lessor and depreciation is also claimed by the lessor the entire amount of ..... charges can be said to be an amount set aside to provisions made for meeting liabilities, other than ascertained liabilities within the meaning of explanation to section 115-ja of the act. this was the basis on which the assessing officer and the cit(a) added the lease equalization charges to the profits as per p&l account ..... while arriving at the book profits in accordance with the provisions of the section 115-ja of the act. the issue for consideration in the other two years would be as to whether the revenue authorities were justified in making an addition equivalent to the .....

income-tax Officer Vs. Surjan Singh

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1983)3ITD438(Delhi)

..... of properties excluded from the meaning of capital assets.one of such exclusions is agricultural lands in india. section 2(14), sub-clause (iii), which actually excludes agricultural land in india has undergone a vital change by the finance act, 1970. the original provision merely mentioned the exclusion of agricultural land in india but with effect from ..... within urban areas. ([1970] 75 itr (st.) 22) the relevant portions of notes on clauses of the finance bill read as follows: sub-clause (a) seeks to amend clause (14) of section 2 of the income-tax act which defines the term 'capital asset'. the amendment seeks to bring within the term 'capital asset' agricultural land ..... derived from transfer of agricultural land in rural area. ([1970] 75 itr (st.) 90) from a careful reading of the idea behind the amendment introduced by the finance act, 1970, one thing appears to be clear, namely, that the definition of 'capital asset' was enlarged so as to bring within its fold some lands, which are .....

Assistant Commissioner of Vs. Anima Investment Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)73ITD125(Delhi)

..... credited in the books of account of the company. in such circumstances the ito was duty bound to enquire into the source of the sums so credited. sec. 68 of the it act will come into play in regard to the sums so credited in the books of account. in the circumstances it was the duty of the ito to enquire ..... the appellate order deserves to be vacated applying the ratio of the full bench decision of the hon'ble delhi high court in the case of cit vs. sophia finance ltd. (supra). the question that now arises for consideration is whether the assessee-company has discharged the onus cast upon it to establish the identity of the shareholders ..... incorporated on 23rd october, 1982 as per certificate issued by the registrar of companies.a certificate for commencement of business was obtained from 9th december, 1982. it is a financing company. the assessment year involved is 1984-85 for which the accounting period ended on 31st march, 1983.the assessee filed a return for the current assessment year on .....

Assistant Commissioner of Income Vs. Visharad Automobiles Financiers

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)108ITD294(Delhi)

..... , the facts are also being taken from interest-tax appeal no. 1/del/2005.4. the ao passed an order under section 8(2) of the interest-tax act, 1974. it was held that hire charges/financing commission was liable to be taxed for the purpose of charging interest-tax. in the asst. yr.1992-93, the assessee, ..... hire purchase company or a credit institution were liable for charging interest-tax under the interest-tax act for the amount they had received as hire charges/financing commission. it was also noted that section 7 of the interest-tax act fixed the responsibility of submitting the return of chargeable interest on the principal officer of every credit ..... for the assessee argued that the assessee clearly falls within the definition of "owner" as laid down in section 2(f) of the hire purchase act. therefore, there is noway that the transactions in question may be termed as financing transactions rather than hire purchase transactions. the assessee being the owner of the goods i.e. the vehicles .....

Dy. Commissioner of Income Tax Vs. Lurgi India Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)114ITD1(Delhi)

..... bombay high court pointed out that subvention payment related to the deficit, expressly made in an agreement between the paying company and the payee company, governed by section 20 of the finance act, 1953 (u.k). it was further pointed out that there was no corresponding legislation in india. it was also pointed out that if the debts in ..... such business connection, the receipt was in the nature of a capital receipt. he referred to page 2 of the paper book, being a notice under section 142(1) of the act, in which it was pointed out that the assessee had received capital grant of rs. 13.00 crore for recoupment of losses, which was considered as ..... hon'ble supreme has, in the case of challapali sugars ltd., put its seal of approval on adopting the accounting standards while interpreting section 10(2)(vi), (via), (vib) and section 10(5) of the 1922 act, while interpreting the expression "actual cost". it was further pointed out that the expression "actual cost" has not been defined and, .....

Escorts Employees Ancillaries Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... with the plea of the assessee's representative that penalty could not exceed total amount deductible. no doubt the amendment to this effect was carried out by finance no. (2) act of 1998, w.e.f. 1st april, 1999, but since this insertion which is applicable w.e.f. 1st april, 1999 is clarificatory in nature ..... 11. to counter the submissions of learned departmental representative, shri pradeep dinodia, learned counsel for the assessee submitted that so far as retrospectivity of proviso to the said section is concerned, he is supported in his contention by the various decisions of the tribunal and other judgments of hon'ble supreme court as detailed below : (1) ..... representative, on the other hand, vehemently argued that assessee clearly committed a default for which it was liable to penalty as imposed. the reading of the section clearly shows that penalty is imposable for each default that assessee has committed and assessee has to be proceeded against separately for each one of default. it was .....

Teletube Electronics Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)80ITD251(Delhi)

..... to the second issue, we would like to mention that profits arising from the transfer of capital asset were not exigible to tax under 1922 act until the incorporation of section 12b. this section brought such profits within the net of tax under the head 'capital gains'. however, such profits were restricted to profits arising from the sale, ..... 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 ..... wherein it has been held that divesting of exclusive possession and enjoyment would tantamount to "otherwise transferred". the decision of supreme court in the case of cit v. shan finance (p) ltd (1998) 231 itr 308 (sc) was distinguished by him on that ground that issue of 'transfer' was not before the supreme court and the .....

Arvind Construction Co. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)51ITD79(Delhi)

..... that the said decision should not be relied upon for including "jeep" within the expression "motor-car". the learned counsel also submitted that the purpose of section 40 of the finance act, 1983 should be kept in view while interpreting the expression "motor-car".4. the learned departmental representative mainly relied on the orders of the tax authorities. ..... of wealth-tax (appeals) erred in law and on facts of the case in holding that the jeeps and jongas are motor cars for the purpose of section 40 of the finance act, 1983 and, therefore, includible in computing the net wealth liable to tax.the assessee-company filed a return on 24-8-1984 showing a wealth of ..... engine". in view of these definitions and having regard to the intention of the legislation we hold that the expression "motor-car" as used in section 40(3)(vii) of the finance act, 1983 will include jeeps and jongas and their value will be includible in the net wealth of the assessee-company. accordingly, we confirm the order .....

Dalmia Cement (Bharat) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1996)56ITD355(Delhi)

..... use were clearly prejudicial to the interests of revenue. he referred to the definition of "actual cost" as given in section 43(1) read with the provisions of explanation 8, which was inserted by the finance act, 1986, with retrospective effect from 1-4-1974 and submitted that the said provisions of explanation 8 excluded interest on loan ..... calcutta high court, while deciding the case of india steamship co.ltd. (supra), had the occasion to interprete the provisions of explanation 8 to section 43(1) of the income-tax act, 1961. it held that interest paid on amounts borrowed and other related expenses in connection with the acquisition of ships before such ships were delivered ..... as part of the cost of the projects. in this connection, he also referred to the definition of 'actual cost' as given in section 43(1) of the income-tax act and the guidelines issued by the institute of chartered accountants of india regarding the practice for treating the interest paid or payable in connection with .....