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Union Bank of India Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)108TTJ(Mum.)720

..... issue requiring our adjudication in these appeals is whether or not the interest component of a finance leasing amount received by the assessee bank is liable to be included in chargeable interest' within meaning of section 2(7) of the interest-tax act, 1974 (the act, in short). the assessment years involved are 1996-97 to 1998-99 and the impugned ..... to examine, therefore, is whether or not interest component of a finance leasing transaction can be said to be 'interest on loans and advances'.5. we have taken note of the fact that a co-ordinate bench of this tribunal has, vide order dt. 8th sept., 2006, held that "we are of the opinion that there are sufficient ..... findings in the orders of the cit(a) to show that what the assessee has entered into are only loan or finance transactions and so documented as to give colour of lease transactions...". there is .....

Ge Capital Transportation Vs. Asstt. Cit, Special Range 2

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)113ITD22(Delhi)

..... rendered in the case of ge capital services india v. dy. cit for assessment years 1995-96, 1996-97 and 1997-98 vide its common order dated 25-8-2006 in ita no. 2038/delhi/2002 and others.a copy of the said order is also filed by him in the paper book at page nos. 35 to 57 and ..... this count.11. the learned counsel for the assessee also relied on the decision of delhi "a" bench of itat in the case of dy. cit v. srei international finance ltd.(2006) 10 sot 722 (delhi) and submitted that a similar issue involved in the said case has been decided by the tribunal in assessee's favour holding that lease equalization ..... of section 211(2)(3a)(3c) of the companies act, 1956 and has rightly concluded that the assessee while preparing its profit & loss account under the companies act, 1956 was bound to follow the accounting standards of icai. the accounting standards of icai clearly contemplate a deduction on account of lease equalisation charges in the case of leasing companies in respect of "finance .....

income Tax Officer Vs. Bothra International and ors.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... well as cbdt have taken into account the insertion of clause (iiib) in section 28 by the finance act, 1990. further, it is also relevant to note that by the same finance act clause (iiib) was inserted into section 28 and changes were also made in section 80hhc(3). therefore, section 80hhc as it stood at the relevant time was required to be read with ..... v. india tobacco association (2005) 5 rc 379 and cce v. i lira cement (2006) 6 rc 219 was made.23.2 in the assessee's case before us the ao has accepted the fact that exemption provisions contained under section 10ba of the act are applicable to the assessee. the same were, therefore, to be interpreted liberally for ..... viswanathan and co. (2003) 181 ctr (mad) 335 : (2003) 261 itr 737 (mad):p.r. prabhakar v. cit (j) peerless general finance & investment co. ltd. v. ao ; (k) lavrids knudsen maskinfabrik (india) ltd. v. addl. cit (2006) 102 ttj (pn) 882;cit v. malwa cotton spinning mills ltd. (2008) 166 taxman 457 (p&h); (o) kashmir arts v. cit ( .....

Commissioner of Income-tax, Punjab Vs. Tulsi Dass Jashan Lal KuthialA.

Court : Punjab and Haryana

Reported in : [1965]58ITR704(P& H)

..... high court.'two questions have been framed by the commissioner in each cas :'(1) whether in view of section 13 of the indian finance act, 1950, penalty under section 28 of the patiala income-tax act, 2001 bk., could be levied for the assessment year 2006 bk. (1949-50) after april 1, 195 ?(2) whether, on the facts and in the ..... the imposition of penalty, and hyderabad, like the states comprising the patiala and east punjab states union, had merged with the indian union. section 13(1) of the indian finance act of 1950 provide : 'if immediately before the 1st day of april, 1950, there is in force in any part b state... any law relating to ..... not alter the true character of penalty imposed under the income-tax acts of india and hyderabad'. it was therefore held that the proceedings for imposing penalty initiated under section 40 of the hyderabad income-tax act could be continued after the enactment of section 13(1) of the finance act, 1950, and the order levying penalty was therefore valid. this .....

Commissioner of Income-tax Vs. Kartar Singh and Co.

Court : Punjab and Haryana

Reported in : (2008)218CTR(P& H)197; [2008]302ITR66(P& H)

..... in implying that interest and salary to members of an association of persons (aop) were admissible, keeping in view the provisions of section 184(5) of the income-tax act, 1961, even as they stood prior to amendment by the finance act, 2003, with effect from april 1, 2004?3. whether, on the facts and circumstances of the case, the learned income-tax appellate ..... rakesh kumar garg, j.1. the revenue has filed the present appeal under section 260a of the income-tax act, 1961, challenging the order of the income-tax appellate tribunal, amritsar bench, amritsar, passed in i. t. a. no. 54(asr)/2004, dated september 19, 2006 (annexure p-6) which has allowed the appeal of the assessee for the assessment year 1996-97. it .....

Ramjilal Vs. Income-tax Officer, Mohindargarh

Court : Supreme Court of India

Reported in : AIR1951SC97; [1951]19ITR174(SC); (1951)IMLJ384(SC); [1951]2SCR127

..... has to be made, namely, ordinance no. 1 of 2006 called the finance ordinance promulgated on april 13, 1949, which came into force on that very date. section 5 of that ordinance introduced several amendments to the patiala income tax act, 2001. it recast sections 3 and 34 of that act and introduced a new section as section 23b. section 6 of that ordinance runs thus : '6. for the ..... assessment year beginning on the 1st day of baisakh, 2006, that .....

Krishna Texport Industries Ltd. Vs. Dcm Limited

Court : Delhi

Reported in : IV(2008)BC627; [2008]114CompCas113(Delhi); (2008)4CompLJ177(Del); 150(2008)DLT259; 2008(104)DRJ101; [2009]89SCL151(Delhi)

..... for bringing the offender to the penal liability. what was considered in maharashtra tubes ltd. (supra) is whether the remedy provided in section 29 or 31 of the state finance corporation act, 1951 could be pursued notwithstanding the ban contained in section 22 of the sica. hence the legal principal adumbrated in the said decision is of no avail to the appellants.21. in ..... the criminal court to stay the criminal and income tax proceedings under the scheme under section 391 of the said act.20. in company applications 35-36/2006 in the matter of escorts limited v. escorts finance ltd., sanjiv khanna, j. of this court passed an order on 17.3.2006 and noticed the conflict of view between the two courts, as referred to aforesaid .....

Madras Hire Purchase Association Represented by Mr. NitIn Sagan Vs. Un ...

Court : Chennai

Reported in : (2009)225CTR(Mad)289; (2009)5MLJ1137; [2009]18STJ235(Madras); 2009[16]STR3; (2009)25VST446(Mad)

..... this court considered the submission of counsel on both sides. the relevant articles in the constitution of india and the provisions of law are extracted below:section 65(12) of finance act- 'banking and other financial services' means(a) the following services provided by a bankign company or a financial institution including a non-banking financial ..... any principle of interpretation allow a statute not covered by it to intrude upon this field.19. the respondents submitted that notification no. 4/2006-st dated 01.03.2006 was issued granting exemption on 90% representing interest income. the petitioners/appellant argued to the extent that granting such exemption would not save legislative ..... by this order and the assessees would be entitled to adopt proceedings thereagainst, subject to the law.ii) bharat sanchar nigam ltd. v. union of india : [2006]282itr273(sc) - wherein the honourable supreme court in para nos. 42, 44 and 45 held thus:42. all the sub-clauses of article 366(29-a) .....

Commissioner of Income-tax Vs. Cholamandalam Investment and Finance Co ...

Court : Chennai

Reported in : [2008]296ITR601(Mad)

..... charges from the chargeable interest under the interest-tax act, 1974?2. the assessee, a non-banking finance company, excluded additional discount charges from chargeable interest for all the assessment years, but the assessing officer added the same as ..... are directed against the order of the income-tax appellate tribunal in i.t.a. nos. 70 to 74/mds/2002, dated february 28, 2006, raising the following common substantial question of law:whether, in the facts and circumstances of the case, the tribunal was right in excluding additional discount ..... chargeable interest under section 2(7) of the interest-tax act.3. the commissioner of income-tax (appeals), on appeal, held that the additional discount charges are not chargeable interest under the interest-tax act .....

Commissioner of Income Tax Vs. Lakshmi Trust Co.

Court : Chennai

Reported in : [2008]303ITR99(Mad)

..... of income-tax (appeals), finding that the transactions of loans were genuine and the identity of lenders was not in doubt, cancelled the penalties under section 271d and 271e of the act.2.3. on appeal by the revenue, the appellate tribunal, considering the fact that the transaction did not result in treatment of loan as unexplained ..... credit because it was found to be fully explained, held that there was no intention on the part of the assessee to contravene the provisions of section 269ss of the act and accordingly, upheld the order of the commissioner of income-tax (appeals). aggrieved by the same, the revenue has preferred this appeal raising the questions ..... act are mandatory and no mens rea needs to be proved before penalty is imposed. he further submits that the assessee had no sufficient reasons to take the loans in cash.4. per contra, learned counsel appearing for the assessee, referring to two decisions of this court in (i) cit v. kundrathur finance and chit co. : [2006]283itr329 .....