Judgment Search Results Home > Cases Phrase: finance act 2006 section 2 income tax Sorted by: recent Court: income tax appellate tribunal itat pune Page 1 of about 520 results (0.193 seconds)

Konkani Bharat Dairy Farm (Aop) Vs. Acit

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)113ITD72(Pune.)

..... observed as under: we have considered the facts of the case and the submissions made before us. in view of the amendment effected by the finance act, 2006, requirement of service of notice under section 143(2) within one year of the filing of the return has been dispensed with in a case of reassessment of income and it has been ..... income from their dairy business. o that the dairy was situated at one place but there were different identifiable compartments. o that during the survey conducted, under section 133a of the act on 03.08.2000 at the dairy situated at vadala road, nasik the statements of shri peersahib kokani and his son shri zakir p. kokani were recorded. ..... - s/shri peersaheb kokani, shahnawaz p.kokani, zakir p. kokani and hussain p. kokani, were carrying on the business of dairy farming. a survey was conducted under section 133a of the act at their business premises on 03.08.2000, and on the basis the statement given by one of them - shri. zakir p. kokani, during the survey, the .....

Dy. Commissioner of Income-tax, Vs. Spirax Marshall Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)110ITD229(Pune.)

..... the learned cit(a) has erred in treating the amount of excise duty and sales tax collected as part of the total turnover while computing the deduction under section 80 hhc of the it act. 3. on the facts and in the circumstances of the case & as per law the learned cit(a) has erred in confirming the addition on account of ..... , therefore, the appeal of the assessee on this ground was dismissed.8.2 before us, the learned counsel filed an affidavit sworn by the finance controller of the company, shri shailesh j. shah, on 05.06 2006 this is a combined affidavit for ay 1995-96 to ay 1999-00. the relevant portions, contained in paragraphs 2 & 3 of the affidavit ..... 99(supra), the facts mentioned in the order of learned cit(a) on this issue are somewhat different from the facts mentioned in the combined affidavit sworn by the finance controller of the assessee company for assessment years 1996-97 to 1999-00 however, the facts are taken as per the affidavit and the statement made by the learned counsel .....

Shikshan Prasarak Mandali Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)117TTJ(Pune.)337

..... the university established by law, or affiliated to any university established by law, or is an institution financed wholly or in part by the government or a local authority.6. a plain look at the provisions of section 80g of the it act, r/w rule 11aa of the it rules, thus makes it clear that the decision on ..... not the cit-iii, pune was justified in declining to renew approval under section 80g of the it act, 1961 (hereinafter referred to as 'the act'), for asst. yr. 2006-07 onwards.2. the assessee is a society registered under the societies registration act, 1860 and bombay trusts act, 1950. the assessee is one of oldest educational institution in the city was ..... at this stage, we may take note of order dt. 6th aug., 2007 issued by the chief cit-ii pune granting exemption under section 10(23c) to the assessee applicant, from asst. yrs. 2006-07 onwards. this document was filed before us as an additional evidence as the assessee received the above notification after proceedings before the cit .....

Maharashtra Arogya Mandal Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

..... a co-operative society engaged in the business of banking and, therefore, the investment in the said patsanstha (credit society) is covered by the provision of section 11(5)(iii) of the act. the ao brushed aside this contention and observed that "with due respect to the judgment of the hon'ble madras high court, it may be mentioned that ..... by the ao. he approved the reasoning of the ao and added that patsanstha which is the subject matter of the dispute does not find place under section 11(5)(iii) of the act. he also added that the legislature has used the expression 'cooperative society engaged in carrying on business of banking' in the company of the expression ' ..... with this aspect of the matter for the reasons that we have already held that deposits with patsanstha (credit co-operative society) are eligible investments under section 11(5)(iii) of the act. this aspect of the matter is thus academic in the present situation.12. in the result, all the four appeals are allowed in the manner as .....

U.B. Engineering Ltd. Vs. Jt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)1113ITD577(Pune.)

..... circumstances cannot be treated as a back door entry. learned am did accept the stand of the revenue that the ao is free either to act under section 147 or to act under section 154 when both the options are available, but he held, when two courses are open, one favourable to the assessee should be adopted. he ..... had written to shri vijay mallya and thereafter, discussions did take place, as is clear from the sworn affidavit of shri a.s. bhide, general manager (finance) and two kvss petitions were filed by the assessee after due deliberations with the departmental authorities. to maintain the second kvss, the assessee suo motu and rightly ..... prevailed over the assessee to avail the kvss benefit on this amount as well. assessee filed rectification petition after prolonged discussion with the revenue authorities. general manager (finance) of the assessee company filed an affidavit, which is evidenced at page 16 of the order of the learned am. assessee submitted, on the basis of clarification .....

Darshan Enterprises Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)113TTJ(Pune.)857

..... levy of penalty under section 271(1)(c) of the act.before proceeding to answer this question we need to examine the provisions of section 44af r/w ss44aa and 44ab of the act.8. it needs to be noted that section 44af was inserted by the finance act, 1997, w.e. ..... rs. 40 lacs in the relevant year. therefore the case was surely covered by the provisions of section 44af of the act.during the survey conducted under section 133a at its business premises it was noticed that the assessee was maintaining books of account and that ..... total 2,90,504------------------------------------------------------------------------------less : set off of losses 2,90,504------------------------------------------------------------------------------ total income nil during a survey conducted under section 133a of the act, at the business premises of the assessee on 28th aug., 2002, it was noticed that the assessee was maintaining regular books .....

Sanghvi Movers P. Ltd. Vs. Dy. C.i.T. Special Range-3

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)110ITD1(Pune.)

..... disallowed.19. the matter be placed now before the regular bench for an appropriate order, in accordance with law.1. by virtue of the provisions contained in section 255(4) of it. act, we differ in opinion on the certain points, therefore, refer the following points to the honourable president, itat, for necessary orders: 1) whether under the ..... 91. the learned dr quoted the decision of hon'ble supreme court in the case of cit v.shaan finance(p.) ltd, and first leasing co, of india ltd. , that case arose under the provisions of section 32a.that section did not contain any express requirement that the assessee must himself use a plant and machinery. the hon'ble ..... assessee was entitled to the claim of depreciation. before concluding, the learned judicial member referred to decision of supreme court in the case of cit v. shaan finance ltd. 231 itr 308 to the effect that where the business of assessee consist of hiring out machinery and where the income is derived by the assessee from the .....

Dhariwal Industries Ltd. Vs. Acit (inv.) and Addl. Cit, Range-1

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)111ITD379(Pune.)

..... m/s kothari products since 1970 as stated by the learned senior counsel for the assessee. the id. counsel has also referred to the thirteenth schedule inserted by the finance act 2003 w.e.f. 1.4.2004 wherein gutkha has been specifically included in the phrase "tobacco and tobacco products (including cigarettes; cigars, gutkha etc.)". it ..... apply as if the words "not being any article or thing specified in the list in the eleventh schedule" had been omitted; (see section 32a, section 32ab, section 80cc(3)(a)(i), section 80-1(2), section 80j(4) and section 88a(3)(a)(i)] list of articles or things 2. tobacco and tobacco preparations, such as, cigars and cheroots, cigarettes, biris, ..... tribunal at pune by its order dated 20lh july 2004. the said order was challenged before the hon'ble bombay high court. by its order dated 24th july 2006, the hon'ble high court has set aside the aforesaid order of this tribunal and restored the appeals for a fresh disposal together with other appeals bearing ita .....

Deputy Commissioner of Income Tax Vs. Finolex Cables Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)114TTJ(Pune.)785

..... back, must be considered to be a genuine slb transaction.8.11 it is true that the expln. 4a to section 43(1) inserted by the finance act, 1996 w.e.f 1st oct., 1996 is a recognition of the position that all slb transactions cannot be held ..... 430/pn/1995, the tribunal observed in para 8 of its order dt. 7th april, 2006 as under: ground no. 6 is against the computation of deduction under section 80-1. it was mentioned by the learned counsel that this ground is confined only to the ..... itd 531 (mumbai); (v) west coast paper mills ltd v. jt. cit ita no. 5403/mum/1999, dt. 21st june., 2005 [reported at (2006) 100 ttj (mumbai) 833--ed.] 8.4 shri. pradeep sharma, learned departmental representative, supported the order of ao. he vehemently argued saying that the order ..... the department. the appeal filed by the "assessee was decided by the tribunal in ita no. 299/pn/1997 on 26th june, 2006. the present appeal is the one filed by the department. on the facts and in the circumstances of the case, the learned .....

A.C.i.T. and D.C.i.T. Vs. Shri Raghunath B. Taware

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)302ITR136(Pune.)

..... , one must see the provisions' of section 2(24)(ix), section 56(2)(ib) and section 115bb together. first two provisions have been introduced by the same finance act 1972 section 115bb was introduced by finance act 1986 seeking to replace section 80 tt which was introduced by finance act 1972. in all these sections reference is to same type of income which ..... or betting of any form or nature whatsoever, which were provided to be charged at a specified flat rate under the provisions of section 115bb(i), which section was also inserted by the finance act, 1986, w.e.f. 01/04/87. the said circular reads as under: (xiii) provisions of a flat rate of ..... is referred to section 2(24)(ix) namely winning from any lottery or crossword .....