Judgment Search Results Home > Cases Phrase: finance act 2006 section 2 income tax Sorted by: recent Court: income tax appellate tribunal itat pune Page 10 of about 520 results (0.142 seconds)

Samrat Beer Bar Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2001)69TTJ(Pune.)113

..... that a block assessment is very much different from a regular assessment under the normal provisions of the income tax act and this position has also been clarified by the finance act, 1998, by inserting an explanation below sub-section (2) of section 158ba. accordingly, it was contended that a block assessment has to necessarily be framed on the basis of the evidence ..... a beer bar and permit room. the firm was established on 28-7-1987, and dissolved with effect from 31-3- 1992. there was a search under section 132 of the act on 27-6-1996, at the business premises. in the course of the search, a diary was found at the residence of shenvi family which was running the ..... is also agreed and accepted by me. accordingly, i allow the appeal of the assessee partly.the following difference of opinion has been referred to me under section 255(4) of the income tax act, 1961, for my decision : "whether, on the facts and circumstances of the case, the suppression of sales has to be limited to the period .....

Ambika Enterprises Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2001)79ITD473(Pune.)

..... is whether the activity carried on by the assessee amounts to manufacture so as to entitle it for deduction under section 80-i of income tax act, 1961.the assessee is a dealer in tendu leaves. it claimed deduction under section 80-i in the revised return filed by it and the said claim was allowed by the assessing officer vide ..... 7-1993 as to why the claim under section 80-i should not be rejected since the activity carried on by it did not amount to manufacture or production. the assessee through his tax consultant, filed written submissions stating that the word 'manufacture' has not been defined in the income tax act and therefore, the issue has to be ..... & mahulam leaves v. union of india (1997) 228 itr 630 (pat). however, he tried to distinguish the same since such decisions are rendered while interpreting a different section 206c. in support of his contention, he also relied on the decision of tribunal nagpur bench in the case of jayeshkumar ambubhai patel dated 25-7-1996, copy of which .....

Ambika Enterprises Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

..... the only issue arising out of this appeal is whether the activity carried on by the assessee amounts to manufacture so as to entitle it for deduction under section 80-i of income-tax act, 1961.2. the assessee is a dealer in tendu leaves. it claimed deduction under seclion 80-i in the revised return filed by it and the ..... 7-1993 as to why the claim under section 80-i should not be rejected since the activity carried on by it did not amount to manufacture or production. the assessee through his tax consultant, filed written submissions staling that the word 'manufacture' has not been defined in the income-tax act and therefore, the issue has to be ..... & mahulam leaves v. union of india [1997] 228 itr 630 (pat.). however, he tried to distinguish the same since such decisions are rendered while interpreting a different section 206c. in support of his contention, he also relied on the decision of tribunal nagpur bench in the case of jayesh kumar ambubhai patel dated 25th july 96, copy of .....

Ambika Enterprises Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Pune

..... is whether the activity carried on by the assessee amounts to manufacture so as to entitle it for deduction under section 80-1 of it act, 1961.2. the assessee is a dealer in tendu leaves. it claimed deduction under section 80-i in the revised return filed by it and the said claim was allowed by the ao vide order ..... 28th july, 1993 as to why the claim under section 80-i should not be rejected since the activity carried on by it did not amount to manufacture or production. the assessee through his tax consultant, filed written submissions stating that the word, 'manufacture' has not been defined in the it act and, therefore, the issue has to be considered with ..... pat) and natwarlal v. union of india (1998) 233 itr 490 (mp).however, he tried to distinguish the same since such decisions are rendered while interpreting a different section 206c. in support of his contention, he also relied on the decision of tribunal nagpur bench in the case of jayeshkumar ambubhai patel, dt. 25th july 1996, copy of .....

Asara Sales and Investments (P.) Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2001)78ITD87(Pune.)

..... of the main instrument. it is an incentive or inducement for ascribing to original ngds. such an incentive/inducement has no acquisition value before section 55(2)(aa)(iiia) was brought on the statute book by the finance act, 1995 with effect from 1-4-1996. in the case of cit v.modiram laxmandas (p.) ltd. (supra), the hon'ble bombay high ..... to the decision of the gujarat high court in citv. vania silk mills (p.) ltd. [1977] 107 itr 300 wherein it was held, "that any right therein appearing in section 2(14) takes in all kinds of rights". he further referred to the decision of the karnataka high court in syndicate bank ltd. v.addi cit [1985] 155 itr 681 ..... of rs. 100 was paid by cash as subscription amount, cost of the said ncds can be taken anything other than rs. 100.2. the assessee is an investment and finance company. during the course of assessment proceedings, the assessing officer noted that the assessee had claimed short-term capital loss of rs. 1,49,98,400 on sale of debentures .....

Shri Mahavir Nagari Sahakari Pat Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

..... assessee engaged in the business of laundering someone else's money and hence the addition is not possible in view of this argument of the learned departmental representative under section 68 of the act. the learned counsel further submitted that the cash credits are to be taken, on the facts of the case, from the same business as that of the assessee ..... have introduced their black money in some bogus/benami names, the assessee, as a credit society, should not be punished just because it cannot discharge the burden under section 68 of the act.13. shri pathak further submitted that apart from the deposits in the year of search, the ao has asked the assessee the list of the depositors in all ..... cash credit is in the form of share application money, it has been held by the full bench of the delhi high court in the case of cit vs. sophia finance ltd. (1994) 205 itr 98 (del) that the onus on the assessee would be discharged, if the identity of the assessee has been proved. the case of a banking .....

Shri Mahavir Nagari Sahakari Pat Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2002)74TTJ(Pune.)793

..... introduced their black money in some bogus/benami names, the assessee, as, a credit society, should not be punished just because it cannot discharge the burden under section 68 of the act.shri pathak further submitted that apart from the deposits in the year of search, the assessing officer has asked the assessee the list of the depositors in all past ..... assessee engaged in the business of laundering someone else's money and hence the addition is not possible in view of this argument of the learned departmental representative under section 68 of the act. the learned counsel further submitted that the cash credits are to be taken, on the facts of the case, from the same business as that of the ..... cash credit is in the form of share application money, it has been held by the full bench of the delhi high court in the case of cit v. sophia finance ltd. (1994) 205 itr 98 (del) that the onus on the assessee would be discharged, if the identity of the assessee has been proved. the case of a banking .....

Mirje Family Trust Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2000)73ITD27(Pune.)

..... appellant-trust is a discretionary trust in view of certain provisions of the trust deed read with expln. 1 inserted w.e.f. 1st april, 1980 by the finance (no. 2) act, 1980, in s.164. the learned accountant member held that the action of the cit in directing the ao to treat the appellant as a discretionary trust and ..... respect of the income received by them at the rate specified in s. 164(1). at the same time, s. 166 expressly declares that "nothing in the foregoing sections in this chapter shall prevent either the direct assessment of the person, on whose behalf or for whose benefit income therein referred to is receivable or the recovery from such ..... .e. trustees who are liable as representative assessees in respect of income consisting of or including profits and gains of business. the provisions of s. 161 being a charging section, there is no option to the ao to tax the beneficiaries and as pointed out above, the ao never exercised the option. the ao is bound to complete the assessment .....

Jaikisan R. Agarwal Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2000)66TTJ(Pune.)704

..... realised the correct position with respect to determination of such values by the different state governments under different guidelines, the finance minister had quite rightly cancelled this proposal while getting passed the finance act, 1998. the learned counsel further submitted that the price stated in the document is the actual price based on ..... further submitted that in the draft assessment order submitted to the commissioner for approval, the following two additions were not proposed.he submitted that under section 158bc it is provided that no order of assessment for the block period should be passed without the previous approval of the commissioner. this provision ..... the retraction to this extent.however, there is no material on record to suggest that undisclosed income pertained to agricultural income. in his statement under section 132(4) the assessee never stated that he had received money outside the books of accounts from agricultural activities. in our opinion, he has .....

Finolex Pipes Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

..... income springing from the industrial undertaking but nevertheless it should be regarded as diminution in expenditure incurred by the said industrial undertaking, especially in the matter of finance charges. the learned departmental representative relied upon the orders of the authorities below.25. we have heard the rival submissions and perused the facts on record. ..... the ao the above noted items of income emanated out of non-manufacturing activities and accordingly not eligible for consideration for deduction under s. 80-i of the act. on appeal, the cit(a) concurred with the findings of the ao.24. shri b. k. khare, the learned counsel for the assessee submitted that ..... expenditure. same may please be allowed. if it is ultimately decided claim is not allowable revenue expenditure, deduction may please be allowed under s. 35d of the it act. 5. in view of the facts and the circumstances of the case assessee-company is submits that deduction under s. 80hhc calculated on deemed exports also. .....