Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2008)112ITD103(Pune.)
..... the hon'ble supreme court was related to the assessment year 75-76 and 76-77 before the insertion of clause (iii), (iiia) and (iiib) to section 27(1) of the act by the finance act, 1987. it is, thus, clear that the meaning of the word "ownership of property" was interpreted by the hon'ble supreme court in the case of cit ..... for a period of more than 36 months is treated as a "long term" capital asset. 20.2 with a view to encouraging house construction, the finance act, 1982, has inserted a new section 54f to provide that where any capital gain arises from the transfer of any long term capital asset, other than a residential house, and the assessee purchases ..... was held to be not warranted. the hon'ble supreme court only derived a strength and support from the subsequent amendment to section 27 of the act by the finance act, 1987 whereby the old clause (iii) was substituted by new clauses (iii), (iiia) and (iiib) with effect from april 1, 1988, which have been held to be declaratory and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2008)112ITD268(Pune.)
..... having jurisdiction over the assessee after recording his own satisfaction; as is mandatorily prescribed in this section. within this narrow legal compass, we hereby proceed to examine the concerned chapter xiv b and the impugned section 158 bd of i.t. act. the finance act 1955 introduced a new scheme of assessment of "undisclosed income" determined as a result of search ..... authorities. we have also examined the case of sheo narain jaiswal, 176 itr 352 (pat.) and have noticed that the issue was re-assessment proceedings under section 147 of i.t. act. in that appeal, on the facts of the case, it was held that the ito never formed the requisite belief that there had been escapement of ..... , there was a noting mentioning a financial transaction with the assessee. the said mr. m.k. purandhare was summoned and his statement was recorded under section 131 of i.t. act. the a.o has reproduced the relevant portion of the said statement and the core issue for the impugned addition of rs. 35 lakhs was on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2007)112TTJ(Pune.)24
..... the business purpose and out of business expediency and claim is allowable under section 37 and/or section 28 of the it act. it further be held that amount used by the appellant company for ..... .09.1997 - 40,00,000 -------------------------------------------------------------------------------------------------------------------ador thermal engg. limited 03.09.1997 - 50,00,000 -------------------------------------------------------------------------------------------------------------------ador finance limited 05.09.1997 - 9,00,000 -------------------------------------------------------------------------------------------------------------------advani oerlikon limited 04.09.1997 - 25,00,000 ------------------------------------------------------------------------------------------------------------------- ..... the case of kinetic engineering ltd. in ita no. 1159/pn/2003, dt. 29th dec, 2006.we respectfully follow the precedents and reject the ground no. 3. on the facts and circumstances prevailing .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2008)298ITR333(Pune.)
..... operation was made in a specific manner. the explanation uses the words "for the removal of doubts, it is hereby declared". further, explanation 8 was inserted in the act by finance act, 1986, with effect from 01.04.1974. thus, this explanation was made operative retrospectively. this explanation also uses the expressions "for the removal of doubts, it is ..... order of the learned ci (a). 13.5 we have considered the facts of the case and submissions made before us. explanation 10 below section 43(1) was inserted by finance (no. 2) act, 1998, with effect from 01.04.99. explanation was inserted to nullify partly the effect of judicial pronouncements that nature of subsidy has to ..... commissioner of income- tax, circle-8, pune, on 10.07.2002, under the provisions of section 143(3) of the income-tax act, 1961 (for short the act). the other appeals in this case were sought to be consolidated on 10.8.2006 by obtaining the order of the senior member. however, the learned counsel for the assessee made .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2008)112ITD170(Pune.)
..... previous year, be deemed to be the allowance for that previous year, and so on for the succeeding previous years.according to this sub section as substituted with effect from 1.4.97 by the finance (no.2) act 1996, operative from a.y. 1997-98, where in the assessment of the assessee, full effect cannot be given to any depreciation allowance ..... under section 32(1) owing to there being no profit or gains chargeable for that previous year or the profits and gains being less than ..... , we have already held that the assessee is not entitled for set off of unabsorbed depreciation because he has opted to compute the transport business income under section 44ae of i.t. act in the absence of maintenance of books of accounts. the revenue has also relied upon a decision of hon'ble supreme court in the case of cit .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2007)112TTJ(Pune.)437
..... scheme (esic).it was contended by the learned authorised representative that the provisions of clause (b) of section 43b were not applicable to the esi contributions. his alternative argument was that the second proviso to section 43b was omitted by the finance act 2003 w.e.f. 1st april, 2004 but this amendment had to be given retrospective effect.8.1 ..... we have considered the rival submissions in the light of material on record and the precedents cited. the ao and the cit(a) held that the clause (b) of section 43b did ..... co. v. cit observed as under: the assessee which is a private limited company, is a distinct assessable entity as per the definition of "person" under section 2(31) of the act. therefore, it cannot be stated that when the vehicles are used by the directors, "even if they are personally used by the directors" the vehicles are used .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2008)110ITD171(Pune.)
..... after 1st april, 1998, and used by him during the relevant year for the purposes of his business or profession. the clause (ii) to sub-section (1) of section 32 as introduced by the finance (no. 2) act, 1998 reads as under: (ii) know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature, ..... regard to the second part of its decision, namely, that the expenditure incurred for acquiring technical know-how was capital expenditure and was eligible for depreciation under section 32 of the act. the decision of the bombay high court was silent, insofar as the first part of the decision of the rajasthan high court, namely, that the purchase ..... of the act.20. it was pointed out by shri s.n. inamdar, the learned authorised representative, that this issue was covered by the decision of tribunal, pune, in the assessee's own case in ita no. 103/pune/2000 for asst. yr. 1996-97, dt. 10th feb., 2006. in para 15(d) of its order, the tribunal .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2008)110ITD591(Pune.)
..... decision by itat, calcutta bench in the case of s.g. investments and industries, 89 itd 44 though in the context of the applicability of provision of section 14a of i.t. act. to arrive at a right conclusion, we also draw support from the analogy given by hon'ble calcutta high court in the case of bajoria properties pvt. ..... owned by the assessee company and those were intended to be purchased in installment by the employees. so, the question was whether the advance received in terms of the finance agreement was a debt or a liability in relation to the assets constituting the wealth of the assessee. almost identical was the question which had come up for answer ..... retirement or leaving the service of the company. on the basis of this factual background, we have examined the definition of "net wealth" as prescribed in section 2(m) of w.t. act, according to which, the amount by which the aggregate value computed of all the assets belonging to the assessee in excess of the aggregate value of all .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2008)301ITR247(Pune.)
..... security like personal guarantee of managing director/ whole time director of the aforesaid company. also the company should obtain credit references from the financiers who have financed prakash industries limited. after obtaining satisfactory credit reference, personal guarantee etc., the company may go ahead with the proposal. mr. framed chaudhari, chairman & ..... sham one, we submit that the conclusion of the a.o. is without any basis. as has been stated earlier, outside parties such as tata finance, chartered engineer, chartered accountant, insurance company etc. were involved in the transaction. the assessee has also obtained original transportation challans from prakash industries for purchase ..... of the act. the income-tax appellate tribunal, pune bench 'a", pune in the case of shri malhotra mukesh satpal, pune and ors. in ita no 183/pn/03 etc., constituted by the present members, has vide its order dated 31.5.2006 has analyzed and deliberated upon the provisions of section 271(1)( .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2007)109ITD241(Pune.)
..... assets is to be kept in mind.17. on reading of the main enacting provision of clause (i) of sub-section (ea) of section 2, as substituted by the finance (no. 2) act, 1996 with effect from 1.4.97 and by the finance act, 1998 with effect from 1.4.99, it is clear that any building or land appurtenant thereto whether used for residential ..... properties in the nature of commercial establishments or complexes. he further submitted that sub-clauses (4) and (5) to clause (i) of sub-section (ea) of section 2 of wealth-tax act has been inserted by the finance (no. 2) act, 1998 with effect from 1.4.1999. in this connection, the id counsel for the assessee invited our attention to the notes on clauses .....
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