Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2006)102TTJ(Pune.)882
..... scheme of the central government and hence it could not be considered as profits of industrial undertaking eligible for deduction under section 80-ia.7.1 the sub-section (1) of section 80-ia, before its amendment by the finance act, 2001 w.e.f. 1st april, 2002 read as under: (1) where the gross total income of an ..... assessee includes any profits and gains derived from any business of an industrial undertaking or an enterprise referred to in sub-section (4) (such business ..... and gains 'derived from' the industrial undertaking; that the impugned incentive was 'derived from' the eligible industrial undertaking and was therefore, eligible for deduction under section 80-ia of the act; that the incentive received under the depb scheme was similar in nature to the 'duty drawback', that it was not an 'import entitlement', that it was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2007)105ITD485(Pune.)
..... assessee and its learned counsel.we find that provisions of section 36(1)(vii) contain an explanation to the effect that any debit or part thereof written off as irrecoverable in the accounts of the assessee shall not include any provision for bad and doubtful debts. the explanation was inserted by finance act, 2001, with effect from 01.04.1989. therefore, ..... is directed that the amount of excise duty collected by the assessee shall not be included in its turnover, computed for the purpose of granting deduction under section 80 hhc of the act. thus, this ground of appeal of the assessee is allowed.7.1 in regard to the appeal of the revenue, the first ground is that the learned ..... ground of appeal is against adding a sum of rs. 4,00,925/-, representing excise duty, to the total turnover, for the purpose of computing deduction under section 80 hhc of the act. as against the aforesaid, the revenue has taken up four grounds of appeal, out of which ground nos. 3 & 4 are in the nature of prayer .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2007)106TTJ(Pune.)741
..... , has inserted clause (vi) in section 9(1) defining the expression "royalty" and also prescribing circumstances wherein such royalty income shall be deemed to accrue or arise in ..... of this section appears to be that due to the advancement of civilization and inter-communication and co-operation between different countries, royalty payment under collaboration agreements have greatly increased. surprisingly, earlier there was no specific provision for grouping any such payments in the net of taxes in india. so, the finance act, 1976 ..... implications and thereafter we will proceed to discuss the legal aspects of the matter. for latter, we will examine the charging section, sections 9, 90, 195 of the it act vis-a-vis sections 246 and 248 in the light of applicable articles of german treaty.13. the agreement was incorporated between finolex pipes ltd .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2006)102ITD134(Pune.)
..... the nature of entertainment expenses. thus, a total amount of rs. 27,04,271 was considered as entertainment expenditure, leading to disallowance of rs. 13,47,136 under section 37(2) of the act. before the learned cit(a), it was pointed out that seminar expenses were fully allowable in view of the decision in case of kirloskar oil engines ltd. (supra ..... . it was pointed out that the hon'ble supreme court of india had examined the scope of the words "for the purpose of business", finding place in section 37(1) of the act. the hon'ble court held that on a number of occasions that this expression is of wide import and it does not include in its ambit merely day ..... ., 2000. the corresponding order of assessment was made by the jt. cit, sr-1, (hereinafter called the ao), pune, on 25th march, 1999, under the provisions of section 143(3) of the it act, 1961. in the appeal filed on 15th may, 2000, the assessee had taken three grounds of appeal. the first ground of appeal contains four sub-parts and the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2006)101TTJ(Pune.)463
..... is part of the existing business of the assessee, the interest paid is allowable as a deduction.40. we may also notice that a proviso was added to section 36(1)(iii) by the finance act, 2003 w.e.f. 1st april, 2004. the proviso is as under: provided that any amount of the interest paid, in respect of capital borrowed for ..... cost" for the purposes of sections 28 to 41 of the act. the said section says that the actual cost means the actual cost of the assets to the assessee reduced by that portion of the cost which has been met directly or indirectly by any other person or authority. the expln. 8 was introduced by the finance act, 1986 with retrospective effect from ..... the cit(a) erred in deleting the disallowance of the interest paid on debentures issued for financing the ratnagiri unit. the amount involved is rs. 16,87,57,250. a reference is made in the ground to section 36(1)(iii) r/w section 2(28a) of the act. we have already dealt with a similar ground in the department's appeal for the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2005)98TTJ(Pune.)501
..... the relevant and like accounts standing in the names of each partner, (e.g. current account, drawings account, etc.)".this clause was introduced keeping in view a substitution in section 40 of it act by the finance act, 1992 w.e.f. 1st april, 1993 due to which clause (b) was introduced and clause (iv) reads as follows : "40. notwithstanding anything to the ..... substitution of clause (b) of section 40 w.e.f. 1st april, 1993. one of the main features of the new scheme of taxation of the firm was that in ..... time, the proviso in section 40(b) were intended to prevent siphoning of the firm's income to the partners in order to reduce the tax liability in the hands of the firm.the taxation policy of firms is materially different from the earlier scheme of taxation and from the asst. yr. 1993-94 through finance act, 1992, there was a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2006)101ITD205(Pune.)
..... "special provisions relating to certain companies." those provisions remained in force for assessment years 1988-89 to 1990-91. the provisions of section 115ja did not initially contain clause (viii) of the explanation below this section. this provision was inserted by finance act (1997) with effect from 1-4-1998. the intent and purpose of introducing this provision was to grant benefit to even ..... zero tax companies of deduction under section 80hhc. for the sake of convenience the provision contained in this clause of the explanation may be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2006)100TTJ(Pune.)133
..... deduction from the capital gain under section 54 of the act. (note : section 54f mentioned by learned cit(a) should be read as section 54).3.1 before us, the learned counsel of the assessee referred to the letter dt. 8th march, 2001, filed ..... of the it department. it appears that no circular has been issued by the board to extend the benefit to assessee's acquiring tenements other than ones under self-financing schemes of dba. the learned counsel had also relied on the decision of kanwal mohini malhotm v. ito (supra) decided by pune bench. the facts of this ..... applicable. he was also of the view that circular nos. 471 and 672 are applicable in case of construction by the delhi development authority of flats under self-financing scheme. this authority is a government undertaking and a private builder cannot be treated at par with this authority. accordingly, he denied exemption to the assessee for any .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2006)152TAXMAN25(Pune.)
..... or any arrangement or in any other manner whatsoever) which has the effect of transferring, or enabling the enjoyment of, any immovable property." 10. clause (47) of section 2 was amended by the finance act, 1987, w.e.f. 1st april, 1988 by inserting new sub-clause (v) and (vi). these two new sub-clauses provide that 'transfer' includes (i) ..... any transaction which allows possession to be retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act; and (ii) ..... hall, hotel, garden restaurant, mangal karyalaya, and a bungalow for assessee's use. that no transfer of fsi had taken place within the meaning of section 2(47) of the act. that there was no execution and the registration of bona fide deed of sale in favour of flat/tenement purchasers for sale of fsi rights. that there .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2005)93ITD507(Pune.)
..... lease hold rights in the machinery in terms of tri-partite agreement dt 22.3.1993 can be said to be revenue expenditure for claiming deduction under section 37 of the income-tax act, 1961 (act). in order to appreciate the controversy between the parties, it would be appropriate to refer the relevant terms of the original lease deed between cfcl and ..... a permanent transfer but also a temporary transfer of title to the property in question and lease of mines for any period would fall within the ambit of section 12b of the act. it was also contended by mr. dutt that a transaction of lease did not tantamount to a transfer of title but that a mere contractual right was ..... ,37,500/- on account of lease money in respect of machinery paid by the assessee to blue star ltd (bsl).3. briefly stated the facts are that 20th century finance corporation ltd. (cfcl) and bsl entered into an agreement of lease of machinery on 31.3.1986 under which cfcl was required to purchase the machinery as required by bsl .....
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