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Deputy Commissioner of Income Tax Vs. Nagarjuna Agro Tech Ltd.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2008)304ITR251(Hyd.)

..... way of cash compensatory support became taxable retrospectively w.e.f. 1st april, 1967, but that was by an amendment of section 28 by the finance act of 1990, which amendment could not have been known before the finance act came into force. levy of additional tax bears all the characteristics of penalty. additional tax was levied as the assessee did ..... on account of difference between the learned jm and learned am of the hyderabad bench of the tribunal, this matter has been referred to me under section 255(4) of the it act, 1961 (the act): whether on the facts and in the circumstances of the case, the claim of the assessee for deduction of rs. 31,29,350 representing sales ..... since there was no liability for payment of sales-tax during the year relevant to the asst. yr. 1994-95 the same could not be disallowed under section 43b of the it act. the claim for deferment was approved by the government of andhra pradesh, while final eligibility certificate is dt. 1st march, 1994 i.e., before the date .....

Techtran Polylenses Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2008)113TTJ(Hyd.)1007

..... the relevant finding is reproduced as below: at the very outset it may be pointed out that section 10a was inserted in the act through finance act, 1981 with a view to encourage the establishment of export oriented industries in free trade zones. this new section provides for a complete tax exemption in respect of the profits and gains derived from an industrial undertaking ..... appeals by the assessee are directed against the order dt. 9th aug., 2004 (for asst. yr. 2001-02) of the cit(a)-iv, hyderabad and orders dt. 30th march, 2007 (for asst. yrs. 2002-03 and 2004-05) and order dt. 29th sept., 2006 (for asst. yr. 2003-04) of the cit(a)-ih, hyderabad.2. the grounds raised ..... of the tribunal, delhi bench in the case of moser baer india ltd. v. jt cit (2007) 110 ttj (del) 807 : (2007) 11 sot 715 (del) wherein it was held as under: the requirement for filing the declaration as per the provisions of section 10b(7) is merely directory in nature and not mandatory. thus, if such declaration is filed .....

Frontline Soft Limited and Call Vs. the Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... sonata software ltd. v. ito 6 sot 700 (bangalore) is distinguishable on facts as in that case clause (iva) top explanation 2 to section 9(1)(vi) inserted by the finance act 2001 w.e.f. 2002-03 has not been considered.26. with the above background of discussion now we examine the facts of the case ..... oecd recommendation. indian dtaas already contained provisions for taxing equipment rental as royalties, but domestic law did not have specific provisions till 2002-03. the finance act 2001 inserted clause (iv)(a) in sections 9(t)(vi), explanation 2 to bring about a result diametrically opposite to the oced recommendations. the said clause is reproduced as below: (iva ..... the term 'royalty' has been defined. that such payments are royalties is also evident from the definition of the word 'royalty' in section 9(1)(vi), explanation 2, which was subsequently introduced by the finance act, 1976, with effect form june 1, 1976) (relevant head note) 23. in oecd commentary it is stated that the character of .....

Ajay JaIn Vs. Asst. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)108ITD65(Hyd.)

..... permissible within the framework of law, or is it a colourable device to evade or reduce the incidence of tax.5.3 the provisions of section 23(1), as they stood prior to their amendment by the finance act, 2001 with effect from 1-4-2002, which are relevant for the purposes of these appeals read as under- 23. (1) for the purposes ..... of section 22, the annual value of any property shall be deemed to be (a) the sum for which the property might reasonably be expected to let ..... from other heads on account of set off of such loss under the head 'house property' against incomes determined under other heads, are permissible in law. as per section 23(1) of the act, it is broadly the higher of the sum for which the property may reasonably let or the annual rent actually received or receivable, that has to be taken .....

Valueline Securities (i) Ltd. Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)108ITD639(Delhi)

..... income. it provides that the assessment is to be made in the manner laid down in section 158bb and the provisions of sections 142, 143(2) and (3), and sections 144 and 145 shall, so far as may be, apply section 158bb as existing prior to amendment by the finance act, 2002, provides that the undisclosed income of the block period shall be computed in accordance ..... has not been or would not have been disclosed for the purpose of this act and after the amendment by finance act, 2002 with effect from 1-7-1995 it includes also any expenses, deduction or allowance claimed under this act which is to be found to be false. 9. section 158bb provides for computation of undisclosed income to be the aggregate of the total .....

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)288ITR226(Hyd.)

..... 167b, as the case may be, or the rate or rates of income-tax specified in this behalf in the finance act ..... necessary for reasonably interpreting the unamended provision. the amendment effected to section 40 of the finance act, 1983, by the finance act, 1988, exempting stock-in-trade is only prospective and not ..... finance act of the relevant year, and for the purposes of computation of the "advance tax" payable under chapter xvii-c in a case falling under section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section 167b, section 115b or section 164, the rate or rates specified in section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section .....

Ashoka Enterprises Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... were not applicable for the relevant assessment year as section 2(47)(vi) was inserted by the finance act, 1987 with effect from 1-4-1988. (2) clause (ii) of section 47 was omitted by the finance act, 1987 with effect from 1-4-1988. (3) sub-section (4) to section 45 was inserted by the finance act, 1987 with effect from 1-4-1988. ( ..... capital gains. though, no specific ground was raised by the appellant on the issue of assumption of jurisdiction by the learned commissioner of income tax under section 263 of the act, the larned counsel of the assessee argued that the assessment order was not erroneous or prejudicial to the interest of revenue in the facts of the ..... two views in the facts of the case that the impugned transaction amounted to a transfer as defined in the act. it was, therefore, submitted by her that the commissioner of income tax assumed jurisdiction under section 263 correctly and the direction given by the commissioner of income tax to assess capital gain on the impugned .....

Ansari Holding and Investment (P) Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... mounted on an industrial truck which could be used with hooks, crabs and slings for bundled or coiled material. after considering the definition of goods carriage as per section 2(14) of the mv act, 1988, it was held by the court that mobile crane registered as heavy motor vehicle would clearly fall within the expression "motor lorries" and would be entitled ..... of revenue, the relevant record would be record as was available to the cit at the time when the record was perused by him for initiating proceedings under section 263 of the act. thus, in the facts of the present case, the learned cit clearly had jurisdiction and he correctly held that the order of the assessing officer dated 31- ..... justified in allowing depreciation on the impugned cranes at 25 per cent only.6. it seems that the nature of business of the appellant is not material handling but financing and leasing as has been noted by the learned cit in para 2 of his order. it is also noticed that the learned cit in para 6 of his .....

Mbl Research and Consultancy Vs. Jt. Cit (Assts), Special Range 6

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)103ITD438(Hyd.)

..... the various high courts while deducing the meaning of the word "manufacture" or "manufacturer" and the object with which explanation 2 has been inserted in section 23a of the act, we are of the view that the business carried on by the respondent-company of printing balance-sheets, profit and loss accounts dividend warrants, pamphlets ..... computer services to other concerns was an industrial undertaking engaged in the business of manufacture or production and was thus eligible for investment allowance under section 32a of the act on the cost of computer.11. the first appellate authority has observed that the ao was wrong in holding that an article or thing ..... additional tools, security, and enhanced performance.7. thus, the learned counsel for the assessee prayed that the assessee may be granted deduction under section 80ia of the income tax act.8. the learned departmental representative, on the other hand, relied heavily on the order of the first appellate authority and submitted that the case .....

A.P. Power Generation Vs. the Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)105ITD423(Hyd.)

..... prejudice to any other consequences which he or it may incur be deemed to be an assessee in default as referred to in sub-section (1) of section 201 in respect of such tax.the explanation is inserted by finance act with effect from 1.6.2003 and speaks of removal of doubts. thus the same is retroactive in nature and thus retrospective as ..... provisions of section 195(1) of the act are squarely attracted.8. the agreement in question was between the assessee and sumitomo corporation. the duties and liabilities between the parties were governed by these agreements. the assessee is the executing agency, which ultimately, decides whether the contracting agency has complied with the terms of the agreement. the mode in which the finance has .....